Developer Puts The Bay on hold

The developer behind the award-winning USD500 million The Bay condominium on Chruoy Changva has announced that is putting the residential part of the project on hold.

TEHO International Co Ltd, the Singaporean parent company of The Bay’s developer and marketing firm, announced in September that the decision to suspend residential construction was due to its concern that there were too many condominium units coming onto the market in Phnom Penh.

Some in the construction and real estate sectors interpreted the announcement by this flagship development as the first sign of an industry contraction.

The company said it would work with its local joint venture partner to assess the market changes and “reposition the development project”. All the investors who purchased units in the first phase have reportedly received their deposits back.

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