Logo of Phnom Penh Post newspaper Phnom Penh Post - Construction, sales of Casa Meridian to get under way this weekend




Construction, sales of Casa Meridian to get under way this weekend

An artist’s impression of Casa Meridian on rapidly developing Diamond Island (Koh Pich). Construction and sales of the project will start this weekend.
An artist’s impression of Casa Meridian on rapidly developing Diamond Island (Koh Pich). Construction and sales of the project will start this weekend. PHOTO SUPPLIED

Construction, sales of Casa Meridian to get under way this weekend

The Hong Kong-invested Casa Meridian project plans to launch sales and start construction at the end of this month.

Casa Meridian is a skyscraper condominium development on Diamond Island (Koh Pich), which developers there hope will become a modern commercial and residential area of Phnom Penh by the end of 2017.

Casa Meridian sales manager Om Ban An said the company would launch sales and start construction on Saturday.

Sales will be carried out through cooperation with Canadia Bank. Home loans of up to 70 per cent of a unit’s value will be available to potential purchasers, Ban An said. The condominium project comprises 31 floors, with two floors underground, she said.

The development will have 414 units, with residential units from the fifth to 29th floors, with the 30th and 31st floors reserved for a restaurant, a gym, a swimming pool and a children’s play area.

“Lots of clients are interested in this project and want to buy, but we held off launching sales because we have been waiting until the inauguration day,” she said. “We’re cooperating with the Canadia Bank, which will provide 15-year home loans for clients that intend to purchase,” she added.

Ban An declined to comment on the project’s investment capital.

Diamond Island is currently a hotbed of development projects – both commercial and residential – including Riviera, La Seine, Diamond Condo, Elite Town and a 555-metre skyscraper to be called Diamond Tower and which is ambitiously slated for completion in 2017.

The 555-metre Diamond Tower would be ASEAN’s tallest building if the project – which was endorsed in a surprise announcement by Prime Minister Hun Sen last year and had subsequent confirmations by the Overseas Cambodian Investment Corporation – goes ahead.

Nuon Rithy, general manager at the Bunna Realty Group, said that the condominium market continued to be a good choice for investors who focus on prime locations that are mostly likely to see capital gains.

The managing director of Asia real Estate Cambodia, Po Eavkong, said that the local condominium market is booming but would need to focus as much on foreign buyers as local, as there was insufficient domestic demand to soak up supply.

On the subject of Diamond Island, Eavkong said that he was upbeat.

“The location is very good with easy access to downtown, making it attractive to investors with money to spend on premium condominiums,” he said.

Meanwhile, the president of Khmer Real Estate, Kim Heang, said demand for condominiums was currently outstripping supply. Nevertheless, he added, it is possible that in future it could be difficult to find buyers if Cambodians did not adapt to a modern condominium lifestyle.

MOST VIEWED

  • Seven positive for Covid-19, Hun Sen confirms local transmission

    Prime Minister Hun Sen announced that there has been local community transmission of Covid-19. However, he urged the people not to panic even though the Ministry of Health announced the discovery of seven new cases on Sunday. Among the victims are Chhem Savuth, the director-general

  • Cambodia at ‘most critical moment’, Hun Sen warns

    Prime Minister Hun Sen said the first community transmission of Covid-19 in Cambodia has led the country to the “most critical moment” that warranted urgent, large-scale operations to contain the pandemic. Hun Sen, who confirmed the first local transmission on November 28, said the source of

  • PM confirms community transmission, calls for unity

    Prime Minister Hun Sen has called on the public to stay calm, unite and follow the Ministry of Health guidelines after the wife of a senior official tested positive for Covid-19 in the Kingdom’s first case of community transmission. The case has drawn criticism

  • Over 110 garment factories close

    A government official said on November 22 that at least 110 garment factories had closed in the first nine months of the year and left more than 55,000 workers without jobs – but union leaders worry those numbers could be much higher. Ministry of Labour and Vocational Training undersecretary

  • Singapore group seeks $14M in damages from PPSP over ‘breach of contract’

    Singapore-based Asiatic Group (Holdings) Ltd is seeking a minimum of $14.4 million relief from Cambodia Securities Exchange (CSX)-listed Phnom Penh Special Economic Zone Plc (PPSP) for allegedly breaching a power plant joint venture (JV) agreement. Asiatic Group’s wholly-owned Colben System Pte Ltd and 95 per

  • PM vows to protect Hun family

    Prime Minister Hun Sen has vowed to continue his fight against opposition politicians who he said intend to smash the Hun family. Without naming the politicians but apparently referring to former leaders of the Supreme Court-dissolved Cambodia National Rescue Party (CNRP), Hun Sen said there