The second phase of Sen Sok Town, located in Sangkat Phnom Penh Thmai Khan Sen Sok, is slated to start shortly, after it has finished about 70 per cent of its first project.
The two projects are worth about US$35 million.
The company plans to start the second project soon after the first project, with the 15 floor-twin building condo to complete in early 2013. Now 70 per cent of condos in the first project are sold, said Chem Sothea, marketing manager of Sen Sok Town.
“The company aims to provide local and international customers a modern and convenient living condition with facilities including living space, restaurants, swimming pools, gym, steam and sauna, a shopping center, a big parking lot, and 24 hour security,” he said.
Customers who invested in the condo project of Sen Sok Town could earn about nine to 11 per cent per year; those who invested in a flat or house could earn about four to six per cent per year, Sothea said.
There are 135 units in the first condo building with 15 floors, and the price starts from $800 per square metre, said, Sam Soknoeun, sales manager of Sen Sok Town.
Dith Channa, managing director of VMC Real Estate Co., Ltd, said he is worried about the project, because Cambodian people have not acquired the habit of living in condos yet. Only foreigners and Cambodian people who used to live abroad are interested in living in condos, he said.
The location of Sen Sok Town on Street 598 in Toul Kork is a bit far away, he added, so it could take longer time to sell those condos.
“Now Cambodian people like living in villas or houses, but I think this trend will change in the next three to five year,” Channa said. “Selling condos this year is slow, but up 10 per cent from last year, he added.
“The location of Sen Sok Town is not far, but there are many condo projects such as The De Castle and other condo buildings in that location. So the condo selling could take more time,” said Sung Bonna, chairman of Bonna Realty Group and president of the National Valuers’ Association of Cambodia.
“If the project is interesting, the sales will be better,” he said.
Responding to the location issue, Sam Soknoeun? said Sen Sok Town is very successful now due to good quality of the buildings, the large amounts of space, and the beautiful tropical gardens.
To contact the reporter on this story: Siv Meng at [email protected]