In a growing economy, one can see construction cranes and development projects overwhelming cities with the building of high-rise towers and modern malls while fancy restaurants and eateries including fast food chains and cafés challenge for space to whet the appetites of a population becoming exposed to the better things in life. That is the barometer of economic growth, and this is the new Phnom Penh, the chrysalis of South East Asia.

Cambodia’s robust growth continues to attract investors ranging from manufacturing to agriculture, financials and property developments. It is no surprise then that the real estate sector has attracted a bunch of investors like bees to nectar since modern housing is the first line in demand in any growing economy.

Meridian International Holdings (MIH), a multinational group of companies with a strong base in the textiles & garment business and property investment is no stranger to Cambodia. With over 70 years combined experience in manufacturing and marketing operations in Hong Kong, China, Europe, Singapore, Japan and Cambodia, the group has been investing and conducting business in Cambodia for many years. It has invested over $100 million, providing jobs for more than 1,000 people across its business units and is continuing to fund and grow the group\'s contributions in Cambodia.

MIH\'s impressive credentials originate from its unwavering attitude towards providing quality product through innovative thinking supported by keen attention to detail coupled with service excellence propelled by its vision to materialise a strong Meridian brand that is here to stay.

MIH\'s founder and CEO, Mr. Ko Sek Yan is a strong believer in values and has been instrumental in building the group since the 1980s. "We strive to develop products with good value, delivering quality properties with sophisticated designs at prime locations", he said.

MIH\'s co-founder, Mr. Salomon Wolf, who hails from Germany, revealed that the group has been investing in Cambodia’s real estate market since the beginning of 2010. Wolf, who is very much involved in the group\'s business in Cambodia, is a very successful entrepreneur with a strong acumen for business development.

“Our first real estate project was the building of an industrial estate to meet the demands of Asian industries moving large proportions of their business production to Cambodia. The industrial estate has been very successful and is fully occupied on lease basis. Following which, our next project was the CASA by Meridian, a 33-storey mixed development with residential condominium and retail shops project on Phnom Penh’s Diamond Island. CASA\'s initial phases have all been sold out, and the final phase will be launched shortly.” says Wolf.

MIH\'s latest and much publicised launch is the Skylar by Meridian, a sophisticated condominium development located in the enclave of embassies in Phnom Penh.

Besides the premium quality fittings and designs, it offers the first international-standard serviced residence, managed by Somerset Norodom Phnom Penh, in Cambodia. Somerset is an award-winning hospitality brand within the Ascott Group that manages more than 42,000 resident units globally across more than 270 properties located in more than 95 cities in 27 countries.

Wolf emphasised that the presence of the Ascott Group differentiates Skylar by Meridian from other developments in Phnom Penh. MIH is offering investors, the units under Somerset Norodom management, a rental guarantee of 40 percent over five years, plus another five years on projection and to buyers who are purchasing to stay, the world-class management of the premises including the facilities by Somerset.

After sales were officially launched on 31 October 2015, 100 of 130 units released to the market were purchased up to 9 December by owners from Singapore, Hong Kong, Malaysia, Japan and Cambodian. Prices of the units start from $89, 000 (studio unit) up to the highest of $303,000 (two-bed room unit).

As Meridian aims to finish the Skylar construction in early 2017, it also plans a third project to be built on 1.8 hectares of Boeng Kok Lake which is scheduled to be launched in March 2016.

Cambodia has made good strides in development and Phnom Penh is beginning to see its skyline changing, and with committed developers and corporations like the Meridian International Holdings, property buyers will start to appreciate the change to prestige living especially a high-rise luxury condominium lifestyle.

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Construction & Property Magazine title=Issue # 031

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