Cambodia: Japanese property firm Leopalace21 has opened a serviced apartment complex in Phnom Penh to cater to growing demand.
Leopalace21 says its 14-storey Granferte Phnom Penh, located in the capital’s upscale Tuol Kouk district, will cater to demand from foreign business executives and short-term travellers in one of Southeast Asia’s fastest-growing economies.It features 56 units ranging from 38 to 133 square metres.
The serviced apartments, built at a cost of about ¥1.7 billion ($15 million), are the first overseas self-developed property for the Tokyo-based leasing and construction company. It has previously launched similar operations at existing properties in Thailand and Vietnam.
The apartment building is about five kilometres from the heart of Phnom Penh and 10 kilometres from Phnom Penh International Airport.
Senior VP Tadahiro Miyama said Leopalace21 has entered the Cambodian market as Japanese and other foreign firms are expanding their presence there to take advantage of its rapid economic growth.</p
