The Phnom Penh Post
Written by Soeun Say
Thursday, 30 April 2009
Prime office space to go on the market in capital for first time at 22-storey Phnom Penh Tower
THE Phnom Penh Tower, a 22-storey office building, is set to put its office space up for sale today at a grand opening at NagaWorld, according to Song Sung Young, president of C&D Global, the investor.
Song Sung Young said that C&D Global had invested US$25 million in Cambodia, but refused to reveal how much the company had spent on their first major project, the Phnom Penh Tower.
About 300 guests have been invited to the gala, including some of Cambodia's wealthiest, Song Sung Young said. He added that the space would sell for about $1,800 per square metre, making it the most expensive office space in the city.
Song Sung Young said that he is not worried about the property downturn because the Phnom Penh Tower offers something new to the Kingdom.
"Cambodia does not have high-class office buildings like Vietnam or Thailand. I am confident that many investors are looking to Cambodia for business, and all of them will need a high-class building," he said. The Phnom Penh Tower is constructed by AMCO Construction, a member of South Korea's Hyundai Motors Group.
The office building will be on Monivong Boulevard north of Sihanouk.
Sung Young calls it "the best location in the entire country", because it is surrounded by all the Kingdom's business infrastructure.
Phnom Penh Tower will have large parking spaces, a three-storey shopping mall, 18 storeys of office space and a penthouse restaurant, he added.
Construction started in December 2008 and is scheduled to be completed in 2011.
Im Chamrong, director general of the Ministry of Land Management, said Wednesday that his department welcomed anyone to invest in the construction sector and continue with projects in Cambodia, despite the economic crisis.
He pointed to projects like the Phnom Penh Tower as evidence that the construction sector is showing signs of a rebound.