The Flora announces its first condo project for mid-2020
Local real estate developer The Flora on Saturday announced its first condominium project – The Flora Suites.
Construction on the 38-storey high-rise is scheduled to begin in the middle of next year in the centre of Boeung Keng Kang district’s Boeung Keng Kang I commune in Phnom Penh, the firm’s president and CEO Lim Kok Loong said.
He said The Flora Suites is set to be built with a modern, western-style design and will take about three years to complete. The building will be sited on 20,786sqm and will comprise 198 units. However, he did not reveal the total investment for the project.
“The Flora Suites project is a new product of The Flora, built in response to market needs. It will contribute to the country’s good image.
“With the new condominium project, we will mix the European and Khmer design styles to make it more attractive and comfortable for our customers. It will be equipped with the latest technology and facilities from Europe,” he said.
He said there would be a fitness club, swimming pool, spa, yoga studio and playground on the seventh floor, and a Sky Club – an international well-known restaurant, cafe and business meeting space – on the 36th floor.
Key Real Estate Co Ltd founder and director Sorn Seap said condominium demand in Cambodia has remained relatively low as the people have yet to catch on to living in such abodes.
However, he expressed optimism that Cambodians under the age of 40 will increasingly choose to live in condos as their lifestyles change over the next few years.
“The condominium market in Cambodia does not seem to be very popular with our people. The market is mainly for foreign customers, leading to the current oversupply. However, it [the market] will improve over the next few years,” Seap said.
The Flora director of sales and assistant vice-president Saing Sopheakrady said the project will be officially open for sale to the public in the near future with unit prices starting from $100,000.
A recent CBRE Cambodia report said the supply of condominiums in Phnom Penh reached 17,500 units at the end of the third quarter of this year – up more than five per cent compared to the second quarter.
The completion of the Star City condominium project in Sen Sok district’s Phnom Penh Thmey commune added 850 units to the second quarter’s supply of 16,650 units, the report said.
Supply increased by 45 per cent compared to last year’s third quarter. Of the 17,500 units, 22 per cent were “affordable”, 54 per cent were “mid-range” and 24 per cent “high-end”, it said.
Prices inched up just one or two per cent quarter-on-quarter, with affordable units sold at an average of $1,531 per square metre, mid-range at $2,600 and high-end at $3,190.
Nine new condominium projects comprising a total of 5,130 units broke ground in the third quarter. Most are mid-range condominiums located in Chamkarmon and Chroy Changvar districts.
Ministry of Land Management, Urban Planning and Construction data shows that in the first nine months of this year, capital investment in the Kingdom’s construction sector was worth $6.49 billion.
This is an increase of 34.73 per cent compared to the same period last year or worth about $4.82 billion. The number of buildings that are five storeys tall or higher stands at 329.