Project insiders revealed that the construction of Thai Boon Roong’s 500-meter high twin trade center will commence late this year. They also reported that the man behind the project was able to secure the funds necessary to kickstart the development of not only the ‘tallest building in Phnom Penh”, but in the whole of Southeast Asia.
Amid the challenges in the real estate sector, Thai Boon Roong Co. Ltd’s groundbreaking 133-storey twin tower project encompassed by 42-storey towers is expected to be started within months. Deputy secretary general of Board of Architects (BAC) Tous Saphoeun confirms that the $2.1 billion project is sure to rise soon. The entire area for development will sit on the vast 4.97-hectare land in Chaktomuk district.
Hsin Chong Construction Group Ltd. was tasked to manage the project under the partnership of Thai Boon Roong Co. Ltd. and Macau’s real estate development company, Suan Kian Ip Group. The commercial center of the upcoming site will include a shopping mall, office spaces, apartments, condominiums, luxury hotels, and high-end restaurants.
Three billion dollars will be spent on top of the $2.1 billion worth to ensure that the project will run smoothly. Sapheoun having a strong belief that the buildings would attract big companies and developers also said, “This project will be successful because there hasn’t been a development of this scale in Cambodia since giant companies have yet to appear in the country. Nonetheless, once the project is completed, giant companies will set up their offices in the area.”
When asked about when the project will be made officially available for the public, Saphoeun answered that they haven’t thought about the sales aspect yet. “We are only focusing on how to make the project successful,” he explained.
Rhoss Wheble, country manager of Knight Frank speculated that Phnom Penh could not physically support such a large-scale project. He also have doubts whether the development team could meet their target of finishing the project before the end of 2019.
“At present, the existing infrastructure would not be able to support a project of this scale, and there needs to be more detailed information released regarding the proposed Phnom Penh Master Plan 2035 to boost investor confidence in the future development of Phnom Penh,” he said.
Despite some eyebrows raised, challenges with sales of property industry and a few allegations, Sapheoun is confident that all of these won’t pose a problem in beginning the construction of the ‘tallest building in Southeast Asia’.