Taiwan-based property developer TC Royal Manor will construct a $30 million luxury residential and office complex along Russian Boulevard.
“TK Royal One” will be located in front of the Royal University of Phnom Penh.
According to Kim Heang, president of Khmer Real Estate and seller of the project, the official launch of the building will be on March 24 of this year, with prices ranging from $2,200 to $2,800 per square metre.
“The company doesn’t only focus on profits, but also aims to provide a good international living standard for Cambodians,” Heang said.
The project started construction in early January of 2015 and is slated for completion by the end of 2017.
The TK Royal One features 19 floors above ground and three floors below with room for 230 vehicles. Office space will comprise the area from the ground floor to the fourth floor, while the fifth will have a steam bath, sauna, and swimming pool.
TC Royal Manor is trying to finish the condo project as quickly as possible by employing a large work force. Photo Supplied
The sixth to 19th floors will consist of 159 condo units, with penthouses on the top two floors.
According to Heang, TK Royal One will be a luxurious building, with a Korean company in charge of construction and a French company in charge of project management.
Despite being two weeks away from its launch date, TK Royal One has sold 30 per cent of its units so far, said Heang.
“We’ve held up on selling the project to Taiwanese clients for a while, as we want to sell 30 per cent to Cambodians. It would take only six months to sell all the units to Taiwanese customers.”
TC Royal Manor bought the land five years ago due to its location near the commercial core of Phnom Penh, Heang said.
Independent real estate analyst Keuk Narin said the project seemed viable thanks to its location in front of the Royal University of Phnom Penh and upscale eateries such as Brown coffee and Pizza Company.
Narin said that while the project had big potential, the set prices seemed a bit expensive. However, the prices could depend on amenities and decorations, which have not been confirmed yet.
“The construction of condo projects in this area is favourable. For example, Japanese investors and others working the [Phnom Penh] Special Economic Zone can easily commute back and forth to work from there,” he said.