Olympia City Offers 95% Loans for 25 Years

• Proeksa Meas
• 30 May 2017
• Local News
• 2653 Views

To help facilitate buyers to acquire their dream homes at the centrally-located Olympia City, the developer is now offering loans of up to 95 percent of the property price with payment terms of up to 25 years.

Developed by Overseas Cambodian Investment Corporation (OCIC), Cambodia’s leading developer which is behind dozens of property developments, the Olympia City development is being financed by Canadia Bank. Canadia Bank is a financial subsidiary under the OCIC.

The massive Olympia City project features 13 skyscrapers and is being built on 6 hectares of land north of the National Olympic Stadium. The award-winning property complex features five 25-storey buildings, five 20-storey buildings and a 60-storey skyscraper as well as a modern supermarket.

With the new loan policy, customers can provide a USD3, 000 down payment to secure their preferred condo unit in one of the five 20-storey residential towers and take out a loan from Canadia Bank of up to 85 percent of the property value. Payment terms can be extended for up to 25 years with an applicable interest rate of 6.5 percent.

In addition, a special offer is being made to the Soho and office units that can receive the loans of up to 95 percent of the property value with payment terms over 25 years.

While the price per unit starts from USD100, 000, the developer guarantees leasing units back from owners for a three year period with an estimated 21 percent plus return on investment. As construction swiftly moves forward, two of Olympia City’s condominium towers are scheduled to open to residents and businesses in 2017, with more properties to open afterwards.

OCIC confirmed in mid-December 2016 that Condominium Tower 1 (C1) and Condominium Tower 2 (C2) will be open to residents in 2017. Condominium Tower 3 (C3) and Tower 4 (C4) are expected to open in late 2017.

The four towers are among the 20-storey buildings being constructed in Phase 1. More properties are expected to be gradually opened to residents from the end of 2017 onwards.

When complete, the Olympia complex will feature the Olympia Plaza (shopping centre), commercial facilities and shop-houses, apartments, a business centre and a water treatment park.

What makes Olympia City special is how business and lifestyles are effortlessly combined. The 4-storey shop-houses (flat) are designed for both commercial and living purposes allowing clients to do commercial activities on the first and second floors while dwelling on the third and fourth floors. Above the shop houses, the condominiums are built from the sixth floor upwards to the twentieth floor and above.

The developer lately has requested the government to build the pedestrian bridges along its project to ease pedestrians so as to promote traffic into the complex. Thanks to its stunning design and build quality with backing from a developer with a strong reputation, Olympia City received numerous awards at the inaugural Cambodia Property Awards in 2016.

Besides winning the award for ‘Best Mixed Used Development’, Olympia City won ‘Highly Commended’ titles for the Best Residential Architectural Design (low-rise), Special Recognition in CSR and Best Condominium Development categories. Developer OCIC also won the ‘Highly commended’ title for Best Developer at the region’s most highly regarded awards.

After receiving planning approval from the government in mid-2011, OCIC kicked off construction on the Olympia City complex in 2012 and expects to have all the properties online by the end of 2018, project site manager Mr. Ngoun Hanrith told Construction and Property Magazine. He explained that the project is being constructed in three stages with the tallest tower housing the 500-room hotel to be built last.

“People usually see luxurious cities in other countries such as in Thailand, and they only know of some luxurious developments in Phnom Penh, but Olympia City will introduce them to the most high-end complex in the city just near to them,” Mr. Hunrith said.

The developer OCIC has set high expectations for this project, believing it will be one among the most luxurious city complexes in the kingdom comparable to luxurious residential and commercial compounds in neighbouring countries.