First phase of Olympia City condo project set for completion in mid-2015

The first phase of the Olympia City condominium project will be completed in mid-2015, according to the developers.

Meng Chamroeun, chief engineer for the Olympia City development, says construction work on the four 21-floor condominium towers is under way day and night. The most furthest along of the four towers is already at 14 storeys and is scheduled to reach full height in November. The second building is at 10 floors, the third at four and the fourth at two floors.

“The four condo-minium towers are slated for completion in mid-2015. And then we’ll start work on a seven-storey super mall,” he says.

However, Chamroeun adds that, as yet, there is no firm date for completion of the mall, or for construction work to begin on 44- and 55-storey towers combining condominiums, office space and a hotel.

The Olympia City Project located at the northern end of the National Olympic Stadium is a $400 million investment by the Overseas Cambo-dian Investment Corpor-ation (OCIC). The seven-hectare project got under way in 2012, and overall completion of the project is scheduled for 2017.

Olympia City sales manager Long Sopheak says sales of units in the condominium tower were going well, with the majority of buyers coming from overseas – chiefly China, Singapore and Malaysia. Some 95 per cent of the units in Tower 1 have already been sold, he said, while Tower 2 has seen 75 per cent of its units sold. Tower 3 has so far seen no sales, but 30 per cent of the units in Tower 4 are spoken for, Sopheak says.

Olympia City’s condominiums come in three varieties. Studio units start from $88,000 to $92,000, one-bedroom units are priced from $88,000 to $94,000, while two-bedroom units range from $220,000 to $230,000.

All Olympia City condominiums are located on the sixth to 21st floors, with the basements to fifth floors reserved for shophouses.

According to Sopheak, Olympia City’s success in terms of sales so far is due to the project’s huge potential, and its downtown location, with ready access to all destinations in central Phnom Penh. She adds that the development’s amenities, such as the mall, office space, shopping and gardens with walking paths, were also a factor in the project’s success.

“We’re very much focused now on accelerating the pace of construction, and payment conditions are relatively easy for our clients, and these are other factors in our success,” she adds.

Olympia City is one of a host of major property developments that are set to change the Phnom Penh skyline.

Po Eavkong, managing director of Asia Real Estate Cambodia, says he does not expect sales of condominiums to be a problem in the local market due to anticipated demand ahead of and after Asean economic integration next year, but he adds that there is some risk of oversupply.

Whether the project will be a complete success or not won’t be clear until the project is complete and it is known what percentage of the total has been sold, he says, adding: “Condominium prices at Olympia City are competitive with prices for units in other developments around town.”

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