Olympia City will finish its first project in mid-2016

The price of a condo in the Olympia City development will cost between $70,000 and $430,000.
The price of a condo in the Olympia City development will cost between $70,000 and $430,000. HONG MENEA

Olympia City will finish its first project in mid-2016

More skyscrapers will appear on Phnom Penh’s skyline by 2016, and by that time the construction projects at Olympia City should be well under way.

Meng Chamroeun, the chief engineer for the Olympia City project, said they are now building shophouses, or houses that sell goods from the ground floor, and condos on the upper floors for the four projects – S1, S2, S3 and S4. This project will be finished in mid-2016.

Engineers are now aiming to start the process of laying the foundations for a seven-storey supermarket, called Olympia Plaza, in the middle of 2014 or in early 2015.

Meng Chamroeun said it is not yet known when they will start building the 45- and 55-storey buildings.

“For the 45- and 55-storey buildings, we don’t know yet when we will start building because we are now studying market requirements and the polical situation,” he said.

“The projects for the third phase have two 45- and 55-storey skyscrapers for such things as offices for conglomerates, trading, hotels, apartments and office space.”

So far, the projects for shophouses and condos have been a success in the Cambodian property market.

Long Sopheak, the sales manager for the Olympia City projects, said that of the five condo buildings, the first one has sold about 90 per cent of its 390 unit. The second building has sold 60 per cent of its 358 units, while the third, fouth and fifth buildings have not yet been marketed and put up for sale by the company at this stage.

Sopheak added that of the 158 shophouses, about 90 per cent have been snapped up.

The shophouses are from the first to fourth floors, and from the fifth floor up there will be condos. In the complex with the shophouses, there will also be entertainment venues, gymnasiums, swimming pools and some clubs for entertainment.
Sopheak said the prices of the condos in Olympia City range from $70,000 to $430,000 and five condo buildings will be complete by the middle of 2016.

She added that the 45- and 55-storey buildings are being prepared to serve as serviced hotel apartments and office space and the company will continue making a variety of buildings. She said the engineers are now studying things like the soil quality before starting the construction process.

Keo Sothy, an assistant to the director of OCIC Company, the main investor in Olympia City, said: “The success of Olympia City is due to being in a good location in the centre of the city and it is priced properly.

“We offer special conditions to clients to enable them pay only $3,000 in deposit and the first year of depreciation requires clients to pay $500 per month and from the second year on, clients pay only $550 per month.”

Kim Heang, president of Khmer Real Estate Co, Ltd, said the projects are good and are selling well thanks to the company investing in the projects offering special depreciation conditions to clients in need for buying a low-priced house – an average house price is only $1,500 per square metre, and the projects have drawn people’s interest.

“The projects are good because it is in a number one location and that company has built well, but the lifespan of Olympia City is only 99 years,” he said.

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