Phnom Penh’s Skyline Is Rapidly Transforming

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Phnom Penh’s skyline is rapidly transforming as a string of exciting developments get underway. From top grade office space and luxury apartments to a new era of mega-mall shopping, the Cambodian capital is on the brink of change as it races into the modern world.

In a recent Market View report, CBRE Cambodia Research revealed the capital has come out of the grips of the global financial crisis that saw several condominium developments halted or even collapse. “Cambodia has bounced back well from the economic crisis,” Simon Griffiths, CBRE Senior Manager, says. “There are several high-end apartment developments underway that offer a new kind of luxury living.”

In 2013, a total of 507 serviced apartments entered Phnom Penh’s booming property market, with a further 170 expected to land this year. By the end of 2014, a total of 20 condominium projects will be complete or under development.

Talking about the retail sector, the report forecast a 23% increase in supply by the end of 2014. Developments include Aeon Mall, which is expected to open this summer, and Parkson City Centre, due for completion next year.

Olympia city is one of many developments that combine Phnom Penh’s thriving commercial and business markets. Set to feature a seven-storey shopping mall and two towers – one 45-storey and the other 55 – the site, near Olympic Stadium, is expected to be finished in 2016.

The long-awaited Vattanac Tower is gearing up to open any time soon. After spending years dominating the horizon, the finishing touches are now being put to what is set to become the city’s tallest building and debut Grade A office space offering. It also boasts three storeys of high-end retail space.

Dexter Norville, National Director of Jones Lang LaSalle, says, “Commercial developments have continued, with Vattanac Capital soon to open and Hong Kong Land’s development next to the US Embassy underway being some of the highlights. AZ Group has a satellite city underdevelopment and is installing infrastructure roads to house a new international school, and has phases designed for investors to come in and build offices, retirement homes and hospitals.”

Another development that looks set to transform the city is the on-going construction at Koh Pich, also known as Diamond Island. Designated for development in 2006 by the municipal government, Koh Pich has since been a hive of activity as developers snap up land to transform into high-end residential, retail and hospitality projects.

Since being designated for development by the municipal government in 2006, Koh Pich has been abuzz with activity. Now covered in the widest, least-congested roads in central Phnom Penh, this island is filling up quickly with residential, retail and hospitality projects aimed at affluent locals and visitors.

The 2km island is already home to the country’s largest exhibition centre, a city hall, fire station, golf-driving range and theatre. A series of other developments are currently underway, including the $100 million Diamond Island Riviera Project, which is set to feature two 28-storey buildings and three 38-storey buildings.

The three 38-storey buildings will be connected at the top by a 200-metre-long swimming pool in the style of Marina Bay Sands resort in Singapore. Apartments, condominiums, offices, a supermarket and an amusement park are planned for the site.

David Murphy, of Independent Property Services, says, “Diamond Island will be an incredible mix of modern living, business and play, and is definitely one to watch in the future.”

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