Phnom Penh skyscrapers arise

http://www.property-report.com/

via Khmer NZ

OJFall

Aug 30, 2010
 

Phnom Penh Tower, a US$60 million 22 storey ‘skyscraper’ billed as Cambodia’s first intelligent office building is set to top-off September 2, this week.

One of several towers that are simultaneously under construction across the capital, developers are hailing these as a sign of Cambodia’s strong and resurgent property market.

Host to commercial office space, officials at Hyundai Amco Company, the firm that is building the tower, say that they have already contacted the 250 potential clients and expect 50 per cent of these to sign contracts soon.

“ I can see that foreign direct investment, tourism, import-export is increasing together with the number of companies registered to do business here,” Sung Soo Kim, Hyundai Amco Company Director, was reported as saying by the Phnom Penh Post.

“Cambodia’s real estate sector is not in a downturn anymore.”

With Cambodia’s new towers offering a mix of commercial, office and residential space, the targeted rent for the Phnom Penh Tower runs from about $20 to $40 per square metre. Its topping off also comes at a time when a larger 27 storey Canadia Tower looks to welcome businesses into its lower floors in September, with some speculating that it will be host to the Cambodia Stock Exchange, which is awaiting the completions of its own building next year.