Covering an area of approximately 140,000 sq m (14 ha), Elite Town is a High-End gated and guarded landing housing development located on Diamond Island (Koh Pich) in Chamkarmon District.
The project forms part of the wider master planned Diamond Island project which is being developed by local developer OCIC; a subsidiary of Canadia Group.
Elite Town was one of the first high-end housing projects in Cambodia, targeting Phnom Penh’s wealthier residents. The entire Elite Town project initially comprised 450 units, however, only 237 houses have been built to date and the master plan is being reviewed.
Key Features
Prime city centre location on Diamond Island, within 150 metres of the Bassac River.
High-End gated and guarded community.
Forms part of a wider mixed use master planned development.
Located in close proximity to Canadian International School.
Target Market
Due to the land ownership laws in Cambodia, foreigners are not permitted to own freehold land thus the primary target market is the domestic market. The development was positioned as High-End, targeting Cambodia’s upper income bracket, and initially owner occupiers. However the majority of units are now rented. The development has proved popular with Phnom Penh’s expatriate community due to the limited availability of housing in the central districts of Phnom Penh as well as it’s proximity to the Canadian International School.
Status and Performance
The project covers a land area of 14 ha and the initial master plan provided for 450 units. However, in view of the slow market upon launching in 2008 and the relatively slow take up recorded upon launch, only 237 houses have been developed to-date. The developer has launched Phase 3 of the project which comprises 147 shop houses. The fact that the developer has launched the shop houses before the remaining villa component points to limited demand for high end villas within this project.
Summary of Property Components
| Components | Type | No. of Units | Plot Size (sqm) | Gross Floor Area (Sqm) & Site Coverage Ratio (%) | Launch / Completion | Current asking Price psm (US$) |
|---|
| Completed |
| Elite Town Phase 1 |
Link House |
27 |
120 - 160 |
345
55% - 74% |
2008 / 2011 |
$1,200 |
| Twin House |
22 |
200 |
314
61% |
2008 / 2011 |
$1,500 |
| Villa Prince |
34 |
260 - 300 |
358
45% - 52% |
2008 / 2011 |
$1,800 - $2,000 |
| Villa Queen |
105 |
300 - 360 |
460
50% - 60% |
2008 / 2011 |
$1,500 - $1,700 |
| Villa King |
49 |
560 - 797 |
568 - 581
42% - 45% |
2008 / 2011 |
$2,200 - $2,900 |
| Future |
| Elite Town Phase 2 |
Villas |
Not Available |
Not Available |
Not Available |
Not Available |
Not Available |
| Elite Town Phase 3 |
Shop Houses |
147 |
84 |
336
80% |
2018 / 2020 |
$1,964 |
Property types available in Elite Town
For more information about property in Elite Town just contact our experienced real estate agents at +855 23 966 878 or by email via enquiry@kh.knightfrank.com.