Property firm Leopalace21 Corp. has opened a serviced apartment complex in Cambodia to cater to growing demand from foreign business executives and short-term travelers in one of Southeast Asia's fastest-growing economies.
Leopalace21 says its 14-story Granferte Phnom Penh, located in the capital's upscale Tuol Kouk district, features 56 rooms with floor spaces ranging from 38- to 133-sq. meters.
The serviced apartments, built at a cost of about ¥1.7 billion ($15 million), represent the first overseas self-developed property for the Tokyo-based leasing and construction company. It has previously launched similar operations at existing properties in Thailand and Vietnam.
The new apartment complex is about 5 km from the heart of Phnom Penh and 10 km from Phnom Penh International Airport.
Leopalace21 has advanced into Southeast Asia in recent years, joining other Japanese companies tapping into emerging countries in the region to supplement business activity that is lagging at home due to population decline.
Senior Vice President Tadahiro Miyama said in an interview that Leopalace21 has entered the Cambodian market as Japanese and other foreign firms are expanding their presence there to take advantage of its rapid economic growth.
In addition to serviced apartments in the three Southeast Asian countries, the Japanese firm provides office rental services with office equipment suitable for foreign startups in Myanmar and the Philippines.