A mid strong demand growth in the Grade A office sector, a joint-venture agreement signing event was held at the Sofitel Phokeethra last week, establishing an investment company, provisionally called Kingdom Luxury Development Co, which aims to build a Grade-A office tower in Phnom Penh. The joint-venture signatorie
A mid strong demand growth in the Grade A office sector, a joint-venture agreement signing event was held at the Sofitel Phokeethra last week, establishing an investment company, provisionally called Kingdom Luxury Development Co, which aims to build a Grade-A office tower in Phnom Penh.
The joint-venture signatories are Cambodia Properties Limited Ltd (CPL), which has 17 years' local experience in the commercial, retail, residential and industrial sectors of the Cambodian real-estate market; TriAsia Group, which has wide-ranging local business interests; independent property investor Sor Thida; and architect and interior designer Lorenzo M Martini.
Cheng Kheng, CPL director and president of the Cambodian Valuers and Estate Agents Association, was one of the four signatories. He said he was honored to be part of a consortium with so much collective experience in the property sector, and in building Grade-A office space in particular.
According to Kheng, it is currently a good time to invest in the construction sector in Cambodia due to strong demand for Grade-A office space. He added that the numbers of both personal and business investors that are active in Cambodia continue to rise.
“I'm happy to sign an agreement with both local and international companies for preparing Grade-A office construction project in Phnom Penh,” he said.
The joint venture plans to first commence construction of a 25-storey office tower in early 2015 on Norodom Boulevard. Covering an area of 78,000 square meters, and built at an estimated cost of $50 million of dollars, the plan is for the tower to be completed within three years.
According to the joint venture, the tower will include five floors of parking.