An artist’s impression of Diamond Condo, on Diamond Island.
Undisclosed mainland Chinese plan to build what is called a unique triangular condominium block with surrounding flats, as construction increases on Koh Pich
An undisclosed Chinese company is cooperating with Canadia Bank to build a 14-floor triangular-shaped property that will house both condominiums and flats on Diamond Island, or Koh Pich.
Chief executive of the Diamond Condo project, Sophal, who declined to provide his full name, would only reveal that the Chinese company was a mining company and that it was investing in the 14-floor Diamond Condo and in 40 flats surrounding the project. Work has begun on the foundations and on the underground floors.
Sophal added that a completion date had yet to be set, but the project was expected to be finished within three years.
“Sales for the project will be launched in August or September, because we want to show some results first before launching sales,” said Sophal, adding: “It’s different from companies that use their brand names to pre-sell their projects.”
He also declined to put a number on the project’s investment capital.
Chhen Hok, vice-project manager of Diamond Island, confirmed that the company investing in Diamond Condo was Chinese, and that the company had bought 8,700 square metres of the land from the Overseas Cambodian Investment Corporation (OCIC).
Van Chanthorn, managing director of Town City Real Estate, said the condominium market in Phnom Penh was healthy, and that the new Diamond Condo project had the advantage of a good location. He said he was positive about Diamond Island in general due to the river views, the environment, including cleaner air, and the fact that a mall, a bank, a school and restaurants were sprouting up on the island.
“People living in condominiums tend not to be big families – generally one to two people – and they often travel frequently,” he said. “Families living in condos tend to have one child,” he added.
In Sitha, vice-president of World Trust Estate, said the supply of condominiums had increased along with the number of condominium transactions due to increased interest from foreign investors from countries such as Japan, Singapore, Malaysia, and China.
`He added that in order to invest successfully in condominiums, investors needed to concentrate on four points – location, quality of the construction and price, exterior and interior design, and last is access.
Fourteen-floor condominium/shopping development latest example of market boom
Diamond One is the latest venture to join a growing cluster of construction projects on Diamond Island, or Koh Pich. The triangular 14-floor condo, surrounded by shop spaces, is a joint venture between Xin Tian Jian (Cambodia) Real Estate Development Co, Ltd and OCIC (Overseas Cambodia Investment Cooperation) and represents a $60 million investment.
The building will house 43 shops and a condo with 14 floors, making up 372 units. Two underground floors will be given over to parking, with the area covering a total 8,670 square metres. The basement floor of Diamond One will feature a café, gym and swimming pool for residents. The unit is divided into one-bedroom and two-bedroom units, with prices ranging from $70,000 to $300,000.
Choung Layan, deputy sales manager of Diamond One Project, said the sale of the shops and condominium units was going very well, with many interested customers passing through the company’s showroom.
“Despite the recent launch, our sales are smoother than expected,” she said, adding that the shop spaces were already sold out and that the condo units were 90 per cent sold.
Responding to the positive figures, project sales consultant Sambath Chanpisey attributed the success to three factors — a prime location, client confidence in the developers, and affordability. When asked about the profile of the new customers, she reported that investment was primarily coming from overseas.
“The clients of the Diamond One are 30 per cent local and 70 per cent foreigners from Taiwan, Hong Kong, Singapore, Japan, and Malaysia. Many foreigners are interested in this project,” she said.
Leang Sophal, office manager of Xin Tian Jian (Cambodia) Real Estate Development Co, Ltd, was positive that their clients wouldn’t have to wait too long before they could move in, reporting that the foundation construction was already under way, and that the underground floors would be completed by early 2015. “According to the plan, the Diamond One project will finish within 30 months,” he said, which would mean opening in the first quarter of 2017.
Zhen Li Qiao, president of Xin Tian Jian (Cambodia) Real Estate Development Co, Ltd, said that he was confident in the location, believing that Diamond Island would become a sophisticated modern residential and business hub in the near future.
Recent large projects on the island include Riviera, La Seine, Casa Meridian, Elite Town, Elysee and the International Bilingual School.
Several people who spoke to the Post highlighted a recent upward trend in the condo market. Van Chanthorn, managing director of Town Real Estate, said the area was the most important factor in determining the success of these projects, and pinpointed the Russian Embassy area alongside Diamond Island as the best places for condo investment, thanks to their pleasant environment and proximity to all necessary amenities.
In Sitha, vice president of World Trust Estate Co, Ltd, agreed, and also mentioned the growth of overseas investment as motivating the market bounce.
He explained that, in order to succeed, condo investors should concentrate on four factors: the location, the quality of the construction, affordability and design.
On reflection, he added a fifth: the entrance shouldn’t be too busy, so as not to disturb residents going about their business.
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