Toul Kork Set for the Parkway in 2020

• 30 May 2017
• Property Focus
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The Toul Kork skyline is set for a major change when it welcomes ‘The Parkway’ in 2020, claimed by the developers to be the first-ever mix of Cambodian architecture and modern style condominiums.

A joint venture between locally-owned Parkway Investment Co., Ltd and Chinese-owned Nantong City Daxin Engineering (Cambodia) Co., Ltd, the 1,500-unit landmark development is to be built on a 17,000 square metre plot in the fashionable district of Toul Kork north of Beong Kok area. The Parkway project is valued at an estimated USD100 million

nowned international companies – including the architectural firm responsible for the Beijing National Stadium, a top Singapore interior design firm, and award-winning construction firm Luban – have joined hands to create a vision for luxury homes with guarantee of high quality of construction materials combined with modern glass curtail walls. The complex will feature three condominium towers with varying heights of 29 floors, 25 floors and 35 floors respectively. In total, the project will deliver about 1,500 luxurious condos with unit sizes ranging from 45m2 to 135m2. With expertise from Chinese engineering partners, who also have experience building landmark developments in China and the USA, Mr. Sour Soktheng, Chief Executive Officer of Parkway Investment said the company is striving to ensure this unique development is the comfortable and luxurious available for its residents.

The condo development will feature a complete range of 21st century facilities, including an infinity swimming pool and gym. The ground floor will host a mall with a range of dining, leisure and shopping areas. There will even be a small school for the exclusive use of residents’ kids. Public areas will welcome residents from one floor to the next, so they can take full advantage of their leisure time and relax in the green spaces. Speaking to reporters at the project launch event on 21 April, Mr. Soktheng said the project is targetting local and foreign buyers, although prices have yet to be announced. “Our investment in these condos is not for the short-term but for the long-term. We foresee a sharp rise in the middle class and along with their changing income, they will come to desire a vastly improved standard of living. We believe that an increasing number of Phnom Penh’s residents will choose to live much closer to the city centre, so that they can reduce the amount of time they sit in traffic getting to and from work,” he expained.

The groundbreaking ceremony for this unique development commenced in in November 2016 with completion scheduled for 2020. With over 20 years background in property, housing and construction in Cambodia, Parkway Investment is behind the Parkway Square, Parkway Building and Borey Rith. Its Chinese counterpart, Nantong City Daxin Engineering (Cambodia) Co. is a Chinese-owned engineering firm. Cambodia saw USD8.5 billion Investment in construction in 2016, according to an official report from the Ministry of Land Management, Urban Planning and Construction (MLMUPC). However, the ministry released a report in late April noting a 25 percent decline for the first quarter this year compared to the same period last year.

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