Finding paradise at Phnom Penh’s Bali

[PHNOM PENH POST]

ALTHOUGH Cambodia’s enormous satellite city projects may steal the spotlight, some of the most successful have been developments targeting middle class urbanites seeking sanctuary from the noise and rigours of the city – Arise Bali Resort.

Taiwanese developer Two Town Co commenced construction at the site, conveniently situated between the centre of the city and the airport, back in 2009 and have since completed phase 1, while the second phase, which began in June 2010, is slated for completion by the end of year, Bali Resort Representative Sok Ly told the Post.

“We have successfully sold and rented all 84 units [in phase 1], which comprises both 60 and 120 square metre units, while around 90 percent of the phase 2 apartments have already been snapped up.”

She added that occupancy at the development was around 70 percent foreigners, made up of mainly Asian expatriates.

“Many of our residents come from Malaysia, Singapore, Hong Kong and Taiwan.”

With the amendments to the foreign property ownership laws last year, it is now simpler for expatriates to buy property, said Sok Ly.

“Foreigners no longer need to spend money leasing, they can buy property in their name and later sell it at a profit, if they please.”

Some industry experts also highlighted the change in legislation as a key factor to the relative success of the mid-range resort and financial opportunities available to foreign buyers.

“The price per unit is attractive to the point where buyers can benefit from capital growth and a reasonable yield if leased at the target rents,” said CBRE Country Manager Daniel Parkes.

“Aesthetically, the wide corridors, the open reception give a sense of space. There has been a concentration on the common areas, pool and landscaping even before the main construction has completed,” he added.

The 60 sq/m and 120 sq/m apartments, which are available for US$53,000 and $120,000 respectively, adopt a Euro-Asiatic fusion, blending bold teak furniture with bright white walls and tiles, accentuated by an eclectic array of ornaments and swathed in natural light. For the fortunate, a balcony overlooking the swimming pool could also feature.

In addition to the amply-size pool, a well-equipped gym and mini-mart make up the amenities, which first lured expatriate resident Barry Meese to the resort.

“The facilities really appealed to me, along with the location in this up-and-coming area,” he said.

“I found this to be an extremely reasonable price for what is on offer, it’s aesthetically pleasing as well.”

Construction at the development is ongoing, with phase 3 due for completion in late 2012, but there is potential for serenity, and as the company states, “when you return home, you will feel as if you’re on vacation.”