February 18, 2008Achara Deboonme
The Nation (Thailand)
In the market for a million-dollar penthouse suite? Thinking Kuala Lumpur, Bangkok or Singapore? Try Phnom Penh.
South Korean-funded Yon Woo Cambodia announced in January the plan to offer Gold Tower 42, skyscraper apartments from about US$500,000 (Bt16.7 billion) to $1.6 million, and the development - scheduled for final completion in 2011 - will become the tallest in the city.
The Cambodian capital's rocketing real-estate prices have encouraged construction to reach for the skies, government spokesman Khieu Kanharith told Deutsche Presse-Agentur.
"Five years ago another company began planning a 32-storey tower, which has yet to be built, on the outskirts of the capital, and we expect many more such projects," Kanharith said.
David Simister, chairman of property consultant CB Richard Ellis Thailand, agreed. He said that post-crisis Phnom Penh was now as attractive a property development destination as Ho Chi Minh City.
"Rules are quite clear on the back of a strong government. Between Thailand and Vietnam, Cambodia is quite liberal," Simister explained.
A condominium in Phnom Penh now sells for $2,000 per square metre, approximately the same as the Bt75,000 which is quoted for condominiums along Sukhumvit Road. According to Simister, demand is also strong as Cambodians are repatriating overseas earnings while the number of foreign businessmen in the city is growing.
The property market there is set to expand further with the growing tourism industry, following the expansion of the airport and the marketing of new tourist destinations.
Simister said that due to contacts for consulting and marketing services for properties in Phnom Penh his company would later this year open an office there, in the wake of others in Danang and Ho Chi Minh City.
He noted that foreign investors were now looking to do business in the city, thanks to the relaxed market requirements. Phnom Penh's maximum lease for foreigners is 99 years, against a maximum 70 years in Vietnam and 30 years in Thailand. "In Thailand, the ownership issue is not helpful for foreigners. Hopefully the new government will look into that," he said.
Kim Tae Gon, general manager of Yon Woo Cambodia, told DPA: "The investment climate is good. Cambodia is eager for development. We have sold 40 per cent of our apartments in Gold Tower 42 off the plan already, and the majority of buyers are Cambodians, although Koreans, Chinese and British have also bought," he said.
Cambodia's building industry is booming on the back of double-digit growth and hopes that revenue - and businesses - will begin rolling in on the back of the expected oil and mineral revenues due to be tapped within the next two to five years. A stock market is also in the offing within a year.
South Korean-funded Yon Woo Cambodia announced in January the plan to offer Gold Tower 42, skyscraper apartments from about US$500,000 (Bt16.7 billion) to $1.6 million, and the development - scheduled for final completion in 2011 - will become the tallest in the city.
The Cambodian capital's rocketing real-estate prices have encouraged construction to reach for the skies, government spokesman Khieu Kanharith told Deutsche Presse-Agentur.
"Five years ago another company began planning a 32-storey tower, which has yet to be built, on the outskirts of the capital, and we expect many more such projects," Kanharith said.
David Simister, chairman of property consultant CB Richard Ellis Thailand, agreed. He said that post-crisis Phnom Penh was now as attractive a property development destination as Ho Chi Minh City.
"Rules are quite clear on the back of a strong government. Between Thailand and Vietnam, Cambodia is quite liberal," Simister explained.
A condominium in Phnom Penh now sells for $2,000 per square metre, approximately the same as the Bt75,000 which is quoted for condominiums along Sukhumvit Road. According to Simister, demand is also strong as Cambodians are repatriating overseas earnings while the number of foreign businessmen in the city is growing.
The property market there is set to expand further with the growing tourism industry, following the expansion of the airport and the marketing of new tourist destinations.
Simister said that due to contacts for consulting and marketing services for properties in Phnom Penh his company would later this year open an office there, in the wake of others in Danang and Ho Chi Minh City.
He noted that foreign investors were now looking to do business in the city, thanks to the relaxed market requirements. Phnom Penh's maximum lease for foreigners is 99 years, against a maximum 70 years in Vietnam and 30 years in Thailand. "In Thailand, the ownership issue is not helpful for foreigners. Hopefully the new government will look into that," he said.
Kim Tae Gon, general manager of Yon Woo Cambodia, told DPA: "The investment climate is good. Cambodia is eager for development. We have sold 40 per cent of our apartments in Gold Tower 42 off the plan already, and the majority of buyers are Cambodians, although Koreans, Chinese and British have also bought," he said.
Cambodia's building industry is booming on the back of double-digit growth and hopes that revenue - and businesses - will begin rolling in on the back of the expected oil and mineral revenues due to be tapped within the next two to five years. A stock market is also in the offing within a year.
11 comments:
The tallest building so far in Phnom Penh will be the finacial center which is 53 stories high. There will also be taller building says that damned Hun Xen.
You never be happy what we have.
We build you curse us. What do you have? Collect welfare huh?
I just reserved my penhouse suite apartment. I will certainly enjoy it.
This great for Cambodia regardless of the political situation.
THIS GROWING ECONOMIC WEALTH WILL BENEFIT EVERYONE.
11:01 AM and 6:12 PM, Of all things to focus on such as public health, food, education, infrastructure, they choose a damn cement building and use hope false into believing things will change because the rich will get prettier houses. It's ridiculous and no, there are a lot of people who will never be happy unless he and his stupid government leave either by peace or force. As for welfare, what the hell are you talking about? They don't even have money.
As for creating jobs, there are a lot of things they can do. If they were smart, they'd use those who graduated college and start businesses instead of using them to clean hotel and apartment rooms in a damn tall building. In the long run, it'll help the country more.
You can only hope to force Hun Sen out and who will you bring to govern such an unstable country like Cambodia? Cambodian people need peace to build their country.
Your hope won't happen, because Hun Sen will not step down or leave if many champanzes make too much noise. Cambodia continues to be led by Hun Sen and pass it on to his children for many centuries.
More foreigners come to buy land in Cambodia and where are those champanzes?
I will buy a properties in Sihanoukville and this skycraper.
I don't like Hu Sen but the development in Cambodia makes me want to invest more properties.
If you don't like one person, Please don't hate the whole nation,let's our Country uprise and prosper.
Thank you!!!
i love to see cambodia developped like every other countries in asia and around the world. we can't wait forever and those of us who lived outside of cambodia have the vantage point of view. we can see cambodia from outside or the box like from a mounain top and compare our country with other countries around the world and we can see that cambodia need to have skyscrapers regardless of who is holding offices in cambodia because when it comes to development of cambodia, everyone from every walks fo life can help with this contribution, no matter how small it is. i'd like to see cambodia grow and grow. i don't like the pessimistic people because i see them as jealous of cambodian growth and the enemies of development in cambodia. i think phnom penh should be like singapore or hong kong.
No one is jealous with Cambodian people, only the Cambodian people themselves (many at oversea) who blame others for their own stupidities.
I like this skyscraper apartment and I will reserve one apartment.
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