A40-storey commercial building in Phnom Penh, Chief Tower, broke ground on Thursday.
The project is developed under a new company, JS Property International Co Ltd – a joint venture between JS & Partner and Chief Real Estate Development (Cambodia) Ltd. Its investment capital was undisclosed.
The building is located on Monivong Boulevard in the capital’s Boeung Keng Kang I district. Thursday’s groundbreaking ceremony was presided over by Minister of Environment Say Sam Al.
The 158m tall building will be mixed-use and include retail shops, food and beverage stores, hotels and offices, according to a company press release.
Sam Al said the Chief Tower project demonstrates progress for the Kingdom, providing luxury business locations and accommodation.
He said the building will be constructed in compliance with environmental standards.
“I believe [the building] will set an example, in terms of main smart-building features and both technical and aesthetic quality, with a stylish design reflecting Khmer culture and civilisation and environmental safety according to green-space standards,” he said.
Boosting the image
Ministry of Land Management, Urban Planning and Construction secretary of state Leang Monyrith said the Chief Tower is an achievement that contributes to promoting the image of the Kingdom’s real estate sector.
“The Chief Tower construction project will not only promote the construction
industry’s image in Cambodia but through the project, jobs will also be created for the people.
“The ministry hopes that construction companies will comply with the government’s policy of construction work through the employment of modern technology standards,” Monyrith said.
He said investor confidence has increased the number of buildings that are more than five-storeys tall in Cambodia to almost 1,300.
Monyrith said in the first two months of this year, investment in the Kingdom’s construction sector was worth over $1.384 billion – more than double compared to the same period last year.
Key Real Estate Co Ltd director Sorn Seap said tall buildings have gradually emerged in the capital’s Boeung Keng Kang communes, an area with great potential. He said hotels are currently a good market to invest in due to the increasing number of tourists.
According to Seap, properties in the area can cost between $5,000 and $6,000 per sqm.