‘Financial Building’ on track for 2024 deadline

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The ‘Financial Building’ comprises a series of eight- and 10-storey segments – with three basement floors – that house a shopping mall, clinic, restaurants and 27 flats measuring 24m by 8.2m each. Photo supplied

The multi-purpose “Financial Building” in Phnom Penh’s Olympia City development is still on track to be completed in mid-2024 even as Covid-19 continues to spread.

Breaking ground early last month just north of the National Olympic Stadium, the project comprises a series of eight- and 10-storey segments – with three basement floors – that house a shopping mall, clinic, restaurants and 27 flats measuring 24m by 8.2m each.

Olympia City project manager Meng Chamroeun told The Post on March 24 that Overseas Cambodian Investment Corp Ltd (OCIC), the developer, had not shut down construction activity on either the Financial Building or Olympia City in light of the February 20 transmission event.

“Market demand has prompted OCIC to build this Financial Building, which will be unique in its design for multi-purpose uses,” he said, adding that the firm has earmarked $50 million for the project, not including land costs.

He added that the building will be equipped with lifts, fire protection equipment and other security systems. Construction was planned to be completed in 42 months, or by August 2024.

Even after OCIC scaled down construction to “join the government” in staving off transmission following the latest Covid-19 outbreak, Chamroeun noted that more than 200 workers still toil on Olympia City every day.

Breaking ground in 2012, Olympia City sits on more than 7ha in Prampi Makara district’s Veal Vong commune and consists of 12 buildings comprising condominiums, commercial and office space, shopping malls and hotels.

Four condominiums, two office buildings, a hotel, an international school and a shopping mall have been opened.

Global Real Estate Association president Sam Soknoeun said Olympia City boasts the best location in the capital and has been greeted with moderate success.

He said the project offers competent unit sales and rent prices, as well as a variety of services that make it easier for people to live and work.

“Its favourable location in the heart of Phnom Penh is a central ingredient in garnering support for the project from customers of all walks of life,” Soknoeun said, adding that its proximity to the national stadium provides a breath of fresh air.

According to OCIC deputy director-general Touch Samnang, the developer has budgeted about $500 million for the entire Olympia City project.