Japanese company to invest $248M in condos

[geovalin]

Xueying Chen

Japanese real estate developer Creed Group will invest close to $248 million in three residential projects of over 2,000 units in Phnom Penh over the next three years, the firm announced in Phnom Penh last Thursday.

Located near Phnom Penh International Airport, Bodaiju Residences, a $134 million condominium project consisting of 928 units, will be the first project to get underway, according Punnareay Heng, business development manager at Creed. Construction is due to start later this month with a target completion date of December 2017.

“We think there is a high demand for Bodaiju because our condo isn’t located in the city centre,” Heng said. “We are located just outside the airport.”

read more: http://www.phnompenhpost.com/business/japanese-company-invest-248m-condos

[kiniyow]

They saw the need so filling the Gap as the rich get richer

[meinanzi]

Phnom Penh has been growing at a rapid rate for several years but having condos near the airport seems a bit of a gamble because of the location - both in noise considerations and distance from the City.

Maybe that is the only location that they could get approval for.