In Brief: New $30m development

JAPANESE developer Arakawa Co broke ground Thursday on a US$30 million apartment building in Phnom Penh’s Russei Keo district overlooking the Tonle Sap river. The 16-storey Bellevue Apartment will have 143 residential apartments, a high-tech security system, fitness centre, tennis court, swimming pool and rooftop garden Arakawa Chief Executive Officer Alex Yasumoto said at the event. The apartments will be rented rather than sold, and rental prices will be based on the market at the time, he added. The market is expected to recover once a recovery from the economic crisis kicks in.