The Gateway to Open for Business in Late 2019

• Proeksa Meas
• 16 November 2017
• Local News
• 3345 Views

Located along Russian Boulevard in the newly expanding Central Business District, the Gateway Cambodia is expected to complete construction work by December 2019, with the mixed-use residential and business facility open for business soon after.

The development is a joint venture by Tiong Aik Corporation Singapore (TA Corporation Ltd.) which has a track record of over 40 years’ experience in the Singapore construction industry and 20 years’ experience in real estate development.

Incepted in 1972, TA Corporation targets middle to upper middle markets. The Singaporean developer has since ventured overseas through joint-venture partnerships in the People’s Republic of China, Thailand, and Cambodia.

The mixed-use development represents an immense milestone in the firm’s history and will be the start of a much larger commitment from TA Corporation to the development of the Cambodian property market in the future.

Strategically located in downtown Phnom Penh; the Gateway Cambodia comprises a 2-storey retail mall, 24-storey office tower, and a 26-storey residential tower with a sky terrace and basement car park.

As construction swiftly moves forward, the complex has enjoyed great sales thanks to its location with nearby amenities including embassies, government offices, shopping malls, schools, and eateries.

During Miss Global 2016 Angela Bonila’s visit to the luxury facilities in July, Gateway CEO Ly Khunthai said, “The Gateway focus on both local and international customers who are mostly business people,” adding that, “the foreign customers who bought units in the complex are from Singapore, Malaysia, China, Taiwan, Indonesia, Switzerland and Canada.”

A high percentage of units have been sold. The residential price starts from USD150, 000 while the office units have a sale price of up to USD250, 000.”

Ping Serey, CEO of Cambodia Angkor Real Estate told Construction & Property Magazine that, “The condo market in Phnom Penh, especially condos at USD50, 000 per unit are still able to generate traffic in the market. But the important thing the developer should figure out for the buyer is the concept of offering them the return on investment.”

Condos with office space located downtown, however,” he continued, “are still good whenever the price is acceptable with an easily accessible location.”

According to a CBRE Cambodia report for Q2 2017, condominium supply is still low at this stage with total supply having expanded by 1,911 units to reach 6,109 units by the end of the second quarter of 2017, an increase of 46 percent from the previous quarter and approximately double the supply seen during the corresponding period last year.

Only one condominium project was launched off-plan over the course of the second quarter. The project, which is located on Chroy Changvar Peninsular, has added 283 units to the supply pipeline.

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