Artist’s impression of The Gateway in Phnom Penh, Cambodia.
Two new overseas properties are set to launch in the city-state this weekend (5 to 6 March). Homegrown developer TA Corporation will unveil its first large-scale project in Phnom Penh, while Chengdu Galencia will showcase Chelsea Residences, the first one in Singapore from a mainland Chinese developer.
TA Corp’s twin tower project, called The Gateway, was officially launched last Sunday (28 Feb) in Cambodia’s capital.
It consists of a 36-storey tower with 299 strata-titled office units and a 39-storey apartment block with 572 residences, which sits on top of a retail podium. The residential component features one- to three-bedroom apartments with sizes ranging from 560 sq ft to 1,184 sq ft.
Indicative prices start from US$247,000 (S$346,467) for the office units and US$152,300 (S$213,631) for the residential units.
The Gateway also promises 12 percent returns on apartment rentals and 16 percent for the offices.
“We are of the view that Cambodia’s property market exhibits the right fundamentals for growth: a robust GDP supported by foreign investments translating into rising demand for office space; and rising affluence of Cambodia’s young middle class translating into demand for quality residences,” said TA Corp’s Executive Director and CEO Neo Tiam Boon.
Currently, about 30 percent of the residential apartments and 40 percent of the office units have been sold or reserved. Aside from Singapore, the project will also be marketed elsewhere in Asia, including Taiwan and China.
Meanwhile, Chengdu Galencia said the launch of Chelsea Residences was timely as there are growing Singaporean (private and institutional) interests in China.
Located within the heart of Chengdu’s High-Tech Park, the development will be operated like a serviced apartment, and comprises 430 high-end fitted units. Prospective buyers have the choice of one- to two-bedroom units, from 947 sq ft to 1,453 sq ft. Prices start from RMB1,653 psf (S$352 psf).
Chelsea Residences forms part of the developer’s integrated development known as “Chinese Financial Centre”. With a gross development value of more than RMB4 billion (approx. S$1 billion), it consists of four towers, a five-story commercial centre, and four levels of underground parking spaces.
It is within proximity to a subway station, the offices of 300 Fortune 500 companies, and over 2,000 foreign SMEs.
The Gateway’s launch will be held at the Hilton Singapore Hotel, while the exhibition for Chelsea Residences takes place at Raffles City Convention Centre Level 3.
Chelsea Residences is slated to be completed in December 2017, while The Gateway is expected to be ready in 2019.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg
