A new business centre set to open in Phnom Penh will mainly cater to small businesses, in line with the growing trend of startups emerging in the Kingdom.

Kim Hour, chief executive officer of the Diamond Palace Group which is behind the Diamond Palace XO centre, told Post Property the creation of the precinct would help give young people the opportunity to start their business aspirations without having to fork out exorbitant rental fees.

“My marketing strategy in the construction of this business centre is to give business startups a place to do business at a reasonable price,” he said.

Hour said he had observed the growing trend of young people starting their own business ventures but noted entrepreneurs often ran into difficulty when it came to finding an affordable space to operate.

While Hour did not reveal the rental fees for the two-storey building, he noted that they were “very reasonable”.

Hour said the shopping and business precinct would have a mix of products for sale, including clothing and technology products.

New to the startup scene, Lay Monika, who is in the process of opening a café and dessert shop in the business centre said the building’s parking lot, 24-hour security and modern amenities enticed her to set up her shop there.

Monika also said the location of the centre on Street 163 in Boeung Keng Kang (BKK) 3 was ideal because of its proximity to the popular BKK1 area.

Hour, who is also involved in business ventures spanning hotels and resorts, said he is confident Diamond Palace XO will be a success with 80 percent of tenant space currently filled.

Diamond Palace XO is scheduled to be fully operational in August, however, some stores have already opened the doors for customers.