As the capital’s skyline continues to expand towards the heavens, the Overseas Cambodia Investment Corporation (OCIC) has announced the addition of four high-rise buildings to its $400 million Olympia City project.
Samnang Touch, deputy CEO of OCIC, told Post Weekend that the construction group has already finished the designs for the four buildings located by Olympic Stadium, two of which remain unnamed.
Building C5, with 21 floors and slated for 2017, will be used for condominiums and shopping, while the 32-floor C7 building will be used for apartments, condos and offices.
The initial plan for the two other buildings, which will be 45 and 55 floors tall, is to use them as offices and hotels, but a final decision will not be made until they are constructed.
Long Sopheak, sales and marketing manager of Olympia City, said that 90, 73, 60 and 85 per cent of buildings C1, C2, C3, and C4 have been sold, respectively.
All have been constructed except for C3, which has reached 18 floors.
Units are priced between $90,000 and $600,000, with an average price per square metre of $2,000, she added.
Sopheak attributed the success of the sales to the multiple payment options.
“[Buyers pay] 30 per cent of the unit’s value, and for the remaining 70 per cent, the customers can use a mortgage from Canadia Bank or buy outright.”
Olympia City engineer Meng Chomreoun said that Building C5’s construction was starting as the OCIC, Phnom Penh municipality and Japanese development agency JICA prepare a new sewage system for the city, integrating them into a network.
Olympic City is a promising project due to its prime location and its modern aesthetic, said Van Chanthorn, managing director of Town Real Estate.
“If condos in Boeung Keng Kang 2 and BKK 3 are being sold off successfully, there is no problem for this project,” he added.
“The property sector saw a strong increase early this year as condos and high-rise buildings have changed greater Phnom Penh’s skyline,” he said.
Sung Bonna, director of Bonna Realty Group, said the massive size of Olympia City made it seem like a city in its own right.
“This project will play its part to help turn Phnom Penh into a beautiful city,” he said.