The Point community mall and office building announced for 2019
PLANS for a six-storey mixeduse building, named The Point, were announced on Wednesday. The $7 million investment is set to be located along Mao Tse Toung Boulevard and is scheduled to be completed by the end of next year.
To be constructed on more than 1ha, it will be used as a communit y mall and office building with 2,200sqm a llotted for a community mall and 9,200sqm for Grade B offices.
Designed by local firm Re-Edge Architecture + Design, The Point will be used as a shopping centre and have a food court on the ground floor while the remaining floors will be used as offices.
‘A transition’
3DS Property Management Co Ltd shareholder Thong Sovann Raingsey, who has invested in The Point, said t here are current ly many office buildings in Phnom Penh but most of them lack recreationa l facilities, shopping malls and ample parking.
“We will make The Point a transit ion between accommodation and workplace. Before we go home from work, we can go shopping or sight-seeing and then continue our journey home,” she said.
She said the project will be environmentally-friendly and befitting of the living-standards of modern civilisation through high-tech equipment and security technologies.
Around t he time of t he announcement, Park way, a nearby office building, announced that it is scheduled to close.
CBRE’s countr y director in Cam- bodia Ann Sothida said economic grow th has made the Grade B office market ver y lucrative at present. The Point’s location will bring it a lot of success.
Lucrative market
“I t hink The Point will be successf ul as it is difficult to find a mixeduse building with a community mall and office space,” she said.
A CBRE Cambodia research report found that by the end of the t hird quarter t his year, of fice buildings in Phnom Penh tota lled about 360,000sqm – up 4.7 per cent from the second quarter.
Office buildings in the capital are set to reach nearly 400,000sqm by the end of this year, according to the report.
Occupancy rates for Grade A office buildings are around 68 per cent, Grade B office buildings around 90 per cent and Grade C office buildings at 92 per cent, said t he report.
Monthly renta l prices are f rom $28-$38 per sqm for Grade A offices, $18-28 for Grade B and $10-18 for Grade C.