According to Royal Group's website, Royal Tower will be Phnom Penh's first Grade A office building by Hong Kong standards. At 36 floors and 65,000 sqm, it will be a landmark building located at the intersection of Monivong Blvd. and the Russian Federation Blvd. Construction will be completed in mid-2013.
Tuesday, November 9, 2010
Does the real estate sector in Cambodia is getting better or worse? Some optimists said that the situation is now getting better or the real estate sector is being recovered back. Although, many large others thought that this sector has not been recovered yet. Many house properties or lands have been posted for sale but there are few transactions done because its selling prices are still too much high even some people said that it has been reduced around 30% to 40% from its peak during 2008; many constructions of condominium such as Gold Tower 42 and International Finance Center (IFC) or of shop houses are seen to be on hold; the cost of the mortgage (home loan) remains high between 10% to 18% p.a. etc…
For the past few years, the housing in Phnom Penh and especially in the outskirt has been strongly developed. Some questions can be asked: how many property developments in the outskirt of Phnom Penh do have the proper construction approval from the relevant authorities? Has the quality of those constructions been checked? Is there any proper sewage system planned or built? As the result, during the flash flood in October, since the sewage system has not been built, many new houses were seen under the water!
According to CBRE, the office space in Phnom Penh is forecasted around 144,000 square meters by 2013. This projection was likely based on the figures from Gold Tower 42, International Finance Center (IFC), Canadia Tower, Delano Business Center, Icon Tower, Phnom Penh Tower, B-Ray Tower etc…The renting price is known to be between $10 to $35 per square meters.
Gold Tower 42 on hold
Labels: Cambodia Property Update