Cambodia’s real estate sector has seen continuous growth due to increasing investments from China and other countries.
The Tonle Bassac section of Phnom Penh will soon be home to one of the largest high-end residential developments in the country. The condominium project was unveiled recently at a ceremony attended by many of the country’s top business leaders.
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Tonle Bassac is a major business center in the capital city and is in close proximity to Koh Pich (Diamond Island), one of Phnom Penh’s fastest-growing areas.
According to the developers, Huibang ∙ Huangshan International, the project has a “revolutionary residential design concept that will make the life of residents easy and comfortable.” They also expect high investment returns.
The showroom and sales office is located next to the Huangshan International Hotel, along National Assembly Street.
Huibang International Real Estate is a leading international property developer with more than 20 years of experience in the business. This is their first project in Cambodia.
The construction of Sky Villa, another luxury condominium complex, on Poland Republic Boulevard in Phnom Penh’s Khan Prampi Makara should be completed by March 2020.
The project is managed by MCC Singapore, a subsidiary of Metallurgical Corporation of China with businesses in urban and property development.
Speaking at an event on Friday to showcase units at Sky Villa, Tan Zhiyong, MCC Singapore CEO, said the complex comprises two 35-story residential towers, each with 128 units and four-story basement car park.
Tan said they decided to invest here because Cambodia is one of the fastest-growing economies in the world. He said the country is witnessing a steady growth in affluent citizens and an influx of global visitors and investors.
“MCC Singapore has an established track record of more than 25 years in property development, project management and construction in Singapore. We look forward to bringing Singapore’s best practices in property development and building efficiency into Cambodia’s swiftly modernising housing landscape,” Tan said.
For more on this story go to Khmer Times.