J&L backed by $35 million JV loan for Skytree project
J&L backed by $35 million JV loan for Skytree project
Located on Street 105, Skytree Condominium developed by J&L Property Development is an exclusive mixed land-use project that boasts a helipad, stylish interior design, quality and fireproof construction materials, and high-end technology. Chen Wu, the chief executive officer of J&L Property Development speaks about updates on the development as well as its unique qualities.
What are some new updates on J&L Property Development’s Skytree project?
In April, a group of senior staff from the banking sector in Taipei, Taiwan came to Cambodia to see how J&L founder Simon Wu’s family property business was progressing here. They were happy with what they saw. Subsequently, six banks from Taipei agreed to sign an agreement to support J&L with a US$35 million joint venture (JV) loan to complete the development of this project.
This is a massive JV loan for J&L Property that will go into finishing this building. J&L Property will stand out as the first Cambodian property developer to secure a JV loan in Cambodia. This huge complex in Cambodia, supported by the JV loan from six consortium banks from Taipei, will provide thousands of residential, hotel and business centre units of upmost quality to everyone in the Kingdom.
How will J&L Property Development make use of this US$35 million loan?
With the backing of this US$35 million loan, it ensures that we will be able to complete our Skytree project in early 2019. Tenants can expect to collect their keys during that period as well.
How does J&L Property Development set apart its Skytree project from what is currently offered in the property market?
The design of our 32-storey three-building complex has been inspired by Singaporean architecture. The Singaporean architects who worked on this project are meticulous, and attention is even paid to minute details.
International company Cana Sino Construction Corporation (CSCC) is in charge of the construction. All steps of their construction process undergo inspection by a group of international quality control specialists with high-technology equipment. For instance, we are the leading developer in Cambodia who is using such modern and high-technology equipment in the testing of concrete and the testing of radiation from the metals used.
This technology has also enabled us to achieve consistent quality in our construction process, and ensures that the building is very safe from any health hazards. The main doors of all our units are made of fireproof materials while our double-layer glass windows are both windproof and help to minimise noise interferences and odours from the external environment.
As for parking, the area is large, with more than 700 car park spaces. We even have space for gardens.
What is unique about Skytree Condominium?
While most buildings feature rooftop facilities such as gardens, skybars and swimming pools, Skytree will present the very first rooftop helipad in Phnom Penh. The founder’s philosophy is that he will always look ahead and make preparations. The helipad is not only for the convenience of the residents, but he hopes to serve the public because he believes that in the future, his neighbors or the guests staying in Skytree will be able to use it to fly from their home units easily.
The building also employs special technology and high material specifications from Taipei, Japan and other developed countries in the world to protect the building from natural hazards such as earthquakes, monsoons, and very strong typhoons. Such technology is similar to that used by Taiwan Tower and the tallest building in Dubai. J&L is the first to bring such technology into Cambodia, by using it in the development of Skytree.
With the saturation in the property market, what is J&L Property Development doing to promote their units?
We are not like others. J&L emphas on the excellence of our units as well as the quality living experience for our tenants. The building will stay on for over hundreds of years. Our founder and his family will live here together and they love Cambodia so much that they would love to have more Cambodian neighbors.
