Yuetai Group Co Ltd’s Phnom Penh Harbour Bay or “The City Gate” development project along the riverfront will begin construction in the first quarter of next year, while some projects are completely sold out, said the company’s sales supervisor, Srey Pich.

The structure is set to include office buildings, a commercial complex, an arts centre, a cultural square, resorts, condominiums, a five-star hotel, an exhibition centre and a public park.

The developer operates various property projects in Cambodia such as East One and East View.

Pich told The Post on Wednesday that the project will be divided into four phases. During the third phase, a shopping complex and nine condominiums will be constructed first, with some building 50-storeys high.

The project will begin construction early next year and be completed in 2022. At present, shops are 100 per cent sold out, as are 10 per cent of the more than 400 condominium units.

“Due to the location, [we] sold out all 160 shops in just three months,” Pich said, adding that 50 per cent of the condominium buyers were Cambodian.

The condominium units range from 45 to 82sqm and have a price ranging from $80,000 to $120,000, while shops cost from $150,000 to over $1 million.

Industry insiders said more development will boost the Kingdom’s real estate sector.http://www.phnompenhpost.com/post-property/yuetai-groups-phnom-penh-harbour-bay-set-break-ground-early-2019