The latest high-rise slated to be built in Phnom Penh’s ‘expat quarter’ comes from Taiwanese investors, who claim that it’s the country’s low risk of natural disasters that gives it its appeal
Aiming to capitalise on the growth of Phnom Penh’s condominium market, City Park Development’s $36 million 352 Platinum condo has broken ground in the capital’s upscale Boeung Kak Kong 1 neighbourhood.
City Park’s website spruiks: “The 352 Platinum I, where the art of living is in every detail. From the onsite bamboo garden to the sky garden on your private balcony, the architecture is touched by light and green. A blissful counterpoint to the buzz of Phnom Penh.“
Ting Hsu, assistant general manager of City Park Development, said the company had noticed recent improvements in the Cambodian property market and decided to invest.
Construction on 352 Platinum began earlier this month and is being meticulously detailed on the City Park’s Facebook page.
The building is scheduled to be finished some time in 2017.
It will feature 25 floors when complete, and has sold 60 per cent of its 130 units so far, according to Hsu.
“The location is number one: in the centre of Phnom Penh, which is comfortable and safe,” Hsu said.
The condo covers 1,130 square metres of land and is located on street 352 in the capital’s Chamkarmon district.
The units feature one to four bedrooms each, with 3.6 metre-high ceilings and an average price of $3,500 per square metre.
The top three floors feature party rooms, a 20-metre swimming pool, gym, spa, sky bar and garden, while the second to fourth floors are reserved for commercial space.
Each unit is designed by its own firm, Hsu said, adding that the building’s blueprint was specifically done to absorb sunlight, with ceiling heights ranging from 3.6 to 7 metres.
But 352 Platinum’s amenities don’t come cheap: the project is largely aimed at the wealthy.
“Our target customers are high-income people, so the 40 per cent [of the units] left are for them,” she added.
City Park Development, a Taiwanese company, pinned part of its decision to invest in Cambodia on its comparative lack of natural disasters.
“Due to Cambodia’s favourable environment, with the lack of storms and earthquakes, we decided to invest,” said Hsu.
Po Eavkong, general manager of Asia Real Estate, said the occupancy rate of apartments in Boeung Keng Kang 1 is between 80 and 95 per cent, because the neighbourhood, home to many NGOs, is popular with foreign investors.
Although there is much supply, new condo and apartments are still in demand in Boeung Keng Kang, said Eavkong.
He added, however, that City Park’s high prices would only be justified when the project was finished.
“City Park unit prices are higher than others by about 15 or 20 per cent, but we haven’t seen the design quality just yet.”