The World Trade Center Phnom Penh (WTCPP), a multipurpose complex built by Japanese investors, will be finished by mid-2021, serving as a centre to promote exchanges between Cambodia and Japan, particularly for the construction sector.
This project was developed by WTCPP Management, a joint investment company of URATA Corporation and a developer in Japan.
Set in the Tuol Tompong neighborhood, the building will have 23 stories above ground and four bellow, with a total of 43,000 square metres dedicated to hotels, office and retail space.
It will be the first Japanese construction project in the area.
Kazuya Urata, CEO of Urata SE and WTCPP, said the new project aims to promote cross-cultural relations between Japan and the kingdom.
“Our core project is for a new city development which will create new international business sites, introduce Japanese construction techniques and establish cross-cultural relations,” said Mr Urata.
“We are on a mission to train great engineers in Japanese construction techniques to improve construction standards in Cambodia,” he said, adding that they believe the kingdom’s economy is now ripe for this kind of investment, as the construction sector continues to boom.
Speaking during a ceremony to present WTCPP to the public, Chea Sophara, the Minister of Construction, said the new project will become a symbol of the robust relations between Cambodia and Japan.
“With the fast development of the construction and real estate sectors in Cambodia, the World Trade Center Phnom Penh will become a new landmark in the city with its mix of Japanese and Cambodian architectural styles.
“The project will contribute to the development of the Cambodian economy and will enhance cross-cultural relationships between Cambodia and Japan, creating new jobs, bringing new technology, and making the sector more attractive for other developers,” Mr Sophara said.
The building’s design will be undertaken by two firms – GY Architects and Takanori Urata Design, according to Mr Urata.
“We aim to create a symbolic construction design that reflects the history, traditions, and cultures of Cambodia and Japan.
“We plan to start construction in April 2018 and finish by March 2021. The tentative grand opening is going to take place in June 2021. We are planning to start advertising for tenants starting January 2020.”
The combined value of approved construction projects in the country reached $6.42 billion in 2017, an increase of 22.31 percent, according to a report from the Ministry of Land Management. Across the country, 3,052 new construction projects, equaling 10.74 million square metres, broke ground.
Moreover, the ministry granted construction licenses to 275 companies, which was a decline compared to last year, when 334 licenses were issued.
This article was originally published in the Khmer Times.