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Meridian International Holding had signed an agreement with CBRE Cambodia last month as sole agent in the kingdom for ‘Flatiron by Meridian’ sale & leasing segment.
The agreement was signed in a ceremony presided over by Mr. Gene Gong, COO of Meridian International Holding and by Mr. James Hodge, Managing Director of CBRE Cambodia.
‘Flatiron by Meridian’ is Meridian International Holding’s latest major real estate development in Phnom Penh. This award winning project occupies land measuring 3,200sqm and extends to 41 storeys. The property incorporates retail spaces and 300 strata-title office units, as well as a 13 floors of units operated as a Citadines Apart’Hotel Branded Serviced Residence managed by The Ascott Limited, a wholly owned subsidiary of CapitaLand, who pioneered Asia Pacific’s first international-class serviced residence.
The alignment between Meridian International Holding and CBRE Cambodia is cemented by a shared belief in the delivery of both premium quality real estate and customer service. James Hodge, Managing Director of CBRE Cambodia said “We were immediately struck by the quality of the project’s construction and the intuitive, user centric design that has been embedded throughout ‘Flatiron by Meridian’s’ DNA. In a turbulent market, we believe that buyers and tenants are searching for a safe haven, and the meticulous approach Meridian International Holding have taken to creating and structuring this project means that buyers can be confident they are making the right choice when investing here.”
‘Flatiron by Meridian’ is on track to complete during the first quarter of 2022 having topped out in June 2020. The project also recently announced a partnership with Thalias Hospitality Group to provide food and beverage services to the project, via their established Khema and Khema Go brands, as well as a new wine bar and restaurant concept to be known as Siena.
The Citadines apart’ hotel units are offered with a 10-year guaranteed rental return that offers averaging an 8.5% annual return, whilst the office spaces are available to purchase for owner occupation or with a 10-year guaranteed return averaging 9.5% per annum. David Pen, CBRE Cambodia’s Director of Residential Sales and Leasing commented “Meridian International Holding have a long-term vision for the Flatiron project, and the returns on offer a very appealing, offering long-term income generation and the option to sell back to the developer at the end of the guaranteed return period, or the freedom to sell on the open market. Considering the potential of the location and the longevity of both the developer and operators intentions and vision, we’d expect capital growth on the project to be strong over the decade long initial guarantee period.”
CEO of Meridian International Holding, Mr. Murry Ko commented “We are excited to welcome CBRE Cambodia on board as our exclusive sales and leasing partner for Flatiron by Meridian in the kingdom. We share a vision for providing solutions that our customers can believe in, and as such CBRE Cambodia is our natural partner for sharing this vision with a domestic audience. We look forward to taking this relationship forward and creating more opportunities for growth and development, as well as inspiring real estate that really works for the investors and occupiers who are attracted to this building.”
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