The Galaxy condominium is getting closer to being finished, with only interior and exterior decorations to be completed, after construction of the building was finished. It is due to welcome its first guests in August 2004.
Antoine Petit, the marketing director of Galaxy condominium, whose investors are the National 6A Investment Co, Ltd, said construction of the building was 100 per cent completed, but interior and exterior decorations are still being done.
This building has two floors underground for parking. There will be nine shophouses in the first and second floors of the building, while from the third to seventh floors there will be 40 condominium units and from the eighth to ninth floors will be modern, VIP condominiums.
The 10th floor will be an entertainment club for people living in the building.
“Condominium sales have been successful because we cooperated with Bonna Realty Group,” Petit said.
“We have sold about 54 per cent of our condominiums so far. This success is due to some factors such as the building design with modern European styles and a good location.
“This area will become a very developed area due to new building projects, shopping centres and satellite city being developed by OCIC Company on 300 hectares, with the second Chroy Chang Va Bridge, which is under construction,” he added.
Condominiums in the Galaxy building are priced from US$80,000 to US$600,000 per unit and so far about 54 per cent have been sold, with 80 per cent of the clients being foreigners and 20 per cent Cambodians.
Galaxy is along road 86 in Chroy Chang Va commune, Rusey Keo district, Phnom Penh.
Referring to the political situation in Cambodia after the national election, Petit said: “We are not worrying about the political situation now because we thought that politics in Cambodia now is mature.
“Moreover, Cambodia is preparing itself for the ASEAN Economic Community (AEC) with other countries, so there would be a quick resolution and there won’t be any problems.
“Cambodia is attracting more foreign investment, and there are now more investors coming here,” he said, adding that robust development in the economy and real estate were previously seen in Malaysia and China, but now this momentum is increasing in Cambodia.
Noun Rithy, the general manager at Bonna Realty Group, said so far condominium sales in Galaxy were sold about 50 per cent due to its attractive location in an urban area surrounded by a river with twin bridges, good infrastructure around the building such as shopping centres, hotels, banks and entertainment facilities.
What is special about Galaxy is that it was designed by European architects and was developed by a Malaysian company.
“If we spend US$80,000 for a condominium and could rent from US$500 to US$600 per month, we could earn back about 6 per cent, while if we bought a flat or a house for the same price we could not rent at this amount,” said Rithy.