Logo of Phnom Penh Post newspaper Phnom Penh Post - Structure of $230M Chip Mong Tower completed

Structure of $230M Chip Mong Tower completed

Content image - Phnom Penh Post
A topping-off ceremony marks the completion of the Chip Mong Tower’s structure, on Friday. CHIP MONG GROUP

Structure of $230M Chip Mong Tower completed

The structure of the 45-storey, $230 million Chip Mong Tower on Russian Boulevard near the Techno flyover was finished on January 14, Chip Mong Group said in a statement.

Breaking ground on a 14,042sqm area in early 2019, the 185m-tall mixed-use commercial building will feature shops from well-known brands, restaurants and sky bars, a cinema, offices and meeting rooms, swimming pools and a gym, event venues, and a Fairfield by Marriott hotel.

Speaking at a topping-off ceremony for the building, Chip Mong Group co-founder and chairman Leang Khun attributed “this new and significant achievement” to the efforts of the management, the project team and partners.

He also noted that other Chip Mong Group developments such as Park Land Pochentong, Landmark 60M and Chip Mong Sen Sok Mall have made significant progress during Covid-19.

“I sincerely hope that the soon-to-be-fully-launched Chip Mong Tower will bring a new image to Cambodia as a potential mixed-use commercial venture that will deliver modern luxury and … meet the needs of local and international businesses, as well as help prop up the tourism sector,” he said.

Chip Mong Group senior vice-president of strategy and development Simon Dell said the commercial hub would also create many job opportunities, boost the real estate sector, encourage infrastructure development, support small businesses in the area and improve livelihoods for local communities.

Global Real Estate Association president Sam Soknoeun commented that the Chip Mong Group still had enough money to top out the project, despite the global economic crisis caused by Covid-19, and associated construction issues such as interruptions in the supply of labour and construction materials.

He suggested to The Post on January 16 that the topping-off of the building would motivate other developers to accelerate construction at their projects.

He claimed that the building would raise the profile of the Cambodian construction and real estate sector, and show large international investors the momentum of the Kingdom’s economic growth.

The presence of the renown hotel chain will attract more investors and tourists to Cambodia, he asserted.

“The progress of the Chip Mong Tower project will not only show the strength of the investment company, but also help promote the potential of the construction, real estate and hospitality sectors in Cambodia. When there is a good place to work and stay, it will make tourists and investors want to travel to Cambodia more,” Soknoeun said.

In 2021, a total of 4,303 new construction projects were approved nationwide, with cumulative registered capital investment of $5,333,798,525 – down by 31.21 per cent year-on-year – and total floor area of 12,998,072sqm, Ministry of Land Management, Urban Planning and Construction data shows.

MOST VIEWED

  • Ministry orders all schools, public and private, to close for SEA Games

    From April 20 to May 18, all public and private educational institutions will be closed to maintain order and support Cambodia's hosting of the 32nd SEA Games and 12th ASEAN Para Games, said a directive from the Ministry of Education, Youth and Sport. Cambodia will host the

  • Almost 9K tourists see equinox sunrise at Angkor Wat

    Nearly 9,000 visitors – including 2,226 international tourists – gathered at Angkor Wat on March 21 to view the spring equinox sunrise, according to a senior official of the Siem Reap provinical tourism department. Ngov Seng Kak, director of the department, said a total of 8,726 people visited Angkor Wat to

  • Angkor Beer strengthens national pride with golden new look and fresher taste

    Angkor Beer – the "Gold of Angkor" – has a new look, one that is more stylish and carries a premium appeal, as well as a fresher taste and smoother flavour, making it the perfect choice for any gathering. Angkor Beer recently launched its new design, one

  • Water supply authority assures public shortages over early ‘24

    The Phnom Penh Water Supply Authority (PPWSA) asked for understanding from Phnom Penh residents in some communes where water pressure is weak. They assured residents that all supply issues will be resolved by early 2024, but have suggested that residents use water sparingly in the meantime.

  • PM urges end to ‘baseless’ international Ream base accusations

    Prime Minister Hun Sen urges an end to “baseless” foreign accusations surrounding the development of the Kingdom’s Ream Naval Base, as the US has consistently suggested that the base is being expanded to accommodate a Chinese military presence. Hun Sen renewed his calls while

  • Khmer ballet documentary debuts April 1

    A new documentary, The Perfect Motion, or Tep Hattha in Khmer, will premiere to the public on April 1. The documentary film follows two intertwined storylines: the creation of a show called Metamorphosis by the late Princess Norodom Buppha Devi (her very last production) and the