Cambodia Investment Review
MegaKim World Corp has broken ground on Time Square 8, the latest addition to its expanding Time Square development series, with plans underway for two more major projects—Time Square 9 in Phnom Penh’s BKK1 district and Time Square 10 along Otres Beach in Sihanoukville.
Launch of Time Square 8: Affordable Quality in Phnom Penh’s Toul Tom Poung
The newly launched Time Square 8 is located in the Toul Tom Poung (Russian Market) area of Phnom Penh. The 50-storey development will span 68,210 square meters and house 700 residential units ranging from one- to three-bedroom apartments, duplexes, and penthouses. Construction is expected to be completed by December 2028. Initial prices started from $900 per square meter, with the developer positioning the project as an accessible, high-quality offering supported by a self-financing model that enables favorable payment terms. Buyers pay just 20 percent upfront, with the remainder in monthly, interest-free installments.
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The company emphasizes its long-standing reputation for delivering projects on time and with a focus on construction quality. International architects and engineers have been engaged to ensure the development meets global design standards, a key consideration as Phnom Penh’s real estate market continues to mature and buyers demand higher-quality offerings.
According to Ms. Charlotte Cambodia, a property consultant at realestate.com.kh representing Time Square 8, the location in Toul Tom Poung has become increasingly attractive to buyers and tenants alike. “This area is one of the safest and most convenient in Phnom Penh, with excellent connectivity to business districts, schools, and shopping centers,” she said. “It offers a lifestyle that balances modern living with a strong sense of community, making it ideal for both homeowners and investors.”
Upcoming Projects: Time Square 9 and Time Square 10
Looking ahead, MegaKim World is advancing its broader expansion plans with Time Square 9—branded under the theme “Gatsby”—expected to break ground in 2025. The 36-storey tower will be situated on Street 278 in BKK1 and offer prime views of Phnom Penh landmarks, including the Royal Palace, Independence Monument, and Tonle Sap River. The architecture will draw inspiration from the aesthetics of The Great Gatsby film, incorporating art deco-style columns, staircases, and design motifs to create a distinctive visual identity. This location positions Time Square 9 among Phnom Penh’s most high-value urban corridors, with demand driven by foreign investors, professionals, and high-end renters seeking proximity to embassies, international schools, and premium retail offerings.
Beyond the capital, the company is preparing its largest project to date with Time Square 10 in Sihanoukville. Located along the first beach line of Otres 1, the project is planned to feature 1,500 residential units. Each unit will include a balcony with sea views, and the broader development will incorporate resort-style infrastructure such as swimming pools, a water park, beach club, and children’s play areas. Time Square 10 aims to meet the rising demand for premium coastal residences as Sihanoukville continues to evolve into a regional tourism and investment destination.
According to Mr. Palancica Vladimir, Managing Director of MegaKim World Corp, the company remains committed to expanding its footprint across Cambodia’s key growth markets. “This year will come two more projects: Time Square 9 (Gatsby BKK1) and Time Square Ocean View in Sihanoukville (Otres Beach),” he said, emphasizing the firm’s strategic approach to diversifying its portfolio across both urban and leisure sectors.
Market Outlook: Economic Recovery Supports Real Estate Growth
MegaKim World’s expansion drive comes at a time of renewed momentum in Cambodia’s broader economic and real estate landscape. According to Knight Frank Cambodia’s H2 2024 report, GDP grew by 5.5 percent in 2024, supported by a strong rebound in tourism, a 16.8 percent increase in exports, and a combined $2.44 billion in foreign and domestic investment. Real estate activity showed signs of resilience, with the Phnom Penh office market expanding by 5.5 percent and adding over 51,000 square meters of new net lettable space. Meanwhile, the condominium sector recorded a first-quarter sales rate of 29 percent for new launches—the highest since early 2019—following a prolonged period of pricing adjustments.
Rather than being attributed to oversupply, analysts noted that improved affordability played a key role in restoring buyer confidence. This trend aligns with Mega Kim World’s strategy of offering competitively priced, high-quality housing in sought-after locations. Looking ahead, Knight Frank projects GDP growth of between 5.5 percent and 6.0 percent in 2025, with continued investment in logistics, tourism, and industrial development expected to sustain demand for real estate—both in urban centers like Phnom Penh and emerging destinations like Sihanoukville.
As Cambodia’s economy continues to show signs of resilience and transformation, MegaKim World Corp appears well positioned to contribute to, and benefit from, the next chapter of the Kingdom’s urban and coastal development.
