What's Happening?
Megakim World Corp has officially commenced construction on Time Square 10, a large-scale beachfront development located on Otres Beach 1 in Sihanoukville, Cambodia. The groundbreaking took place on December 4, following the acquisition of all necessary
construction permits and documentation. This development marks a significant milestone for the city, as Time Square 10 is one of the most anticipated mixed-use coastal projects in the region. The project will feature three 30-storey residential towers, offering over 1,300 units with various layouts, including one- to four-bedroom apartments and duplex sky residences. The development aims to provide a blend of ocean views, affordability, and resort-style amenities. More than 70% of the units have already been sold, driven by strong interest from both domestic and regional buyers. The project is expected to be completed within a 36-month construction period.
Why It's Important?
The initiation of Time Square 10's construction is a pivotal development for Sihanoukville, a city that has experienced market uncertainty in recent years. The project is expected to boost the local real estate market by attracting both domestic and international investors. The development's affordability and strategic location are key factors contributing to its early sales success. Additionally, the project aligns with the growing demand for hospitality-inspired residential offerings, which could further enhance Sihanoukville's appeal as a coastal destination. The construction of Time Square 10 is also indicative of improving sentiment in the region, supported by infrastructure upgrades, better zoning regulations, and renewed tourism activity. This development could serve as a catalyst for further investment and growth in Sihanoukville's real estate sector.
What's Next?
As construction progresses, Megakim World Corp will focus on maintaining the project's timeline to ensure completion within the 36-month period. The developer's established track record in Phnom Penh is expected to bolster buyer confidence in the project's successful delivery. The ongoing infrastructure improvements and regulatory changes in Sihanoukville are likely to continue attracting interest from potential investors. Additionally, the project's flexible payment options and competitive pricing are expected to sustain sales momentum. As the development takes shape, it may also influence other real estate projects in the region, potentially leading to a more balanced and sustainable growth trajectory for Sihanoukville.
