As Phnom Penh expands further south along the grassy banks of the Tonle Bassac river, a $100 million residential and commercial hub has been announced for Takhmao city in 2018.
River Center City is a joint venture between local company RCC and a yet-to-be-announced Malaysian company.
The luxury development includes a supermarket and two 27-storey condominum buildings sandwhiched by 68 shophouses.
Tang Kung, chairman of Tang Kung Group and CEO of RCC, said that construction on the project would begin soon.
The 15,463 square metre project is located near the Tonle Bassac riverfront in Takhmao city on land that already belongs to RCC.
The two condo buildings make up 552 units in total, and each tower will have a business centre from the ground to the fifth floor, while the sixth will feature a swimming pool, gym, and sauna.
Residential units will make up the seventh to the 27th floor, and each tower will be topped off by a Sky Bar with dining options to boot.
Interiors for the development are to be imported from France, Germany, and Singapore, while the buildings will also be built with added measures to prevent earthquakes and other natural disasters, said Tang Kung.
“I opted to invest in such a big project because Takhmao is a favourable area with good geography and environment, while the areas near the Tonle Basac river are seeing high yearly population increases,” he said.
“For the last few years there have been many residential projects there.”
Sales for the condo units are to be launched in March.
Condos will be priced between $1,400 to $2,000 per square metre, but the shophouse prices remain undetermined, said Kung.
Phnom Penh’s expansion, with the building of a new road from the capital to Takhmao and the construction of Prek Somrong bridge, has helped invigorate Takhmao’s property sector.
According to Dith Channa, general manager of real estate company VMC, Takhmao property prices underwent a 20 per cent increase in early 2015 compared to the same period last year.
Commercial land prices in the heart of Takhmao city start from $1,000 to $2,000 per square metre, while prices further from the city go for around $1,000 to $1,500 per square metre.
Channa added that Phnom Penh’s southward development to Takhmao was in line with the vision of Vann Molyvann, the father of New Khmer Architecture.
In a speech at Pannasastra University in July of 2012, Molyvann noted that the influx of new residents to Phnom Penh was cramping living spaces, and encouraged the city’s expansion towards the south along the Tonle Basac River.
“I think curtailing Phnom Penh’s development to the south is better than the west, for the south is on higher land and has a river for water to escape to in case of floods,” he said at the time.
Takhmao is the capital city of Kandal province, located along the National Road 2 and 11 kilometres from greater Phnom Penh.