Meridian Appoint CBRE Cambodia as Sole Agent for ‘Flatiron by Meridian’
Phnom Penh – July 27th, 2021 – Meridian International Holding has today signed an agreement with CBRE Cambodia, instructing the international real estate service provider as their sole agent in the kingdom for sales and leasing at ‘Flatiron by Meridian’, an award-winning, mixed-use project located within the Phnom Penh City Centre development zone.
The agreement was signed this morning 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. The 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 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.
Meridian International Holding’s dedicated and focused approach has led them to a great deal of success, having already completed two exceptional projects, ‘Casa by Meridian’ on Diamond Island and ‘Skylar by Meridian’ on St. 41 at Tonle Bassac district. Furthermore, the group was the recipient of multiple awards at the 2020 PropertyGuru Cambodia Property Awards 2020, including a win for Best Developer.
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.”
More information about ‘Flatiron by Meridian’ is available on CBRE Cambodia’s website, www.cbre.com.kh or calls can be placed to the dedicated project hotline: +855 95 666 152.
About CBRE Cambodia.
Advantage Property Services Co., Ltd., is an affiliate of CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, and the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.kh.