• Meridian’s Expansion in Phnom Penh: A Complete Overview

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    skylar-meridian-phnom-penh

    Meridian International Holding is an international corporation established more than 3 decades ago. The group started from a base in textiles and garments but has diversified its business through property development and investment.

    In the past years, Meridian has invested hundreds of millions of dollars in a handful of high-end projects in Phnom Penh. Today, the CEO of Meridian International Holdings in Cambodia, Mr. Ko Sek Yan, will explain more about the projects, unit prices, yields, and buying process.

    1) What makes Phnom Penh interesting for property investors?

    First of all, Phnom Penh is located in the Central South Peninsula, bordering to the West and Northwest of Thailand, Northeast of Laos, East and Southeast of Vietnam, and facing the Gulf of Siam in the South.

    One Belt One Road Initiative” (OBOR) is one of the key geopolitical and strategic developments shaping the world today. Touted as the 21st century Maritime Silk Road, OBOR aims to connect the eastern part of China’s coastal cities with Europe via the Indian Ocean and South China Sea.

    Cambodia offers one of the region’s most open economies to foreign investment. There are no trade barriers and anti-dumping. The government does not implement a nationalization policy that will cause any damages to the investors’ property.

    Factors about Phnom Penh as a great investment destination are:

    • Trade-in US Dollars & Receive Returns in US Dollars
    • Property Issued Under Strata-Title
    • GDP Growth Maintains in Between 6.8 – 7%
    • Foreigners can open bank accounts if owning a property
    • Foreign investors are eligible to purchase freehold property in Cambodia, except landed property or any units located on the ground floor

    2) What projects has Meridian launched in Phnom Penh?

    Meridian has established itself as a premier property developer in Cambodia. Additionally, it enjoys a leading reputation as a manufacturer, exporter, and employer of more than 1,000 employees across its business units. Meridian’s confidence and commitment in the country saw more than US$200 million investment in Cambodian projects.

    As it progresses along with the development of the Cambodia economy, Meridian’s optimism has resulted in a robust pipeline of projects that will help change the landscape of Cambodia and Phnom Penh in particular.

    The Group’s sterling track record in Cambodia includes manufacturing of branded premium sweaters for its multinational clients, and developments of Industrial Parks, Residential and Commercial properties.

    Casa by Meridian

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    Casa Meridian is a prominent residential Landmark nestled in the Diamond Island enclave, a well-managed Mix Development Project which conveniently allows Resident/Tenant luxuriate in spaciousness of the condominiums, office spaces & Retail outlets as a hub. The project successfully finished on time in 2017.

    A stretch of stylish retail outlets at the Ground floor of Casa by Meridian, comprising a Bank with ATM, Café, Restaurant, and other essentials, easily get access just right downstairs.

    Escaping from the office rat race is often cited as one of the most attractive aspects of starting your own business. Regus, an International co-working space offers an office-style environment that fosters all the autonomy an entrepreneur could want over at Level 1.

    All units are tailor-made with a spacious area for young families. The building itself is a 34-story high skyscraper development houses a total of 512 residential units from the 5th – 31st floor, which sizes range from 88sqm to 181sqm. Pricing from US$337,000.

    The project also has two basement levels of car parks, and there are a variety of elements whereby the residents will feel pampered by staying in this building with a great communal connection, relaxation area for both adults and children, gym & yoga facilities. Enjoying a 360-degree awesome river view.

    Diamond Island residents are classified under high-status group as its proximity to a comprehensive network of facilities and services encompassing to AEON 1 shopping mall, Canadian International School of Phnom Penh, Opera House, Conference Center, Exhibition Center, Embassy of Korea & Australia, Nagaworld, golf driving range, Sofitel Hotel, private clinic, etc – all make Casa Residence a superb residential choice.

    Skylar by Meridian

    skylar-meridian-phnom-penh

    Skylar by Meridian is a sophisticated condominium development that features a unique and contemporary style, perfect for modern city living. It is ideally located at the heart of Phnom Penh’s diplomatic quarter enclave of embassies, at the center of the land with a strong and promising future. The project successfully finished on time in 2018.

    This impeccable project provides a well-designed luxury condominium that exudes inspiring desires for contemporary living. Revel in the colorful excitement of this captivating city.

    A total of 28-storey including studio, 1 and 2 bedroom residential and branded service apartment units. Sizes range from 52sqm to 152 sqm. Starting price of US$182,000. Providing premium quality fittings and designs, managed by Somerset Norodom Phnom Penh, in Cambodia. Somerset is an international award-winning hospitality brand within The Ascott Group.

    Flatiron by Meridian

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    Flatiron by Meridian is the 3rd development launched by the developer Meridian International Holdings, strategically located near the gateway to the dynamic Central Business District in Phnom Penh City Centre, which will be completed in 2021.

    This 41-story commercial building comprises 322 units of Citadines serviced residence managed by The Ascott Limited, a wholly-owned subsidiary of CapitaLand Limited, pioneered Asia Pacific’s first international-class serviced residence, 300 units of Grade A office, retail and F&B.

    With inspiration adopted from iconic development located in New York City – The Flatiron, an elegant Beaux-Arts styling of architect Daniel Burnham’s masterpiece, rising from a triangular wedge of land between Broadway, Fifth Avenue, and East 22nd Street. Developer aims to create a distinct landmark in Phnom Penh by creating outstanding, comparable international standards, and business hubs in Southeast Asia.

    The building is wrapped in a unique curtain wall to manage daylight and glare, feature low-emissivity for thermal control and provides user privacy without compromising light quality. Overall contribute to the building’s energy efficiency with measurable user benefits.

    The offices are designed to meet the demands of the workforce of tomorrow, featuring future-focused workspaces built to foster team collaboration, nurture employee well-being, and support technology integration. Sizes range from 63sqm to a full floor plate.

    Furthermore, a wide range of chic apart hotel configurations into “Modern Contemporary Eastern Décor” to welcome a fully customized living experience which will be managed by a leading international serviced residence operator under the brand of Citadines. It ranges from hotel size to two-bedroom units (35sqm – 223sqm) outfitted with all the mod cons that will welcome global travelers to experience Ascott’s award-winning hospitality.

    Both categories start at US$259,000.

    3) How is the buying process for foreign investors?

    Booking Procedure:

    • Signing Booking Form
    • Booking Fee US$1,500
    • Signed sales & purchase contract and other related agreements
    • Pay on time according to the selected payment schedule

    4) What yields can I expect?

    The project offers 10 years of Guaranteed Rental Returns of 95% for the office segment and 85% for the Apart’ Hotel.

    The products are available with a buy-back scheme at the original price in the 10th year. It makes a great property investment offering excellent capital appreciation and minimal risk.
    5) What taxes and fees do foreign investors pay when buying or leasing units?

    Foreign investors having a property in Cambodia, based on current taxation imposed by the authority, he/she is required to pay *tax as follows:

    For Purchase Category:

    • Annual Property Tax of 0.1%
    • Withholding Tax = Rental Income Tax of 14%
    • A one-time of Transfer ownership Package fees including Stamp Duty Tax of 4%
    • VAT of 10%

    For Leasing Category:

    • Withholding Tax = Rental Income Tax of 14%

    *Above Taxation subject to Government changes

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