US$70 million Phnom Penh development Rose City Condominiums is scheduled to be completed in mid-2011, the Phnom Penh Post has reported.
Work on the 29-story Rose City Condominiums began in 2008. The project, located near the new Sofitel Phnom Penh in the Chamkarmon district, is part of the larger Bassac Garden City development by Overseas Cambodian Investment Corporation (OCIC).
“We have almost completed our project. We are just doing interior design and will be finished by mid-2011, and open for clients to move in later this year,” said Touch Samnang, project manager for OCIC. OCIC also holds a stake in Canadia Bank.
The Rose City towers stands on 1.5 hectares, with each of the four buildings set to contain more than 100 units.
Work on the project began during the beginning of Cambodia’s property downturn, said Touch Samnang. “Even though the property market hit a slump caused by the world financial crisis, we never delayed,” he said. “We’re not worried [about the project’s success], because we have a lot of funds from our bank.”
In contrast, other high profile Phnom Penh developments have had to stop construction recently.
Gold Tower 42, at the corner of Sihanouk and Monivong Boulevards, saw work halt in September, while other projects in the capital have delayed beginning construction.
Touch Samnang claimed that the Rose City project was already sold out at prices of between US$100,000 and US$200,000 per unit. Clients, he said, were mostly businesspeople, government officials, and a few foreigners.
Ministry of Land Planning, Urban Management and Construction department of construction director Lao Tip Seiha said that Rose City was being constructed smoothly – adding the project was so far without delay.
“This is a big project, among other big projects belonging to Canadia Bank. It aims to share in and push the construction sector in Cambodia to grow,” he said. “There is still activity in the construction sector. Some development projects have been postponed, but construction on other projects is still underway.”
OCIC owns other projects, including the Diamond Island development, as well as Canadia Tower – currently the tallest in Cambodia.
Total construction in Cambodia declined nearly 58 percent in 2010 compared to a year earlier, according to previous ministry statistics. The figures – which include individual buildings as well as developments with multiple buildings – show 2,149 projects worth $840 million were given the green light last year, down from $1.988 billion in 2009.
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