L’attrait, a new condominium building funded with $18 million from Japanese investors, broke ground yesterday in Boeung Keng Kang.
Standing 26 floors tall, the new project, which won’t be finished until 2020, offers 149 high-end units.
It will be delivered and managed by renowned contractor CMED.
“The location is excellent, and we are seeing a lot of demand from expats, with over 40 percent of the units already sold,” said Ryo Amasawa, the project manager, explaining that the majority of buyers thus far are from Japan.
“We are not focusing on price. We are focusing on quality and comfort,” he added.
Richard Leech, executive director for CBRE Cambodia, said, “The project is a good investment. BKK1 continues to see great development and improvement, remaining one of the top areas in the city with regards to property.”
According to CBRE’s latest report, 1,200 condominium units were completed during the first three months of the year, increasing the supply by 14 percent.
However, according to the real estate agency, condo prices slid slightly during the first quarter of the year compared to the previous three months, falling by about two percent in the mid-range and high-end categories.