By Al Gerard de la Cruz on February 10, 2017
Plans for a 65-storey building in Cambodia have been whittled down several floors because of the bearish pace of investor sentiment in the country, The Phnom Penh Post reported.
The tallest building in Phnom Penh’s Olympia City development will rise up to 45 storeys only, according to developer Overseas Cambodian Investment Corporation (OCIC).
“This storey-cutting plan is due to the unstable real estate market and the concern of profit return,” said OCIC operations manager Meng Chamroeun. “Nonetheless, we are not yet 100 percent sure of setting a certain number of storeys to these buildings.”
Covering 11 hectares, Olympia City will encompass condominiums, a shopping mall, restaurants, and entertainment amenities. The project won Best Mixed-Use Development at the Cambodia Property Awards last year.
OCIC is also set to downsize another Olympia building, originally slated for 45 storeys, to 38 storeys. This building is poised to become a five-star hotel, while its 45-storey neighbour will come online as office spaces.
Chamroeun told the Post that the company would revert to the original blueprint should the Khmer market pick up speed. The two buildings are due to break ground by 2020.
The taller structure will reportedly be Cambodia’s highest structure until the completion of the 133-storey Thai Boon Roong Twin Trade Centre, also by OCIC. The project, which has yet to begin construction, recently received the backing of a Chinese consortium led by Sino Great Wall International and Wuchang Shipbuilding Industry.