PHNOM PENH: In downtown Phnom Penh, a huge high-end development mimicking the buildings and boulevards of Paris embodies a move to cash in on the “new frontier” for luxury — in the capital of one of Asia’s poorest countries.
By: AFP, Malay MailAn aerial photo taken on March 1, 2024 shows the Elysee Commercial Center building in the Paris-style development along the Bassac river in the satellite city of Koh Pich in Phnom Penh. — AFP picIn downtown Phnom Penh, a huge high-end development mimicking the buildings and boulevards of Paris embodies a move to cash in on the “new frontier” for luxury — in the capital of one of Asia’s poorest countries.
Developers OCIC have transformed what was a swamp on an island, throwing up skyscrapers, an international school and a hospital. Prices for the large Elysee units run up to US$1,300 a square metre — in a country where the GDP per capita is just over US$1,600 and the minimum wage in the garment sector, a major employer, is around US$200 a month.
“Should the customer want to buy, to rent, to have a yield and return on investment, they are very welcome,” Tea told AFP.ADVERTISEMENT Pierre Balsan, the Cambodia managing director for Bluebell, the company behind the mall, said the country was “a new frontier for luxury brands”.