Even with the Covid-19 crisis upending the socio-economic situation for nearly two years, the high-end $20 million high-end Japanese-developed L’attrait managed to be fully completed last month.
The 26-storey project will deliver 149 units, comprising studio, one and two bedroom, and penthouse units.
Located in the capital’s Boeung Keng Kang I (BKK1) commune, the property broke ground in early 2018, opened on July 1, and finishing work was completed just last month.
Industry insiders have noted that numerous projects have defaulted due to unforeseen Covid-induced disruptions.
But units at L’attrait are nearly sold out, despite Covid-related supply chain disruptions at the final stages of construction that reportedly threatened on-time delivery, The Post understands.
Project developer LAPD ascribes this success to its “structured and focused approach”, “extensive consideration” of market conditions prior to the project’s launch, and “keen focus” on ensuring that customers receive the units that they paid for and were expecting.
LAPD CEO Shinji Muto said: “I am delighted to announce the completion of our project. The path has certainly not been an easy one for us. There was a lot of scepticism upon launching our project.
“The pandemic toward the end of our timeline gave us more challenges. However, I believe that we could successfully materialise the new quality standard in this market.”
He voiced satisfaction with CMED Construction’s work as a contractor. “Unfortunately, there are not so many Japanese companies in Cambodia.”
“I believe the emergence of more local companies with strong belief in quality like CMED is the key for Cambodia to attract more Japanese investors.
“We are hopeful for this market and feel Cambodia has potential for achieving growth with quality. We would like to keep raising the bar in this market,” Muto said.
James Hodge, managing director of real estate firm CBRE Cambodia expressed delight at working with LAPD from the early stages of the project.
“The developer’s attention to detail and commitment to realising the vision they held has been focused and determined throughout. This really shows up in the end result.
“Whilst we concluded most local sales prior to the pandemic, the developer has been willing to listen and adjust to the changing market dynamics, as well as keeping buyers well informed of any disruption to the construction timeline and ensuring that despite the difficulties they still stick by their obligations.”
CMED Construction managing director Jenny Chea said: “The relationship we built with LAPD ensured we had the staying power as partners to finish the project to the expected standard.
“So, to successfully deliver this project to our client is truly in a Japanese spirit, and I am proud that our client was fully satisfied with the quality of our product, which is up to Japanese standards in both design and build.”