Set to rise completely by the end of 2018, 88 Suites will be the first SOHO (Small Office Home Office) development on the outskirts of the Boeung Keng Kang I area. It is a product of both taste and quality that are upheld by renowned Malaysian-based architecture firm SW1P Collective and developer YCT Land Pte Ltd, with a host of highly successful projects across Malaysia. It is also funded by Malaysian property developer Chip Hock Realty who likewise have been part of several successful projects such as the University Green and the Pangsapuri Bukit Beruang Bestari, Malaysia.
Only two months into construction, 88 Suites is enjoying a good turnout for where Sor Thida, CEO of Royal 5G Realty Co. Ltd – the exclusive marketing and sales agency of the project – says around 30 percent of the units have already been sold.
In an interview with Realestate.com.kh, she also mentions a few factors that have made 88 Suites an particularly attractive property in the Phnom Penh residential market.Life in Style:
Thida mentions that 88 Suites is “the first full-facility SOHO” property in the area which is meant to provide a dual-use area for small business owners and individuals. It was specifically designed to feature a slim, tall, modern, and spacious theme throughout the whole property with the use of high ceilings and modern fixtures that have been purchased from international brands like Villeroy & Boch, MEX, and GROHE.
To get a feel for the space, you can visit the 88 Suites showroom just behind the Australian Embassy, just near the National Assembly.
Life in Balance:88 Suites is staying true to its mantra – work, live, play – by offering modern amenities that are apt for both office, residential, and entertainment use, all in one address.
Their facilities include free internet access in common areas, meeting rooms, discussion rooms, lobby/lounge, a communal business centre, and an intelligent car parking system. Meanwhile, residents can live here and enjoy the shuttle service offered by 88 Suites, along with the offering of three unit types – the SOHO Luxe, SOHO Loft, and the SOHO Executive. It also includes international standard security features.But you can also wind down and relax at 88 Suites - the property includes features for play such as a sky deck with a swimming pool, a gym with sauna, and a rooftop with a view of the city.
Situated along the edge of BKK1, at the Mao Tse Tung Boulevard, the property is also near establishments like the Parkway Square Shopping Center and Aeon Mall, where you can shop, eat, buy groceries, or grab a coffee. It is also near brand shops, international schools, embassies, and airports. These include Footprints, the Phnom Penh International School, the Embassy of Brunei, and not a long drive from Phnom Penh International Airport.
Thida also mentions that this prestigious location, alongside Mao Tse Tung Boulevard, offers a more convenient flow of traffic and accessibility for residents than the tight, and often jammed, streets of BKK central.Investment Opportunities:
Thida explains that there is a high demand for commercial spaces in BKK1, and 88 Suites offers the flexibility of being both a residential and a business property that can house up to 5 or 6 employees per unit.
Each unit can range anywhere from 50 square meters to 101 square meters and can be priced anywhere in between $150,000 and $400,000.
So far, the developers have partnered with RHB Bank and is able to offer up to 60% loan with easy approval criteria, given the Bank’s trust in the developer. This loan can be paid off up to 10 years for foreign buyers and up to 15 years for local buyers.
Thida also mentions that 88 Suites is a great opportunity for investors to gain long-term monthly rental income returns, which can potentially be as high as 8% yearly. She adds that the units are perfect for small to medium size businesses who are looking to resell later on and get capital gains.
So, if you’re thinking about buying a property that has some good opportunities for future personal investment or your current small business, then it might be worth purchasing a unit at the 88 Suites project.See the full 88 Suites listing today, and visit the showroom in Phnom Penh!