Phnom Penh is seeing a new wave of investment as international investors swoop in to snap up the new luxury offerings being built in the Cambodian capital.
With property prices remaining low in comparison to the rest of the region, standards constantly rising and the quality of accommodation being built on the up, the potential in Phnom Penh’s new generation of real estate is being realised.
Helping to lead the movement into the luxury market is De Castle Royal, which is currently constructing a high-class condominium block in the heart of the capital’s exclusive BKK1 district.
As the city’s first high-rise condo, towering at 33 floors high, a huge chunk of De Castle Royal’s 414 units have been sold to investors looking to cash in on Cambodia’s strengthening property market, setting the pace for the market.
Brandon Sun, of De Castle Royal, says, “Investing in one of our apartments can see a 21.38 per cent annual return on investment, which is very attractive. We have seen a lot of investors from across Asia and Cambodia buying our units for this reason.”
Jun Takeguchi, COO of Japanese real estate company L’attrait (Cambodia), says Japanese investors have always been attracted by property but, until now, they have put their cash into countries including Thailand and Malaysia.
He adds, “Very recently, investment in Cambodia has started to receive a lot of interest from the Japanese individual investment… Compared to other city centre projects, the price per ㎡ is much lower than others so there is the possibility that the value of this project will increase 1.5 to two times within two to three years.
When complete, which is expected to be March 2014, De Castle Royal will boast a haven of luxury for those who live there. Inclusive services include 24-hour security and reception, daily laundry and cleaning services, a state-of-the-art gym, steam room, rooftop cinema and play parks and outdoor space for families to enjoy.
Andrew Ahn, vice president of sales and marketing at parent company NURI D&C, says, “What we are trying to achieve at De Castle Royal is the best service possible, up to five-star hotel standard. We wanted to bring everything together so residents have everything they could possibly want right on their doorstep.”
Security is another element that De Castle Royal takes seriously and has installed a card recognition system as well as operational video intercom system so residents can see and speak to whoever is at their door.
The development also boasts a secure six-storey car park, which is being managed by internationally renowned car park management company, Secure Parking. Offering 24-hour security, an electronic entry system and valet parking services, residents can leave their cars parked with peace of mind that it will stay safe.
De Castle Royal is also being managed by CBRE Cambodia, which offers international property management services to premier developments in Cambodia. The property management service is responsible for providing customer service and effective management of equipment, cleaners, security and safety procedures.
For additional information on De Castle Royal, visit www.decastle.net