Orkide Villa Launches Another Luxury Housing Project

• 31 December 2015
• Local News
• 3529 Views

After the huge success of its first project, Orkide Villa has launched another project called Orkide Villa – The Royal with a continued focus on prime, central, residential locations.

Located on a 36 hectare site on St. 2004, Tuek Thla Village, Sangkat Tuek Thla, Khan Sen Sok, Phnom Penh, near Northbridge International School. The site was inaugurated with a groundbreaking ceremony on 11 January 2015 presided over by Phnom Penh Municipal Governor Pa Socheatvong.

According to Ms. Kiev Sorsealiep, General Executive Director, Orkide Villa – The Royal has three sections. Section 1 consists of shop houses which represent a quality, comfortable, and healthy domestic business destination. Section 2 covers condominiums with six buildings and 1000 rooms supplied with modern equipment. It also contains stores, marts, restaurants, and a super market as well as fitness clubs, entertainment, parks and large parking lots. Section 3 is the private residential community with four divisions including King Orchid, Queen Orchid, Orchid Twin and Orchid Link. Section 3 provides the quiet, friendly, secure and comfortable private housing people are looking for.

“Orkide Villa – The Royal is a part of Orkide Villa’s expansion strategy toward being the leading company in real estate development in Phnom Penh, Cambodia,” she said.

The condominium market in Phnom Penh continues to expand, with early investors in centrally- located developments enjoying capital gains of up to 30 percent from early off-plan purchases, according to a report by construction and real estate consultant CBRE.

The development activity of high-end condominiums looks set to continue in prime residential locations, with developers also looking to offer luxury projects outside of core residential districts and with increasing investment from Singaporean, Japanese, Hong Kong, and Chinese residents. Currently, there are 35 condominium projects in Phnom Penh, including both finished projects and developments currently under construction.

The report noted that Quarter 1, 2015 will see the sales launch and groundbreaking of Sovann Condominium, a 104 unit luxury development on Mao Tse Tong Boulevard, BKK1 as well as the construction of the Sky Villa Tower, comprising 254 units across two towers by Olympic Stadium on Sihanouk Boulevard, with completion set for 2017.

Over the past 10 years, the construction sector in Phnom Penh has grown dramatically especially in the areas of satellite cities, commercial buildings, apartments, and condominiums. These housing projects will contribute to enhance the beauty and to meet the growth of population in the capital, said Pa Socheatvong during the Orkide Villa – The Royal ground breaking ceremony.

Since 2014, 74 construction sites in Phnom Penh and 376 construction projects nationwide on 3 million square meters of land have attracted more than a billion dollars investment, added the governor.