Local investment giant OCIC said it is planning to construct up to 10 more skyscrapers within the eastern part of the National Stadium compound, which many real estate experts say is the next up and coming area in Phnom Penh.

Engineer Meng Chamroeun, an assistant to Touch Samnang, Manager of the Diamond Island City Project, said the company is currently digging and preparing the land for the construction of a 50-storey building, three or four more-than-30-storey buildings, and five or six 20-storey buildings, as well as an eight-storey supermarket.

“So far we haven’t yet completed the master plan, but the project will proceed as planned, and we expect the master plan to be completed by the end of May,” he said.

He added that “we plan to complete this project within five years if it gains support from customers. But I think this project will be successful, as the location is in the central part of the capital, and we are planning to expand the roads in this area”.

Meng Chamroeun said the company plans to call the project PEN DRAGON, and it will contain hotels, restaurants, office space, condominiums, as well as supermarkets and other services. He added that they are currently digging out the subsoil for the construction of a six-storey supermarket with a two-floor deep underground, which will serve as a market.

Sen Chanreatriey, the Director General of real estate company CEA, said OCIC has a lot of long-term customers amidst growing demand for buying and selling real estate in 2012, so the project is likely to gain a lot of support. However, he said its success will depend on the pricing: if prices are reasonable, it will be successful, but if it is seen as overpriced, it could run into problems.

“This project will give overseas investors the confidence to come and invest in this sector, because overseas investors are waiting to see what local investors do first, so if investors here start first, it will be good,” Sen said. “OCIC’s projects are all located in good locations, in Phnom Penh’s actively commercial areas,” he added.

OCIC has obtained a 70-year lease from the government to develop the location.