Residents of Preah Sihanouk province will now have the opportunity to invest in a new executive condominium project being developed by HLH Group Ltd, along the province’s Independence Beach.
The Singapore-based property development company has purchased the 9,818-square-metre plot from Chinn Chanpor, former Military Police chief for Phnom Penh, and another individual named Chan Phaly for $1.76 million. HLH plans to use the well-located land to develop an executive condominium for “young couples and entrepreneurs”.
“The land is directly behind Independence Beach, facing the sea and walking distance to Soka Beach Resort,” the release read.
HLH says the project will cost $25 million and expects construction to begin in 2015. They plan to sell the condos for an estimated $100 per-square-foot. This means prospective residents can own a one bedroom condo for $30,000, a two bedroom for $50,000 and will have to pay $70,000 for a three bedroom condo.
Cheng Kheng, director of the CPL Real Estate Company, said these prices are very affordable for the province, which he said is a major business and tourism hub, and should easily attract prospective buyers.
“I think the buyers will be happy with this price and the project will have good sales,” he said.
Sbong Sarath, former provincial governor of Sihanouk province, confirmed yesterday that the HLH condominium project was discussed and studied during his tenure.
He added that the province was short on high-end, luxury accommodation services and that such projects will help fill that gap.
“The demand of condominium will be increase so it is a good idea to develop it now and business will be good,” said Sarath, who now occupies a position on the provincial council of Prey Veng province.
“The land has clear ownership [from developer],” he clarified. “There is no any argument [with resident].”
Kheng also said that currently there were no condominiums available to Sihanouk visitors, and similar projects could increase awareness and demand.
“It is a first and starting step at Sihanouk. Once there is one condominium project as a successful case, there will be more in the near future,” he added.
HLH had to abort a $14.9 million land deal with Cambodian developer Shukaku at Boeung Kak lake last year, due to commercial reasons. The site, given to Shukaku on a 99-year lease, has seen years-long protests after 20,000 people were forced from their homes.