Ground has been broken on the Thai Boon Roong Twin Tower World Trade Centre, a project to build two 500m-high towers in the Cambodian capital of Phnom Penh.
The scheme, whose value is reported by sources in the Cambodian media as either $2bn or $3bn, is to be built opposite NagaWorld, the country’s only casino.
It will contain a mix of residential and commercial units. The 133-storey twin towers will include a hotel, serviced apartments and offices, a shopping mall, an exhibition hall, a cinema, restaurants and basement car park. The gross building area is around 1.6 million square metres.
As well as the towers it will have four residential buildings of 59 to 65 storeys, an 11-storey podium structure with three levels of basement, and another three levels of basement under the existing Hun Sen Plaza in front of the Twin Towers.
Tous Saphoeun, dean of architecture at Pannasastra University and a designer of the scheme, told the Khmer Times that it would be finished in three years.
The presence of the building will change Phnom Penh’s skyline.– Architect Tous Saphoeun
The project is to be developed by a joint venture by the Thai Boon Roong Group of Cambodia, and Macau-based property developer Sun Kian Ip Group.
Thai Boon Roong is owned by Teng Boonma, a colourful and controversial figure in Cambodian society, who is frequently referred to as the richest man in the country.
Saphoeun said Thai Boon Roong originally planned to invest about $1bn on the scheme, but after studying the project they increased this to about $2bn. "The presence of the building will change Phnom Penh’s skyline," he added.
Pa Socheatvong, the governor of Phnom Penh, said during the official launch that the towers would be the biggest ever built in Cambodia, and would inject billions of dollars into the country’s property sector.
He said: "This building project is not only situated in a good location, but it will promote Phnom Penh’s skyline to the next level and attract more investors to the country."
The construction manager for the scheme is to be Hsin Chong Construction Group of Hong Kong. The company was formally appointed on 10 March.
The scheme is part of a surge in construction spending in Cambodia. Investment in the sector reached an all-time high last year at almost $3.5bn. This a 40% increase on 2014, and represents 19% of the country’s total GDP, according to data from the Ministry of Land Management, Urban Planning and Construction.
About 700 buildings, ranging from five to 55 floors, were built last year across the country, with most going up in the capital, Kandal, Siem Reap, Sihanoukville and Battambang provinces.
Image: A rendering of the Thai Boon Roong Commercial Centre (Thai Boon Roong)