Work on Thai Boon Roong’s much talked about Twin Trade Center in Phnom Penh will begin this year, according to project insiders who spoke with the Cambodian media. The developer has acquired the necessary funding for construction on the 500-meter tall complex that will be the biggest commercial building in Southeast Asia once completed.
According to the Phnom Penh Post, groundbreaking on the 133-storey twin tower development is likely to take place in the next few months. The complex is situated in the Chaktomuk district.
“Although the property market has seen some problems in the sales department, it does not pose a problem in beginning the construction for this USD2.1 billion project,” Tous Saphoeun, deputy secretary general of Board of Architects Cambodia (BAC), told the newspaper. “Now, all three steps of the testing phase have been completed, and the land in the area can support buildings up to 200 stories.”
Chinese company Hsin Chong Construction Group Ltd. was hired to manage the project under a partnership with Thai Boon Roong Group and Macau’s real estate development company, Sun Kian Ip Group. The Phnom Penh Post added that USD3 billion has been put into the project along with the original USD2.1 billion the original budget contained.
“This project will be successful because there hasn’t been a development of this scale in Cambodia since giant companies have yet to appear in the country. Nonetheless, once the project is completed, giant companies will set up their offices in the area,” Tous explained. “These buildings of the Thai Boon Roong Twin Trade Center have potential to attract big developers and companies.”
In addition to the office space, there will be a shopping mall, residential units, two luxury hotels and a number of restaurants. The project has received the full backing of the Cambodian government.
