Earlier this month, Meridian International Holding Limited (MIH) announced plans to introduce the Kingdom to a new model of luxurious living by combining serviced residences and purchasable condominiums. For this project, MIH has partnered with Ascott, the internationally renowned serviced residence leader, to open its latest high-end condominium complex, Skylar Meridian.
With the improving economic situation in Cambodia, people are seeking a change in lifestyle. “Young people in Phnom Penh are getting a better income, and they would like to mix with foreign cultures,” said Salomon Wolf, co-founder of MIH.
Seeing the trend of “mixing and matching with global culture” among Cambodia’s youth, MIH is catering to this new generation by bringing Ascott into Skylar Meridian, the first mixed-used property in the city that combines serviced residences and condominium units.
Ideally located in the heart of Phnom Penh’s diplomatic quarter, the 28-storey Skylar Meridian will offer 280 units from studio apartments to 1 and 2 bedroom units. Upon its completion in 2018, the complex will not only bring high-end condominiums to Cambodia but it will redefine the concept of lifestyle living in Phnom Penh.
As a pioneer in Phnom Penh’s property market, some units at Skylar Meridian will be dedicated to Somerset Norodom (a top-tier brand in Ascott’s group), the first serviced residences in Cambodia which are run by an international operator at a world-class standard.
Owned by CapitaLand, a Singapore-based and public-listed company, Ascott operates more than 13,000 serviced residential units in 74 properties across nine countries. With residences of the finest quality, all boasting first-class amenities, Ascott is an icon for excellent living. It is a brand name for expatriates choosing a home away from home, and it is also well known among Cambodians who are returning from working or studying abroad.
By partnering with MIH, Ascott has extended its global footprint to Cambodia. “It is our strategy to enter a new market by working with a strong and reputable local partner such as MIH, via a management contract. We will continue to work with MIH to look for more opportunities in Phnom Penh to strengthen our presence in Cambodia,” said Mark Chan, Ascott’s Country General Manager.
“We are excited to have Somerset Norodom at Skylar Meridian. Ascott is a recognized global leader in the sector of serviced residences,” said Murray Ko Sek Yan, founder and CEO of MIH. “Not only can the residents at Somerset Norodom enjoy the excellent services by Ascott [but] the general property management of Skylar Meridian will be managed by Ascott too. It is an assurance to a buyer who buys Skylar Meridian with its good ‘after-sales’ services. Nevertheless, the building quality is the key factor for Ascott accepting to be the general property management operator.”
Other than SKY CLUB, a full-facility clubhouse located at the roof level, there are also 24-hour security and concierge services provided to the residents. To ensure the privacy of residents at the mixed-used property, there are two separate entrances for Skylar Meridian and Somerset Norodom.
“Many investors, local or abroad, want to invest in the real estate in Phnom Penh but are lacking in leasing experience. Skylar Meridian provides a total solution via the services by Ascott,” Wolf said. However, MIH remains the major owner of the units operated by Ascott under the name of Somerset Norodom.
“Unlike the other developers in Cambodia who finish projects and then go away, MIH has a sustainable development plan in Phnom Penh. We are here for good. We love the Kingdom,” Ko Sek Yan said.