Vattanac Capital will contain approximately 11,500 square meters of premium retail space in the Podium to accommodate luxury international brands.
Vattanac Properties Ltd. has begun development for the 39-storey Vattanac Capital office tower in Phnom Penh, Cambodia due to the need for International standard Grade A office space.
Some of the key features of the development are the 31 lifts, clear floor to ceiling heights of up to 3.45 metres, column free office floor plates, raised floors, and an iconic design by TFP Farrells.
Due to the shortage of modern office space in Cambodia, many companies, including multinationals and the World Bank, have located to renovated villas.
Office tenants in cities such as Bangkok, Ho Chi Minh and Hanoi, have all migrated from villas to modern office developments. CBRE predicts Phnom Penh will follow suit when Vattanac Capital is ready for occupation later this year.
Cambodia’s strong growth driven economy is a growing investment destination. In Phnom Penh, current office stock is only 150,000 square metres.
“Vattanac Capital will be the finest development of its kind for many years to come and home to companies who are seeking to affirm a powerful presence in Cambodia and the region,” said Vattanac Sam Ang, executive director of Vattanac Properties Ltd. “It will not only permanently transform the skyline of Phnom Penh but will also be one of the key factors that will attract new investments into Cambodia. We are honoured to play a key role in raising the profile of Cambodia.”
Demand for Vattanac Capital will mainly come from multinational companies. The insurance industry is a big growth sector in Cambodia, along with transport, shipping, the financial sector, construction industry and diplomatic bodies.
There is increasing pressure on diplomatic missions to move out of Villas and into efficient and secure space. The rate of change from people moving out from non-purpose built office space is gaining momentum and tenants who plan to upgrade are looking for high-quality development.
“At present, whilst the development is still under construction, we see a very significant reaction when tenants view space,” said said David George, CBRE Cambodia’s country manager. “Even at this early stage of marketing, it is clear the development is of substantially better quality that anything Phnom Penh tenants have ever seen.”
Vattanac Capital will also contain approximately 11,500 square meters of premium retail space in the Podium to accommodate luxury international brands and supporting services. Levels 25 to 33 will provide approximately 150 Serviced apartments and the property will be managed to International Standards.