$10 Million Luxury Real Estate Development Selling-Through Quicker Than Expected
A luxury villa development in Cambodia worth over $10 million is selling the property to foreign investors like hot cakes. A local company, TV Star has invested the amount of $10 million in the development and will also be responsible for the construction of it.
This development should take up to 16 months to complete, but developers TV Star are confident that they will have the property sold before new owners can move into their luxury villas. Saing Veasna, CEO of the company said that value of villas of this development will start at around $60 000, and will go up depending on the size of the property. Houses are going to be divided into 3 different categories, each one fully equipped with appliances. New owners and foreign investors are also offered a hard title when purchasing one of the luxury homes.
TV Star has more than 10 years experience in the property market but has only recently started developing flat houses and villas, allowing the company to diversify and branch out from their usual subdivision land projects.
Another project the development company is involved with is situated close to Phnom Penh International Airport, and another with 60 units in Por Sen Chey district.
This latest project will have 89 units, and the company has sold up to 50% of the units already. Another spokesperson of TV Star commented that the housing developed by TV Star aims to allow middle-class people earning an average of $600 a month to buy their own home. Some of the other properties with a higher value are aimed at high-income consumers, looking at luxury accommodation or even foreign investors who want to invest in property in Cambodia.
TV Star has since partnered up with CEO Master Club, Om Seng Bora states that the TV Star luxury developments are nothing less than perfect, offering inhabitants the luxury of a star hotel being included in the development. He states that the villas have a modern design and interior fit for a western market and that the developments will lead the way in terms of other developments’ design in the country.
The housing and development industry in Cambodia is experiencing a significant boom, in October 2017 there have been over 150 developments in the country. During this time, more than 1,039 companies which includes about 300 international companies, were listed to do developments in Cambodia.
For some more property news in Cambodia, relating to the profitability of investment opportunities in Cambodia and Phnom Penh in general, read this article.