Urbanloft to build luxury condos north of the capital

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Urbanloft is located in the northwest of Phnom Penh, where construction on many projects is ongoing, including that of Aeon II. Moeun Nhean

As the condo market in Phnom Penh continues to improve and the population continues to grow, more and more development projects are emerging north of the city.

Ngoun Chhay Leang, CEO of real estate company Rattanaka Realty, said the rapid development of the capital prompted him to create Urbanloft, a luxury condo development. The project consists of houses with bedrooms as large as 60 square metres and each is being sold at a starting price point of $72,000.

The project is located along Oknha Mong Rithy road, a prime location situated near Aeon Mall 2, Makro and the National Bank of Cambodia.

Chhay Leang said Urban Living Solutions, the company behind the project, will provide a wide variety of amenities such as a swimming pool, gym, co-office space, an open BBQ space for all residents, an open air garden, a playground and a private space for parties.

“This project is currently very successful because the company has already sold 20 percent of the total units in one month, even before the company has publicly announced the sale,” he said.

The Urbanloft building will consist of 20 floors with 182 units and 177 parking spaces for customers.

The company has set its sights on local customers and people who have lived abroad before, as well as foreigners who intend to live in Cambodia for a long time. Chhay Leang said he has confidence in the real estate market and faith that Cambodian people are ready for a higher standard of living.

But he made sure to remind anyone interested in one of the units to consider their financial situation before signing on to the project. Urbanloft, he said, had secured all of the correct licencees needed to move forward with the development, including the residential development license from the Ministry of Economy and Finance, permission to construct from the Ministry of Land Management, Urban Planning and Commerce, and the hard title for the land they are building on.

According to a study conducted by CBRE Cambodia, condo sales at the end of the third trimester fared better than the same period last year, with a sales rate increase of 1 percent.

An Socheata, director of CBRE Cambodia, said that the condo market in Cambodia continues to show good signs for the future and said there was nothing for consumers to be worried about. As long as the project has a suitable price tag, it will sell. Even though it may seem that the market has been flooded with condos lately, she said there will be no overflow in supply because they take a long time to finish.

Nuon Rithy, CEO of real estate company KFA, said the condo market was headed in a positive direction due to what he says is an equilibrium between supply and demand. 60-70 percent of the condos on the market are still sellable – a good sign for the construction and real estate sectors in Cambodia.

“We continue to see that the flow of investment keeps increasing due to the peace and political stability, as well as the great economic development in Cambodia. Therefore, there is nothing to worry about in regards to the real estate situation in Cambodia,” he said.