Phnom Penh warehouse demand increases

Phnom Penh warehouse demand increases

Thu, 22 May 2014 Sum Manet Demand for warehouse space rose over the first five months of 2014, according to local property experts. The managing director of Town Real Estate Company, Van Chanthorn, said demand for warehouse space increased in some areas compared with the same period last year, adding that his company had received many requests for warehouse storage. The areas that are most in demand, Chanthorn said, are Chamkar Doung, Chorm Chao, Veng Sreng and along national roads 3 and 4. “The average size of requested warehouse space ranges from 3,000 to 6,000 square metres,” he said, adding that the average price per square metre was $1.80 per month, with leases averaging three years. Chanthorn said he expects demand to continue to trend upwards once ASEAN economic integration got under way late next year. “Warehouse demand will likely double due to the number of investors coming to Cambodia,” he said. Sear Chailin, CEO of CL Realty, agreed that warehouse demand increased in the first five months of the year. Demand was strongest in areas such as Veng Sreng and Chorm Chao, with customers seeking storage space of 300 to 800 square metres, while space on the outskirts of town tended to average 1,000 to 3,000 square metres, he said. According to Chailin, the contract periods for warehouse leases ranged from three to 10 years. He added that the market price for warehouse space started at an average of between $1.80 and $2.20 per square metre, depending on location, size, adjacent roads and water and electric supply. “Lease contracts are for at least three years and for a...
Chroy Changvar Satellite City groundwork nears completion

Chroy Changvar Satellite City groundwork nears completion

Read Original textThu, 22 May 2014 Siv Meng The pumping of sand and filling in of lakes and marshy areas prone to flooding, with the eventual aim of creating the Chroy Changvar Satellite City, will be completed in the fourth quarter, according to Overseas Cambodian Investment Company (OCIC) sources associated with the development. Meanwhile, the sources said, work to settle disputes involving current residents of to-be-developed land was under way and under the jurisdiction of the Phnom Penh municipal government. The satellite city, which has already received $1.6 billion in investment, is planned to cover an area of 387 hectares. OCIC project manager Touch Samnang said that 80 per cent of the sand required to lay the groundwork for the satellite city had already been pumped into place, and that the OCIC planned to complete the pumping work by October. Municipal authorities were working step by step to resolve ongoing issues related to compensation and the provision of housing, as well as making market stalls available through the means of a lottery. “The satellite city project will see an investment of $1.6 billion. The city development is similar to Diamond Island [Koh Pich], but we are yet to come up with a blueprint that makes the project’s image clear,” he said, adding that it could take more than 20 years for the project to be completely finished. Municipal authorities are dealing with land issues. Hong Menea Infrastructure projects associated with the development would include a 6-kilometre main road and a new bridge (to complement the Chroy Changvar Bridge, currently under construction), connecting the satellite city with National Road 5....
De Castle Royal partners with The Place for first-class gym workout

De Castle Royal partners with The Place for first-class gym workout

Thu, 29 May 2014 Post Staff The management of the 32-storey De Castle Royal condominium project in BKK1 has announced that the The Place, widely regarded as Phnom Penh’s only independent five-star gym, will manage the development’s fitness centre. This means the air-conditioned De Castle Royal gym will be fully fitted out with state-of-the-art equipment supplied by Italy’s Technogym, which Alexandre Vessella, The Place’s gym manager, described to the Post in an interview late last year as “the best sports equipment brand on the market”. De Castle Royal will feature a rooftop garden with panoramic city views. PHOTO SUPPLIED The Place will also manage De Castle Royal’s 25-metre swimming pool, says property manager Nimol Mam, who adds that the pool will be built to the same dimensions as the one at The Place, which is located at No 11 Street 51, and will also include a poolside garden. “With management by The Place, we can guarantee high-class service, operations and maintenance, making it the perfect place for our members to work out or simply relax by the pool,” Mam says. In the fourth-floor gym, personal trainers will be on hand to help De Castle Royal customise workout regimens according to every individual’s needs. Instructor-led activities such as yoga will also be available. The most anticipated five-star condominium development in Phnom Penh, De Castle Royal’s 32 storeys include seven floors reserved for parking and will also feature a rooftop garden perched on the summit of the 117-metre building. “The rooftop garden will have flowers, plants and shrubbery, making it a perfect place to relax and enjoy views of the city,”...
First phase of Olympia City condo project set for completion in mid-2015

First phase of Olympia City condo project set for completion in mid-2015

Thu, 15 May 2014 Siv Meng and Hin Pisei The first phase of the Olympia City condominium project will be completed in mid-2015, according to the developers. Meng Chamroeun, chief engineer for the Olympia City development, says construction work on the four 21-floor condominium towers is under way day and night. The most furthest along of the four towers is already at 14 storeys and is scheduled to reach full height in November. The second building is at 10 floors, the third at four and the fourth at two floors. “The four condo-minium towers are slated for completion in mid-2015. And then we’ll start work on a seven-storey super mall,” he says. However, Chamroeun adds that, as yet, there is no firm date for completion of the mall, or for construction work to begin on 44- and 55-storey towers combining condominiums, office space and a hotel. The Olympia City Project located at the northern end of the National Olympic Stadium is a $400 million investment by the Overseas Cambo-dian Investment Corpor-ation (OCIC). The seven-hectare project got under way in 2012, and overall completion of the project is scheduled for 2017. Olympia City sales manager Long Sopheak says sales of units in the condominium tower were going well, with the majority of buyers coming from overseas – chiefly China, Singapore and Malaysia. Some 95 per cent of the units in Tower 1 have already been sold, he said, while Tower 2 has seen 75 per cent of its units sold. Tower 3 has so far seen no sales, but 30 per cent of the units in Tower 4 are spoken...
Boutique furnishing for the perfect home

Boutique furnishing for the perfect home

Thu, 15 May 2014 Post Staff Decosy, a 240-square-metre space on St 19, caters basically to every interior-design home need imaginable – from mugs and other tableware to polished acacia dining tables and even cots for babies. “We’ve got a special product line for infants – toddler -height tables and desks, as well as the cots – and we’re one of the only people in town who are doing it,” says Nathalie Lèbre, manager, Decosy. French-born Lèbre has been in Phnom Penh-based for 12 years now, and is best known as the woman behind Coleurs d’Asie, a handicrafts and textile home-products store that now runs under new management close by on St 240. “It was time for a change,” says Lèbre, who took up management of Decosy a little over a month ago after taking a year off. If an item is not in stock, Lèbre says it can be ordered, but she warns that containers of the home products, which are all designed and made in Vietnam, generally only arrive every six to eight weeks. Decosy was founded in 2000 in Ho Chi Minh City by Frenchman Nicolas Malric, who had been manufacturing wooden and iron furniture for export for some seven years. The Phnom Penh branch opened 10 years later in 2010, and is one of the few truly boutique – yet affordable – furniture outlets in the city. “In the beginning our clientele was mostly ex-pats, and some Cambodians who had returned from overseas and whose tastes had been influenced by their lives there,” says Lèbre. Today that is changing. “We’re seeing more and more local...