Ocic to Add 4 Buildings to Olympia City

• Proeksa Meas
• 31 December 2015
• Construction Focus
• 4042 Views

The Overseas Cambodia Investment Corporation (OCIC) has announced the addition of four high-rise buildings to its US$400 million Olympia City project.

Samnang Touch, deputy CEO of OCIC, said that the construction group has already finished the designs for the four buildings. Building C5, with 21 floors and slated for 2017, will be used for condominiums and shopping, while the 32-floor C7 building will be used for apartments, condos and offices.

The two other buildings, which will be 45 and 55 floors tall, will likely be utlilised as offices and hotels, though a final decision is pending completion of construction.

Units are priced between US$90,000 and $600,000, with an average price per square metre of US$2,000. Sales for the current four buildings have been strong with 90% (C1), 73% (C2), 60% (C3) and 85% (C4) respectively all sold already. Only the core construction on C3 hasn’t yet been completed.

The high sales rate of the units has been attributed to the payment options available, most notably the ability to apply for a mortgage to 70% of the value of the property from Canadia Bank.

Construction on the new buildings is starting as the new JICA / Phnom Penh Municipality sewage systems are being prepared which will allow them to be fully integrated.