Parc 21 Residence has officially opened its doors to buyers after 3 years of building at a ribbon-cutting ceremony held at the development in the trendy Tuol Tum Poung (TTP) district of Phnom Penh.
The initial concept was put forward in September 2019, with the ground being broken in February 2020. The handover was originally scheduled in July but was pushed to December due to Covid related delays that have affected a number of developments in the Kingdom.
What is the Parc 21 Residence?
The property itself features 22 floors and 128 units, which consist of studio apartments 1, 2, and 3 bedroom properties, as well as deluxe penthouses.
The project is one of the newest developments in an area already popular with locals, expatriates, and tourists for its many shops and restaurants. Its surrounding vicinity is a mix of central business districts and areas earmarked for massive development in the next 10 years.
Facilities wise the development is also well set featuring a gym, swimming pool, and a sky bar on the rooftop.
Speaking to Cambodia Investment Review Sales Director Pearl Yu stated “It has taken us over 3 years to finish this project and we would like to thank all of our contractors, parties involved in the construction, as well as our business partners”.
Who is the target market and what is the pricing?
With high-profile partners Beacon Construction and Golden Cambodia Century (GCC) Group. GCC Group, one of the main business partners is one of the biggest conglomerates in Cambodia with interests ranging from contraction to hospitality and media.
With Signage appeal in both Chinese and English languages, it is obvious that Parc 21 is geared towards ex-pats and overseas investors.
The developers will no doubt be watching the current events happening in Mainland China, which could help boost Chinese Foreign Direct Investment (FDI) into Cambodia.
According to Sales Director Pearl Yu the units would be “affordable and aimed at the middle section of the local real estate market” with prices starting from $70,000 and above.
Is the Cambodian real-estate market bouncing back?
According to CBRE Group in their Q3 report on the domestic market, Phnom Penh’s real-estate sector has continued to grow in the third quarter of 2022 as well as offering scope for continued optimism for investors.
The market though was being dominated by construction projects originally planned before the pandemic, with the multi-million dollar Parc 21 Residence being a testament to this.
Read more: Phnom Penh’s real estate market records further growth while navigating ongoing challenges in Q3’22
So, while it will be a while before the market reaches anything we might consider “normal”, with big developments in the best parts of Phnom Penh, real estate remains one of the soundest investments can make in the country right now.
For more information, you can contact the following numbers: Phone: 096 966 2121, 092 665 121, and email: [email protected]