The $1 billion TCC Triumph Commercial Center project being developed by Chinese company YunNan ShengMao Investment (Cambodia) Co Ltd has completed 30 per cent of its first phase, according to the project’s sales executive, Hak Yarith.
Construction on the complex – comprised of four four-storey buildings, each with a shopping centre – began in November, and is expected to be completed by the end of this year. While the second phase, consisting of two skyscrapers, will begin late this year.
TCC Triumph Commercial Center consists of shopping centres, apartments and tourism and entertainment facilities.
Yarith told The Post on Wednesday that the first phase of the project is seeing good progress.
“[We] hope that it will be launched early in 2020 and afterwards, we will have more than 100,000 products put on sale,” he said.
Yarith said 60 per cent of the units up for sale from the first phase of the project have been purchased, with 90 per cent of the clients Cambodian.
According to Yarith, shop houses start from $100,000 upward, while stalls start from $78,000.
‘Kind of concession project’
Yunnan Shengmao Investment (Cambodia) Co Ltd last week signed a joint cooperation agreement with Greece-based Attica Diamond to bring the project to Europe, according to Yarith.
The project is being developed on 9ha of land in Phnom Penh’s Russey Keo district, which is being leased from the Cambodia Stock Exchange-listed Phnom Penh Autonomus Port for 40 years at an undisclosed rental fee.
The port has also leased land for a similar project on a stretch of river from Chroy Changvar bridge to the night market to Chinese-owned Yuetai Group Co Ltd on a 50 year, $16.5 million lease.
CBRE Cambodia director Ann Sothida said Yunnan Shengmao Investment’s project will help promote the Kingdom’s economic growth as well as the property sector.
“As it is a kind of concession project, the price is lower than other projects.
“However, with a sale rate as high as 60 per cent, it could be said to be a successful project for the company,” she said.
