The 28-storey Royal Platinum Condominium development project, a joint venture between Kith Meng’s Royal Group and Singapore-based Hong Lai Huat Group Limited, broke ground on Tuesday and is scheduled to be completed by the end of 2021.
Royal Platinum Condominium, located in Tuol Kork district’s Boeung Kak I commune comprises 851 accommodation units and 50 commercial units.
However, the project’s investment value has not been disclosed.
Hong Lai Huat Group marketing strategy manager Kuoch Lengkheang said the Royal Platinum was designed by a renowned Singaporean architectural firm and the project will be built in accordance with Singaporean luxury standards.
“The Royal Platinum can be said to be a great project for living in because the company will focus primarily on quality and the environment in addition to the geographical favorability – being at the intersection of three main roads,” he said.
According to Lengkheang, Royal Platinum is Hong Leai Huat Group’s second project in Cambodia after the D’Seaview Condominium project in Preah Sihanouk province.
The project, with a total of 100,000sqm in building space, will have a swimming pool, a “lush” garden, a children’s playground, restaurants and ample parking space.
The Group’s chief financial officer, Hanna Mark, said the Royal Platinum will contribute to making Tuol Kork district more attractive and fleshed out.
“The project will provide a suitable and modern living space to customers with entertainment facilities and shopping malls,” he said.
Currently, Royal Group is investing in two Phnom Penh condominiums – North Park and Royal One.
Khmer Foundation Appraisals Co Ltd president and CEO Noun Rithy said Royal Platinum’s location can be said to have great potential for attracting residents as the Tuol Kork and Tuol Tompoung areas are nowadays shaping up as the best places to live.
On the other hand, the Boeung Keng Kang area has become more of a commercial area mostly devoid of peace and quiet to live in, he said.
“Since the project is in an advantageous location and was constructed in a Singapore-style design, I believe that the project will be able to attract plenty of customers in a short period of time,” he said.
According to Rithy, currently land prices near the Royal Platinum site can range from $3,500 to $4,500 per sqm.