MIH Launches Skylar Meridian Condo

• 10 January 2016
• Property Focus
• 2561 Views

Meridian International Holding (MIH) launched construction on the Skylar Meridian Condominium project, which aims to provide a unique lifestyle in the next generation of high-end condominium developments in the capital’s downtown.

Skylar Meridian, the second MIH project in the capital, is located in Tonle Bassac Commune at the heart of Phnom Penh’s diplomatic zone. The 28 floor-serviced residence condominium will be built on a gross area of 27,429 square metres featuring a variety of property styles.

Star Empire Property Limited, a subsidiary of MIH with decades of experiences in Hong-Kong’s property market, is overseeing the $30 million condo development which will stand 100 metres when completed in May 2018.

Interested buyers can visit its showroom connected to the current Casa Meridian showroom at Diamond Island where the project and sales were officially launched on 31 October.

Skylar will introduce to Cambodia a new way of living with the serviced residence concept with first class management and service where a complete facilities and amenities will be provided. In addition to the condominium units available for sale, Skylar will offer 105 units dedicated to serviced residences space called Somerset Norodom. The developer has signed a deal to offer these Cambodia’ first international standard serviced residence space to Singapore’s The Ascott Limited (Ascott), a famous firm in running serviced residences, said its press release dated 28 October.

MIH’s goal with this partnership is to provide the best in high-level service as demanded by an increasingly sophisticated market, and to enhance the standard and living experience for residents of Skylar.

“We strive to develop products with good value, delivering quality properties with sophisticated design at prime locations,” said Mr. Ko Sek Yan, Founder and CEO of Hong-Kong based developer, MIH. “And that is what Skylar Meridian is all about.”

The target customers are those high-net-worth Cambodians and the younger affluent generation, foreigners living in Cambodia, and foreign buyers and investors from Singapore, Hong-Kong and the region intending to live or invest in high-end condominiums. “We believe the new generation will not only live in penthouses and villas in the future, but Skylar Meridian will be the best residential location for them to go from/to their offices,” Mr. Ko Sek Yan said.

While the ground floor will serve as the lobby, the car park will stretch from 1st to 7th floors with a capacity to accommodate 126 units. Lease-only serviced apartments (Somerset Norodom) will cover from 8th to 14th floors, while the 280 condo units ranging from studios (80 units) to 1 bedroom (140 units), and 2 bedroom (60 units) will be located from the 15th to 27th floors. Some of the salable condos are also located in Somerset Norodom.

The roof floor (28th floor) will be a state-of-the-art sky park including an infinity pool, sky fitness centre, café space, sun deck, and mini garden.

There are several types of studio units with price starting from US$89,000 per unit. Besides, there are one-bed room and two-bed room types. By early November over 50 percent of the offered units were sold, according to the developer’s sales manager.

In the pipeline, MIH also plans a third project to be built on 1.8 hectares of Boeng Kok Lake. The 4,000 square meter development will be a high-end commercial retail centre where people will feel as if they are in one of Hong Kong’s shopping centres and that will bring global brands to the Cambodian market, according to Mr. Ko.

MIH has been operating in Cambodia since 2010 via the establishment of a garment factory in the Phnom Penh Special Economic Zone (PPSEZ). This was followed by Casa Meridian condominium, its first property development project featuring 414 condo units in twin 33-floor buildings worth US$75 million located at Diamond Island. Built and design by renowned Chinese contractor and architect, construction kicked off in May 2014 with completion expected in early 2017.

Mr. Ko considers the nation’s construction and property sector to be growing at a pace which reminds him of the golden period that Hong-Kong experienced in the 80’s, when he first became immersed in the property profession.

“Taking MIH to Cambodia was, for me, a way to bring strong and successful expertise in the construction and property sector as well as a long-term vision for the Cambodian market,” he said.