NagaWorld to complete new building in 2015

Thu, 29 November 2012
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The design of the NagaWorld 2 project. Photograph: Phnom Penh Post

NagaWorld says it plans to complete its huge multi-purpose building on National Assembly Street, 200 metres from the original NagaWorld in 2015, after the groundbreaking in early November.

Based on a press release NagaWorld posted on its website, NagaWorld 2 will cover 111,000 square metres, and include two five-star hotels, world-standard gambling, a theatre for international performances that can accommodate 3,000 people, a department store, and a cafeteria, as well as swimming pool on the rooftop.

The first hotel has 24 storeys with 1,000 rooms and the pool on the rooftop, while the second hotel will have 50 luxury rooms.

The company did not disclose the amount of the investment, and repeated attempts to contact the general directors of NagaWorld in Cambodia and in Asia went unanswered.

Po Eav Kong, marketing director of Asia Real Estate Co, said that the NagaWorld 2 development project is good while Cambodia’s economy is growing and the demand for such entertainment is also on the rise.

However, the success or failure of the project must be viewed through the lens of prevailing economic conditions, and Cambodia is not yet a hub of international entertainment like many other countries.

He said, “The investment in an entertainment center for people is good at the moment, but we have to look at their vision, whether it is for a gambling hub or an entertainment center for people during the weekends.”

Sung Bonna, the general director of Bonna Realty Group and the president of the Cambodian Valuers’ Association, expressed less optimism, saying that until the announcement, he had not known much about the NagaWorld 2 project.

He said, “The NagaWorld 2 project is good, and I think this investment is high for Cambodia at present, but I dare not come to a conclusion for the future.”

However, he said “It is a big project, similar to Vattanac Tower, so we have to wait for the success of Vattanac Tower first.”Read Original text

To contact the reporter on this story: Siv Meng at meng.siv@phnompenhpost.com


Potential seen for National Road 4

Thu, 22 November 2012
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A map of National road 4.

Land prices along National Road 4 still have the potential to rise, despite the relocation of a number of factories to National Road 3, property experts say.

Bou Eavkong, sales manager of Asia Real Estate Co, said that land prices along National Road 4 differ depending on the location and size.

The price of land goes from $100 to $300 per square metre from Chaom Chao cycle to the first car toll if the land is more then 5,000 square metres, but it goes from $200 to $500 per square metre for small parcels of land for villa construction or apartment buildings.

He added that it is $50 to $60 per square metre from the car toll to the Thnal Toteng area and the price is lower if it is further out.

“The growth is 10 to 15 per cent for land prices along National Road 4 this year compared to the same period last year, because this road still has more potential than the National Road 3.” he told the Post.

Bou Eavkong said that National Road 3 will be able to compete with National Road 4 in the future because Kampot province, where it terminates, is planning to build a sea port. But for the moment, National Road 3 is not very attractive if compared to National Road 4.

Dith Channa, general manager of VMC Real Estate Cambodia, said that land prices are not high, with growth around 5 to 10 per cent this year, because the lands is already expensive: on the other hand, there not many people living along the road due to the factories and enterprises, and there is a shortage of workers, so many factories or enterprises will not be built and some factories were moved to National Road 3 because the land there is cheaper and easier for workers to get to.

He said it goes from $30 to $100 per square metre along National Road 4 from Chaom Chao cycle to the car toll, but it might be $15 to $25 per square metre from the car toll onwards, and $5 to $10 further out.

Sung Bonna, director of Bonna Realty Group and president of the Cambodian Valuers and Estate Agents Association, said land prices along National Road 4 are steady, after the economic and financial crisis, but the activities of sales and purchases are increasing.

“This road is a gate of the economy, tourism, the agriculture sector and public and private development, so it has great potential,” he said.Read Original text

To contact the reporter on this story: Siv Meng at meng.siv@phnompenhpost.com