Biggest condo project ‘will start mid-year’
Posted On : January, 12, 2015 | By សំឡេងទីក្រុង

By Phnom Penh Post, January, 10, 2015

The $700m Diamond Island Riviera comes with 900 units and a 200-metre long rooftop pool

The three main towers of the 900-unit Diamond Island Riviera condominium development – inspired by Singapore’s iconic Marina Bay Sands resort – are set to commence construction mid-year.

Project manager Chin Hok said he did not know when the three 38-storey buildings – which will be joined by a 200 metre-long sky pool on top – would be finished, as the investors and developers were in China.

However, the entire $700 million project – by far the most costly single condominium project in Cambodia to date – is slated for completion in 2017.

The two other buildings in the five-building complex, Building A and Building B, will be 28 storeys tall and are located in front of the main towers joined by the pool. Building B’s foundation is already finished, while Building A’s foundation is still under construction, Hok said, adding that DI Riviera’s mall, located between A and B, is nearly finished and will open at the end of 2015.

The mall features nine floors in its front section and seven floors in the back, with a total floorspace of 78,000 square metres. Marketing for commercial tenants has yet to begin.

DI Riviera’s management is optimistic about its prospects, to say the least.

“It will obviously be successful because the DI Riviera project is located in a prime area and selling is coming along well,” Hok said.

“I think that the three buildings with the sky pool will have a good outlook, as the location is near a big river and currently many customers have asked about this project.”

DI Riviera under construction

DI Riviera under construction. Heng Chivoan

He added that Chinese engineers have ensured that the three conjoined buildings can resist earthquakes up to 7.0 on the Richter scale.

The DI Riviera project is a joint venture between the Overseas Cambodia Investment Corporation (OCIC), Friendship Development and Jixiang Investment from China.

Banh Souly, sales manager for DI Riviera, said Building B was already 90 per cent sold and building A was between 50 and 60 per cent sold.

Both buildings are similarly priced, although B is slightly cheaper at $2,200 per square metre, compared to $2,300 for A.

The buyers were mostly foreigners and a few Cambodians, Souly said.

The DI Riviera project’s five buildings – A, B, C, D and E – cover 330,000 square metres and make up condos, a mall, parking spaces and a shopping centre.

The project is located on Diamond Island at the confluence of the Bassac and Mekong rivers.

The island, also known as Koh Pich, is quickly turning into a tourism, residential and commercial area in the capital, and is covered with construction sites. The main residential projects currently under construction on the island are DI Riviera, Casa Meridian, Diamond One and La Seine.

In Sitha, vice president at World Trust Estate, said that DI Riviera was getting the most interest from local and international buyers.

He said this interest was due to the project’s prime location, clear views, good construction standards and the use of a well-known national developer to boost confidence.

“They will never abandon DI Riviera, as they have enough capital for this project’s development.”

Urban Voice Cambodia

Urban Voice Cambodia