Property developer Hongkong Land yesterday officially launched its flagship development in the Kingdom, Exchange Square, a mixed-use building in the heart of Phnom Penh.

With 26 floors and towering more than 117 metres above the ground, this new commercial building, shopping mall, and office tower will be home to the local offices of international organisations like the World Bank and Unicef.

Robert Wong, CEO of Hongkong Land, said during the grand opening yesterday that the new development seeks to capitalise on the buoyant local economy and booming business activity.

“Hong Kong Land has a number of successful mixed-use developments in major cities across Asia,” he said. “Phnom Penh, being an emerging business and economic hub in the region, is one of the major cities where we hope to expand our presence. Our investment in Exchange Square is proof of our commitment and confidence in Phnom Penh’s real estate market.”

“Exchange Square is well poised to meet the needs of both commercial and retail businesses looking to gain a firm foothold in the region.

“We believe this world-class property will bring a new level of quality in construction, property management and client services to the market, and will make a game-changing contribution to the dynamic transformation of Phnom Penh,” he added.

Pen Sophal, Secretary of State of the Ministry of Land Management, said the presence of projects like Exchange Square in the city is indication that investors have trust in the local economy and that the government has been implementing the right policies.

“The government considers the private sector as a partner and seeks to promote growth in the real estate market. This new development will serve as a catalyst for growth in the property sector.

“Exchange Square does not only represent a feat in engineering and architecture. The project also embodies values like innovation, responsibility, safety, cultural identity, environmental protection and beauty.

According to data from the ministry, the total value of approved construction projects in Cambodia rose by nearly 22 percent in 2017, reaching $6.8 billion.