The developer of a satellite city on Phnom Penh's Koh Pich is offering a discount on villas and houses in the first phase of the US$200 million project
- From: Chim <ChimS1@xxxxxxx>
- Date: Wed, 10 Dec 2008 01:58:26 -0800 (PST)
Island villas hit the market
Written by Soeun Say
Wednesday, 10 December 2008
Developer offers discounts in Diamond Island City's first phase
The developer of a satellite city on Phnom Penh's Koh Pich, or Diamond
Island, is offering a discount on villas and houses in the first phase
of the US$200 million project.
Touch Samnang, project manager and architect for the Overseas Cambodia
Investment Corp (OCIC), said the 168 houses in the $24 million Elite
Town phase would be completed by September 2010.
"We are giving special prices to people who buy houses in the first
phase," he said. "We will sell houses in the second and third phases
at the full price."
He claimed 30 percent of the available units had been bought since
marketing began in September this year. A range of styles were
available, from six-bedroom, seven-bathroom King Villas to four-
bedroom, five-bathroom twin and link houses.
Units were priced from $200,000 up to $1 million, Touch Samnang said.
The developer, OCIC, has the same shareholders as Canadia Investment
Holding Company, which owns Canadia Bank PLC, the financier of the
When completed, the Diamond Island City will occupy 75 hectares on the
island, which is located on the Tonle Bassac river in Chamkarmon
district, just 100 metres from Hun Sen Park.
One of many
It is one of five satellite cities under development in Phnom Penh.
The others are the $2 billion Camko City project, the $500 million
Grand Phnom Penh International City, the $2 billion Malaysian-invested
Sunway City and the $300 million Boeung Snor Satellite City being
built by petroleum giant Sokimex Group.
If completed as planned, the cities would cover a combined area of
1,100 hectares, or 2.4 percent of the city's 375 square kilometres.
The Diamond Island project was originally slated for completion by
2016 at the earliest when it was granted approval in 2006, but Touch
Samnang said the developers were trying to push it through ahead of
"We are rushing on the first phase and have already sold 30 percent of
the houses," he said. "We want to finish the first project on time,
and we are jumping ahead to have the second and third phase ready in
three to four years."
The development has not been affected by the global financial crisis
because it was financed through the domestic Canadia Bank, which was
largely shielded from the fallout of the US subprime mortgage
meltdown, he said.
Construction began on the project a little more than three weeks ago,
according to project engineer Khem Rith.
The developer was targeting business people, NGO workers, Khmers
living abroad and foreigners, especially Chinese, Touch Samnang said.
"Buyers can buy the houses and villas for living and working, or they
can buy them to rent or sell," he said.
- Prev by Date: Potential home buyers must carefully assess the price they are willing to pay for a property, which is likely to be the largest purchase of their lifetime
- Next by Date: Boeung Prolit, Phnom Penh: Centrally located, this small community is home to a mixture of Khmer, Vietnamese, Chinese and a handful of expats
- Previous by thread: Potential home buyers must carefully assess the price they are willing to pay for a property, which is likely to be the largest purchase of their lifetime
- Next by thread: Boeung Prolit, Phnom Penh: Centrally located, this small community is home to a mixture of Khmer, Vietnamese, Chinese and a handful of expats