Monthly Archives: April 2011
CB Richard Ellis has been appointed as sole leasing agents for Vattanac Capital Development, a mixed-use project situated in the heart of Phnom Penh’s burgeoning Central Business District. This landmark development will become Cambodia’s new financial centre having been designed by world renowned architects, TFP Farrells and constructed to British/Hong Kong standards by POSCO E&C.
Vattanac Sam Ang, head of Vattanac Properties Ltd, commented “We are pleased to have CBRE on-board to assist us in realizing our goal to create the office, retail and tourist destination for Phnom Penh and Cambodia.”
Vattanac Capital Development will consist of a 38-storey tower, a 6-storey “floating” tower and a retail podium with a total gross floor area of 129,000 m² offering a mixture of prime offices, high class retail and luxury serviced apartments. This development, which will be LEED certified, will meet the demands of multi-national companies requiring high quality office space. The two Towers will provide flexible floor plates, raised floors, up to 3.5m ceiling height, 21 designated high speed zoned office lifts and with an emphasis on sustainability.
David Simister, Chairman of CB Richard Ellis Cambodia said “CBRE is delighted to be involved in this prestigious development which will be the first genuine Grade A office building in Phnom Penh.”
In addition to its quality office space, with three levels dedicated to retail, Vattanac Capital Development will provide a unique retail experience. The luxury retail podium with designer brands and restaurants will span the ground and first levels, anchored by Vattanac Bank. The retail area will also extend to the basement level with a food court, bookshop and supermarket. On the upper floors of both towers, river and city view restaurants will offer a fine dining experience.
An internationally branded serviced apartment operator will be selected to manage the luxury serviced apartment component in the high zone of Vattanac Capital Tower, bringing a new standard of living to the city.
Construction of Vattanac Capital Development has already begun in earnest with the first
phase of the development ready for tenant occupation by May 2012 and the project will complete in its entirety by October 2012.
Daniel Parkes, the Cambodia Country Manager for CB Richard Ellis, remarked, “This iconic development symbolizes Cambodia’s growing economy which is attracting an increasing amount of international occupiers and CBRE is confident that Vattanac Capital Development can now fulfill their requirements.”
For more information, please contact Dan Parkes or Ryan O’Sullivan + 855 (0) 81 828 827 or Daniel.Parkes@nullcbre.com and Ryan.OSullivan@nullcbre.com
About Vattanac Properties
Vattanac Properties Co. Ltd, the developer for the Vattanac Capital project, is a fully owned and incorporated Cambodian company. It forms part of a family-owned group of enterprises including Vattanac Bank, Progress Import and Export Co. Ltd – the local partner of Cambodia Brewery Ltd. The group of companies is dedicated to contributing to the emergence of Cambodia as a vibrant and progressive economy.
CB Richard Ellis Cambodia has sold a portfolio of assets in Cambodia on behalf of JSM Indochina to Hong Kong Land. The assets consist of an operating serviced apartment of 103 rooms in the financial district of Phnom Penh, a land plot of 10,700sq.m next to the US Embassy suitable for office, residential and retail development and a prime riverfront site of 1,625sq.m suitable for a hotel. There is also a land plot of 31,000sq.m in Siem Reap next to Raffles Hotel and the Royal Gardens. The transaction of $33.7m is the largest property transaction in Cambodia and the first internationally marketed transaction ever. This is the first major acquisition by an international investor which is a sign of the increasing confidence that Cambodia is achieving.
Visitors to Angkor Wat increased by 26% in the first 3 months of 2011 compared to the same time last year marking a continued recovery of the Cambodian tourism industry. 442,000 visitors arrived from Jan-March which is the largest increase since the global economic crisis.
A Cambodia Daily report noted that exports from Cambodia increased 49% to $720m in the first 2 months of 2011.
Garment exports make up 81% of Cambodia’s exports which as a proportion of total exports is down from 87% in 2010. A good sign that the export market is diversifying.
Garment exports to Europe increased 53%, possibly a reaction to the agreement between the EU and Cambodia for duty free exports under the ‘anything but arms’ trade agreement. Exports to Japan grew 121%, outpacing the historical main export market of the USA.