After nearly a year of operations, Exchange Square – the $100 million, 39,700-square-metre development by Hongkong Land – had its official launch on Thursday.

Located in the heart of Phnom Penh’s financial district, Exchange Square has announced that it currently has an occupancy rate of 80 percent, with it expected to be fully occupied by the end of the year. So far it has attracted 60 tenants since its soft launch last August.

The company’s chief executive, Robert Wong, said on Thursday that the decision to invest in Exchange Square shows a strong commitment and confidence in the Phnom Penh real estate market.

“We believe this world-class property will bring a new level of quality in construction, property management and client service to the market. It will make a game-changing contribution to the dynamic transformation of Phnom Penh,” he said.

Exchange Square comprises 16 floors of prime office space and a 4-level retail podium. The building has four basement car parks, with restaurants, cafes, shops, a cinema and other business outlets.

It is currently leased to major international organisations such as life insurance firm AIA (Cambodia), CIMB Bank, International Finance Corporation (IFC), World Bank Group and several well-known food and beverage outlets and retail chains.

Pen Sophal, secretary of state for the Ministry of Land Management, Urban Planning and Construction, said on Thursday that Exchange Square will stand as a testament to the high standards of Cambodia’s real estate market.

“Real estate and construction growth has genuinely created a positive impact and contributed to a better economy,” Sophal said.