Point Crossing, a condominium development, recently broke ground in the city of Delafield. It is expected to be completed by late May . MSI General
Point Crossing, a four-unit, multifamily condominium project in the city of Delafield, began construction this month.
Located at Main St., the development has a projected completion date of late May .
The units will be , to , square feet, according to a news release from MSI General, which was selected for the design and construction of the project.
Each will be a townhome-style condominium featuring a private garage, covered outdoor patio overlooking the adjacent park, and three floors of living space, the release stated.
In June, the common council unanimously approved a certified survey map for the development. The condo project had already received approvals from the city, but council president Tim Aicher said the applicant did some market research and decided to downsize the individual units.
It was , square feet, project owner John Tomasini said in June. I shrunk it down.
Tomasini noted the owners of a unit can white-box the condo, which allows the buyer to start from scratch when it comes to furnishing and finishes.
It depends on whatever the people want to do, Tomasini said. We can white-box it, and they can take it from there. I want everybody to kind of make it their own. I want them to personalize it. I m going to do a white-box, and they can take it from that point.
Living in condominiums in Phnom Penh will become more popular over the next five years as flat constructions are expected to move farther away from the city centre, said VTrust Appraisal Co Ltd research director Heom Seiha.
Speaking to the press during the “Current and Future Situation of Real Estate in Cambodia” forum on Thursday, Seiha said new flat construction projects in will spring up some -km away from the city centre, buoying the condo sector’s growth.
“This trend can further boost the rise in number of condominium skyscrapers in the city centre. When new flats move farther away from the city, the younger generation may prefer living in condos because they can be built in the city centre,” he said.
Citing a book titled Phnom Penh s – Predictions for the Real Estate Sector, which was studied and compiled by VTrust Appraisal, Seiha said that the supply of flats is set to increase by , units and condo supply by more than , units between and .
“The influx of foreign investors to Cambodia, such as those from China, Japan and South Korea, has generated very fast growth in the real estate industry in recent years,” he said.
Seiha continued that there are a total of , condo units across all projects currently either under construction or in the planning phase in Phnom Penh, and that supply increases by around , units each year.
‘More than , flats per year’
From to this year, more than , flats were constructed, while currently more than , flats are being built per year, he added.
At the same forum, Cambodian Valuers and Estate Agents Association vice-president Mann Chandy, said that in the mean time investment in small plots of land is a decent alternative for low and middle income earners to invest in the condo and housing sector.
However, he called on potential buyers to find out if there are any development projects scheduled in the area under the government’s master plan as they can boost land prices.
“I think saving up to buy plots of land is better than saving at a bank. But we have to carefully look at whether the real estate company which sells the land is licensed or not. We have to do proper research to avoid being cheated,” said Chandy.
Data from the Ministry of Land Management, Urban Planning and Construction shows that in the first six months of this year, more than , construction projects were approved and capital investment in construction was worth $. billion, up . per cent over the same period last year.
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