Parc 21 Residence officially opens in Phnom Penh
Parc 21 Residence has officially opened its doors to buyers after 3 years of building at a ribbon cutting ceremony held at the development in the trendy Tuol Tum Poung (TTP) district of Phnom Penh.
What is the Parc 21 Residence?
The initial concept was put forward in September of 2019, with ground being broken in February of 2020. The original opening date was slated for May of this year, but was pushed to December due to Covid related delays that have affected a number of developments in the Kingdom.
The property itself features 22 floors and 128 units, which consist of studio apartments 1,2 and 3 bedroom properties, as well as deluxe penthouses.
Facilities wise the development if also well set featuring a gym, swimming pool and a sky bar on the rooftop.
Speaking to Cambodia Investment Review Sales Director Pearl Yu stated “It has taken us over 3 years to finish this project and we would like to thank all of our contractors, parties involved in the construction, as well as our business partners”.
Who are the target market and how is the pricing?
According to Sales Director Pearl Yu the units would be “”affordable and aimed at the middle section of the local real-estate market”.
Is the Cambodian real-estate market bouncing back?
According to y Caldwell Banker Richard Ellis, more commonly known as CBRE Group in their Q3 report on the domestic market, Phnom Penh’s real-estate sector has continued to grow in the third quarter of 2022 as well as offering scope for continued optimism for investors.
The market though was being dominated by construction projects originally planned prior to the pandemic, with the multi-million dollar Parc 21 Residence being testament to this.
So, while it will be a while before the market reaches anything we might consider “normal”, with big developments in the best parts of Phnom Penh, real-estate remains one of the most sound investments can make in the country right now.