The start of construction on the $2 billion, 133-storey twin tower skyscrapers planned to rise opposite NagaWorld has been delayed, an official who helped design the project told Khmer Times yesterday.
Changing the date of the start of construction was due to time demands for the technical design and architecture teams to make sure the building sticks to the plan, said Tous Saphoeun, dean of the Architecture and Urban Planning Faculty of Mathematics, Sciences and Engineering at Pannasastra University.
The twin towers will be called “Thai Boon Roong Twin Commercial Center”. The project will cover a five hectare block of land opposite Phnom Penh’s sole casino. It is a joint venture between Thai Boon Roong Co Ltd, IP Group, Shang Hai Company and China State Construction Engineering Corp.
Some media reported the construction will officially start in early August this year. But Mr. Sopheoun said: “The official announcement of the construction may be not on that date because it needs detailed discussion on the technical design and architecture and we have the technical teams, including Khmer, Chinese and French.
“We are trying to stick with the plan and will soon announce the official [start of] construction,” he added. “As for the investment capital, it is not a worry.”
After the project was announced, some media reported the cost of the mammoth project would be $1 billion. However, the investment capital in the construction of the project changed after a study was carried out.
“The investment capital is about $2 billion,” he said.
Dith Channa, the CEO of Lucky Realty, said the project would certainly help the property sector if the project does go ahead.
“It would help boost land prices around the area and attract big investors from overseas as well as tourists to come to see the changes,” said Mr. Channa.
“If the project truly pops up in Phnom Penh, it will have no risk because with such a big project the developer will study about the supply and demand before they put in their investment capital,” he added.
According to a report from the Ministry of Land Management, Urban Planning and Construction, construction investment from January to March this year stood at $1.28 billion, 22.16 percent less than last year.
There were 786 projects, equivalent to 2.07 million square metres, in the first quarter of 2017 compared with 473 projects in the first quarter of 2016, translating to 3.39 million square metres.