Japanese property firm Leopalace21 Corp will build a $15million, 14-storey serviced apartment complex in Phnom Penh to cater to the growing demand from foreign business executives and short-term travellers in the region.

Granferte Phnom Penh will feature 56 rooms ranging from 38-133m2, and joins existing Leopalace21 properties in Thailand and Vietnam, as other Japanese companies also move into the region business at home stalls due to a decline in population.

According to the Council for the Development of Cambodia, Japanese companies are now involved in 115 different projects in the country, which in total are worth $1 billion and have created 36,000 jobs.

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