Logo of Phnom Penh Post newspaper Phnom Penh Post - Construction on triple-tower Times Centre to start in June



Construction on triple-tower Times Centre to start in June

The Times Centre’s construction site. In the early stages of the project, the condominiums in the three towers will largely be aimed at the foreign market, according to its developers.
The Times Centre’s construction site. In the early stages of the project, the condominiums in the three towers will largely be aimed at the foreign market, according to its developers. Hong Menea

Construction on triple-tower Times Centre to start in June

Work on a triple-skyscraper complex near Olympic Stadium announced in February is due to get under way in June this year and be completed in 2017, according to the project supervisor.

With its slogan “The heart of Phnom Penh”, Times Centre is slated to feature three residential towers – two with 38 storeys and one with 40. The project is located south of Olympic Stadium on Sihanouk Boulevard, in the capital’s 7 Makara district.

Project supervisor Tony Chou said that construction work would begin in June and would be completed in July 2017. He added that the complex would comprise a mall, a cinema, swimming pool, gym, sauna, tennis courts, gardens and restaurants from the ground to fifth floor, with the floors from the sixth floor up reserved for condominiums.

There would be a total of 1,583 units ranging from $2,000 per square metre, he added.

On the subject of competition, Chou said Times Centre had quality and expertise on its side.

“I think we can compete because our project has a good location, superior interior design and quality construction materials,” he said, adding that experienced Taiwanese engineers and architects were behind the project.

Chou declined to provide any information about the investors behind the project, saying only that it was a joint venture between Taiwanese business interests and local investors.

The target market for the condominiums would largely be foreigners, according to Chou, due to low demand for condominiums among Cambodians. He nevertheless voiced optimism that the Cambodian preference for flats and villas would change in due course, and local demand for condominiums would grow due to their convenience when combined with good management, and a variety of services and amenities, as well as comfort and security.

A model of Times Centre’s ambitious residential and commercial triple-tower project, which will be built close to Olympic Stadium in downtown Phnom Penh, with a slated 2017 completion date.
A model of Times Centre’s ambitious residential and commercial triple-tower project, which will be built close to Olympic Stadium in downtown Phnom Penh, with a slated 2017 completion date. SIV MENG

Asked about Cambodia’s political situation, Chou admitted there were some concerns, but said they were not “severe”, and that 15 per cent of the units in Building A had already been completed.

“We believe that this project will be a success due to its location and our focus on quality.”

Building A is 38 storeys, Building B will be 40 stories and Building C 38 storeys.

According to Chou, the land for the complex was leased from the government for 99 years and covers a total of 8,557 square meters. Upon completion, there will be parking space for 800 cars.

Not everyone is optimistic about the prospects for the increasing number of large-scale developments under way at present in the Kingdom’s capital.

In January this year, Khmer Real Estate Company president Kim Heang told the Post that the timing for Times Centre might be less than perfect because it comes at a time when other big-budget projects, such as Olympia City, are also under way.

Olympia City will feature a seven-storey shopping mall as well as two towers, one 45 storeys and the other 55 storeys. It is scheduled for completion in 2016.

But Noun Rithy, general manager of Bunna Realty Group, was more sanguine, pointing out that property transactions have been on the rise so far this year, suggesting there was little concern about political uncertainties and that over supply was currently also not a problem affecting the market.

“Even though development of the Times Centre has been sluggish, it will be successful due to three factors – its good location, quality and affordable prices,” he said.

MOST VIEWED

  • Hong Kong firm done buying Coke Cambodia

    Swire Coca-Cola Ltd, a wholly-owned subsidiary of Hong Kong-listed Swire Pacific Ltd, on November 25 announced that it had completed the acquisition of The Coca-Cola Co’s bottling business in Cambodia, as part of its ambitions to expand into the Southeast Asian market. Swire Coca-Cola affirmed

  • Cambodia's Bokator now officially in World Heritage List

    UNESCO has officially inscribed Cambodia’s “Kun Lbokator”, commonly known as Bokator, on the World Heritage List, according to Minister of Culture and Fine Arts Phoeurng Sackona in her brief report to Prime Minister Hun Sen on the night of November 29. Her report, which was

  • NagaWorld union leader arrested at airport after Australia trip

    Chhim Sithar, head of the Labour Rights Supported Union of Khmer Employees at NagaWorld integrated casino resort, was arrested on November 26 at Phnom Penh International Airport and placed in pre-trial detention after returning from a 12-day trip to Australia. Phnom Penh Municipal Court Investigating Judge

  • Sub-Decree approves $30M for mine clearance

    The Cambodian government established the ‘Mine-Free Cambodia 2025 Foundation’, and released an initial budget of $30 million. Based on the progress of the foundation in 2023, 2024 and 2025, more funds will be added from the national budget and other sources. In a sub-decree signed by Prime Minister Hun Sen

  • Two senior GDP officials defect to CPP

    Two senior officials of the Grassroots Democratic Party (GDP) have asked to join the Cambodian People’s Party (CPP), after apparently failing to forge a political alliance in the run-up to the 2023 general election. Yang Saing Koma, chairman of the GDP board, and Lek Sothear,

  • Cambodia's poverty cut in half from 2009 to 2019: World Bank report

    A report published by the World Bank on November 28 states that Cambodia’s national poverty rate fell by almost half between 2009 and 2019, but the Covid-19 pandemic recently reversed some of the poverty reduction progress. Cambodia’s poverty rate dropped from 33.8 to 17.8 per cent over the 10