UK Condo Adding More Stock to Local Condominium Market

• Proeksa Meas
• 30 January 2019
• Local News
• 5210 Views

Condominium stock across Cambodia continues to rise with an average growth of around 18% in the fourth quarter of 2018, reflecting the country’s strong economic growth.

With this influx of supply, condominium developer UK Condo & Construction Co, Ltd is gaining further market share thanks to its ongoing projects which now amount to more than 4,000 units across major cities.

The firm recently launched sales of its affordable condominium project ‘UK Plaza’ using capital investment of up to US$20 million aimed at bringing a new lifestyle for Cambodia’s younger generation.

Mr Alexander Evengroen, Group CEO of UK Condo said that as problems with budgeting for the trendy boreys and villas becomes an issue for the younger generation, UK Condo is looking to fill it with its affordable project.

“The majority of Cambodians are under 35 years old, so this is the group we add very affordable and high-quality condominiums to the market for,” said Mr Evengroen.

With this new lifestyle trend, the company claims that its 27-storey UK Plaza in the Toul Kouk area comes with very competitive prices and a great location.

“Our price is very competitive because we can control everything. We don’t have to rely on a third party and this is very unique because many projects work on third party, fourth party, but we do everything by ourselves,” said Mr Evengroen.

“Good location gives you great return on investment, so this is very important for us,” he added.

According to real estate firm CBRE Cambodia, the condominium market is shifting from high-end to affordable with the price of affordable condominiums less than US$1,600 per squares metre with the mid-end at around US$2,500, and high-end is at US$3,300 or more per square metre. (Read more)

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