The owner of the under-construction 10-storey building located on the corner of Street 178 and Norodom Boulevard, who asked not to be indentified, said the building will be used as office space and apartments.
The three floors on the top of the building will be apartments and the seven floors below will serve as office space for rent, with parking under the building.
Without mentioning the cost of this project, he said the construction is now 10 per cent complete.
The building is expected to be ended by the end of 2013.
“I don’t know whether this project will be successful or not, and I haven’t set a rental price yet”, he said, adding that the building is not ready for rental, even though people come to the site, near Preak Sisovath High School, to get information.
Dith Channa, general manager of VMC Real Estate Cambodia said constructing apartment buildings along Norodom Boulevard is not wise because of the busy traffic and noise pollution, which can bother tenants. However, it would be good for office space, he said.
Khat Sovann, managing director of CamTop Property Group, said office buildings along Norodom Boulevard are better than those on Monivong Boulevard because on Norodom there is no problem of parking lots, even though there are no Grade A office buildings along the road.
“There are not many people renting Grade A offices there because of its high price, even if there are many companies interested in Grade A office buildings. Therefore, there is more demand for Grade B offices along Norodom Boulevard than Grade A,” he said.
Sen Chan Reatrey, director of CEA Real Estate said buildings along Norodom Boulevard are good for the banking industry, while buildings along Monivong Boulevard are better for office buildings.
To contact the reporter on this story: Siv Meng at [email protected]