Olympia City’s 60-floor Building to Start in 2016

• 31 December 2015
• Local News
• 1943 Views

Construction on the 60-storey building inside the massive Olympia City project is likely to kick off next year, said its project manager.

Meng Chamroeun, Olympia City’s Project Manager told Construction & Property Magazine in late August that after upgrading the building from its initial height of 55 floors to 60 floors, ongoing research on the earthwork and structural work was required.

“We may need about another half year to study more details about what will be Phnom Penh’s highest building once it is completed, and construction may kick off sometime next year,” he said.

The structure, that will accommodate a shopping area from the ground to the 7th floor, then continue with hotel and office space is designed by Thailand-based architecture firm A7 Corp and monitored by Korean consultancy Shinhwa. The developer is considering whether to undertake construction by its self or cooperate with another experienced firm, according to Chamroeun.

By the end of August 2015, the nearly 5-hectare Olympia City project located in the centre of Phnom Penh near the National Olympic Stadium and which is being developed and constructed by Overseas Cambodia Investment Company (OCIC) hah completed about 40% of its entire plan.

Touch Somnang, OCIC’s Deputy Director told local media that the company plans to invest $350 – $400 million into the project which is scheduled for competition in 2019. It is exptected to transform the locale into an active commercial area that will potentially attract local and foreign investors.

The project features 12 high buildings (condominiums and a hotel ranging in height from 21 floors to 60 floors), a 7-floor shopping mall, and over 100 units of 4-storey shophouses. While the structural works of the shop houses and 4 condominiums will be totally completed by the end this year, about 20% of the construction on the mall which is expected to open in 2017 has been completed so far, mainly on foundation works.

The four condo buildings have already been placed on the market and 99, 85, and 50 percent of the three buildings have been sold so far, according to Long Sopheak, the project’s Sales and Marketing Manager.

The seven floor shopping mall will be completed tenants are sought, she said.

While some units in the project range between $2,300 – $2,500 per square metre, the price for entire units ranges from $103,000 to $666,000. Most of the buyers are from Taiwan, Japan, Singapore and Malaysia,” Sopheak said.