The foundation of the multi-purpose “Financial Building” in central Phnom Penh’s Olympia City development has been completed, but construction progress has been slightly bogged down by Covid-compliance measures as the pandemic situation escalates, according to the project manager.
Breaking ground early last month just north of the National Olympic Stadium, the $50 million building comprises a series of eight- and 10-storey segments – with three basement floors for car parking – that house shops, hospitals and restaurants, and 27 flats measuring 24m by 8.2m each.
Construction is planned to be completed in 36-42 months, or by February-August 2024, according to developer Overseas Cambodian Investment Corp Ltd (OCIC).
Olympia City project manager Meng Chamroeun told The Post on July 21 that work on the three-storey car park will be completed by year’s end.
However, the pace of construction activity has slowed down as OCIC downsizes its labour force as part of tightened restrictions on unvaccinated workers to prevent the spread of the novel coronavirus, he said.
“Our construction is now a bit slow because the company is tightening and monitoring the vaccinations and the health of workers on a regular basis. However, we expect that the pace of construction will resume once the Covid-19 situation is under control,” he said.
Construction of the ground floor may start at the end of this year or early in 2022, he said, adding that the building will be equipped with lifts, fire protection equipment and other security systems.
Breaking ground in 2012, Olympia City sits on more than 7ha in Prampi Makara district’s Veal Vong commune and consists of 12 buildings comprising condominiums, commercial and office space, shopping malls and hotels.
Four condominiums, two office buildings, a hotel, an international school and a shopping mall have been opened.
Cambodian Valuers and Estate Agents Association president Chrek Soknim said the sheer scale and strategic location of the project in the heart of the capital makes it a “very attractive” option to live, work, or do business in, as more buildings are completed and readied for occupancy.
“However, the success of a project depends not only on completion, but also on the rate of use and occupancy,” he said.
According to OCIC deputy director-general Touch Samnang, the developer has budgeted about $500 million for the entire Olympia City project.