On January 21, 2023, Urban Village Phase II held its topping out ceremony marking a new milestone for this notable addition to Phnom Penh’s skyline. The event signified the completion of the main structure of the building, which is now among the tallest in the city.
Standing at 203 metres and comprising 63 storeys, Urban Village Phase II has become a prominent feature on Hun Sen Boulevard. The 760,000 square metre community living space aptly reflects the city's rapid and ongoing urban development.
The event featured a blessing ceremony led by a respected monk, the Venerable Kou Sopheap, and also saw the attendance of several prominent guests within Cambodia’s business and real estate community.
Urban Village Phase II Progress And Expected Handover
Catherine Chan, Founder and Executive Director of Urban Village, spoke to B2B Cambodia about the building’s completion progress, sharing that it was on track for handover within 2024.
“Our progress is actually going very fast now, our team has been working day and night,” said Chan. “We have to ensure the quality of our building as well, because we have cooperated with the largest contractor in the world, China State Construction Engineering Corporation Division Three, who built the tallest building in Hong Kong – the ICC – as well.”
“The progress is really great because at the same time that we have completed our structure, we are also doing our internal furnishing decoration, so we expect that our handover will be this year,” she added.
Urban Village Phase II's Project Outlook In Cambodia's Real Estate Sector In 2024
Cambodia’s real estate sector faced many challenges in 2023, and saw notable drops in the number of property launches, intensified competition and downward pressure on pricing. Despite these difficulties, Chan affirmed that she was optimistic about Urban Village’s Phase II project, as well as on the country’s market’s outlook in 2024.
“For our project, we have sold over 90 per cent already, and I think it will be a very unique project that really fits what residents actually need,” shared Chan. “I'm very optimistic about this kind of project, but bear in mind that we need to provide quality products to residents, otherwise then of course [the market outlook] is pessimistic. But if you [are able to provide quality products], then I think there's always a demand for housing in this country, especially since the growth rate in Cambodia is so high every year.”
The topping out ceremony also featured special cultural performances by Apsara dancers and Chinese lion dancers to welcome the upcoming lunar new year, and concluded with a Chinese prayer ceremony and symbolic activation ceremony involving all VIP guests.