De Castle Royal building scheduled to finish by 2014. Photograph: Hong Menea/Phnom Penh Post

The De Castle Royal Condominium project, which has been on hold for some time, has announced that it will go back on the market after gaining $28 million in loans from Canadia Bank, which will allow for the completion of the 32-storey-building.

The general manager of the development division of Nuri D&C Company and the owner of the De Castle Royal condo, Eom Jae-yoon, said that the building with 36 storeys, including four underground, was completely built, but its interior still needs to be finished.

“De Castle Royal is a large project that is five-star standard and its construction is focussed on quality. It is absolutely scheduled to finish and allow customers to move in in late 2013 or early 2014. I’m so delighted that the condo construction is good,” Eom  told Post Property.

Long Sopheak, sales manager of De Castle Royal, said the condo consists of 392 housing units, and the first stage was 45 per cent sold.

“We expect that the new sale stage will succeed because our condo is large and at the best location in Phnom Penh and good quality as well as having a security system  installed inside and outside the building,” she said.

“Additionally, our company partnered with Canadia Bank to allow customers installment options with a 10 per cent interest rate per year over 15 years.”

The condo, which covers 3,000 square metres in Boeung Keng Kang I in Chamkamorn district has been under construction since 2008 and will include a supermarket, swimming pool, gym, sauna and a steam room.

Nuon Rithy, general manager of Bonna Realty Group, said that De Castle Royal is in a good location, but whether it succeeds will depend on its price, as it has many competitors.

The condo market in Cambodia is growing at a rapid rate – 20 to 30 per cent higher in 2012 than in 2011.

“Condo investment is still good and positive because several foreign companies have invested in Cambodia and they need high buildings,” Rithy said.

Yem Chivoan, general manager of Dragon Real Estate Company, said that the condo market is climbing because the number of foreign customers has increased.

He expects condo purchases to increase 10 to 20 per cent in 2013 compared with 2012.

“I have five to six clients are interested in De Castle Royal, but they didn’t buy yet because they are waiting to see what the situation is after the general election,” he said.  He added, however, that the condo’s prime location was a big selling point.