Capital’s Olympia City sells 90 pct of condos

Source : Phnom Penh Post

Motorists pass one of Olympia City’s newly completed condominium towers. Sreng Meng Srun

THE capital’s Olympia City condominium project has sold around 90 per cent of its units, 50 per cent of which went to local customers, the project’s senior marketing officer said.

Funded by a more than $500 million investment from Overseas Cambodia Investment Corporation (OCIC), Olympia City is situated adjacent to the capital’s Olympic Stadium.

It consists of four luxury residential tower blocks, a 25-storey commercial building and a seven-storey shopping mall. The project, which began in 2012, covers six hectares.

Olympia City senior sales and marketing officer Teng Sreykeo said 90 per cent of the projects total 2,300 condominiums were sold.

Of the units that have been sold, half the tenants have moved in, while construction of the commercial buildings continues.

“The major factor that brought Olympia City many customers is its location in the heart of Phnom Penh and the fact that it is under a big name like OCIC,” said SreyKeo.

She said while 50 per cent of the buyers are Cambodian, most foreign buyers come from Asia.

The full Olympia City complex, including a hub for entertainment establishments, an international school and a plaza, is set to officially launch late this year.

Lucky Realty CEO Dith Channa said the location is the main reason the project has been so successful.

“It’s not surprising as it is in a good location and has been open for a long time,” he said, adding that the construction process has managed to avoid any bottleneck problems unlike many stalled projects in the capital.

Responding to news sources that have claimed the market for condominiums is faltering, Channa said sales had not decreased compared to last year. On the contrary, he said many more projects have been announced.

OCIC project manager Meng Chamroeun said currently, 75 per cent of the whole complex has been completed, and that it would be fully finished in 2021.

A July report from CBRE Cambodia shows that in the first half of 2018, around 2,000 condominiums were completed and put on the market.

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