Construction on Times Centre’s three skyscrapers near Olympic Stadium will commence early this year, but little is known about several key aspects of the project, including the company behind the project.
Speaking on condition of anonymity, a staff member of the company behind Times Centre told the Post that the project will include 38-storey twin towers and one 40-storey building.
The Times Centre project, which will incorporate retail and office space with 1,000 condominium units, is being developed by a Taiwanese company whose name our source could not divulge.
One of the only things that can be said with any certainty about Times Centre at this point is that its marketing tagline, “The Heart of Phnom Penh” is certainly accurate. Located at the west end of Sihanouk Boulevard and a stone’s throw from Monireth Boulevard (Street 217), it provides convenient access to almost all of the city centre.
“Considering Times Centre’s location on two main traffic arteries and the extensive experience of the developers behind this project, I think it will be a success,” said our source, adding that the buildings should be completed by early 2017 at the latest.
We were able to learn a bit more from our source about Times Centre. Sales operations will launch early this year, but prices have yet to be determined. Additionally, the land has been acquired by the developers via a 99-year lease. The project’s investment capital is still unknown.
CL Realty CEO Sear Chailin told the Post that big developers undertaking projects with the scale of Times Centre conduct extensive research to determine commercial viability. With property demand in Phnom Penh still growing, the prospects for Times Square were good, he said.
“This is a good time for them to begin construction,” Sear said. “It is a good sign for the property sector in Cambodia and it also delivers a message to international and local investors that the sector is ready for more investment.”
Times Centre’s central location also makes it an attractive project for property investors, he added.
Khmer Real Estate Company president Kim Heang took a less optimistic view of Times Centre’s timing, noting that it comes when other big-budget projects, such as Olympia City, are also under way. Olympia City will feature a seven-storey shopping mall as well as two towers, one 45 storeys, the other 55 storeys. It is scheduled for completion in 2016.
Kim said he was unaware of whether Times Centre’s target market for its condominiums was foreigners or Cambodians.
“If developers build for selling to international investors, it will be successful,” he said. “But if they’re building for the local market, that is much less likely.”