PHNOM PENH (The Phnom Penh/Asia News Network): The structure of the 45-storey, US$230 million Chip Mong Tower on Russian Boulevard near the Techno flyover was finished on Friday (Jan 14), Chip Mong Group said in a statement.
Breaking ground on a 14,042sq m 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 Jan 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.
Already a subscriber? Log in
Get 20% OFF The Star Digital Access
Cancel anytime. Ad-free. Unlimited access with perks.
