September 22, 2011

Aiming for full occupancy at Canadia


An increasing number of multinational companies have started operations from Canadia Tower in light of the launch of the Cambodia Stock Exchange in July, officials at the tower said yesterday.

Around 85 percent of available office space at the Kingdom’s tallest building has now been rented, a 15-percent increase on figures released in July, according to Pen Phyrun, marketing manager of Mega Asset Management Co, the property unit of tower owner Overseas Corporation Investment of Cambodia. OCIC is owned by Canadia Bank.

“Since the Cambodia Stock Exchange moved in to our tower, we have welcomed many multinational clients, while a number of international firms have also confirmed bookings for office space,” he said.

The 32-storey high-rise has lured a number of multinational companies since the bourse announced its relocation last year, including Will International Group from China, ITJ Cambodia from Japan, Angkor asset Management Cambodia and an oil company CPHL Cambodia from China.

“Our clients come from local and international companies, such as Japan, China, USA, Australia and the United Kingdom,” Pen Phyrun said.

A number of other companies moved in last year, such as Sojitz Cooperation from Japan, a construction consultant from the UK, French communication giant Alcatel-Lucent and the Bank of China, have signed contracts but are yet to occupy the space.

“Our goal is to complete the sale of all space and hope to achieve this by the end of the year,” he said, adding that it plans to sign more contracts with clients as soon as they provide confirmation of their occupancy.

Sung Bonna, president and CEO of the Bonna Realty Group and president of the National Valuers Association of Cambodia, agreed that the stock exchange’s presence had boosted interest in Canadia Tower, while also highlighting location and affordability of the office space.

“They [Canadia Tower] are flexible because they are not strict with the price. It is good location, facilities and quality for clients.”

Economic growth throughout the Kingdom’s prime sectors has also attributed to the tower’s occupancy rate, he said.

“I hope that when the stock exchange starts operations more investors will turn to Cambodia and require office space, while improvements in sectors such as the agricultural industry will attract additional firms to the country.” Phnom Penh currently has two grade-A office space buildings, Canadia Tower and Phnom Penh Penh Tower, while occupancy at the 14 grade-B buildings in the capital lies at around 88 to 90 percent, according to Sung Bonna.

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