The Gateway Review: 572 Homes Over 299 Strata Offices
TACC's Toul Kork landmark on Russian Boulevard pairs a 39-storey residential tower with 299 strata offices. What that neighbour does to your building.
Quick answer: The Gateway is TACC’s completed landmark on Russian Federation Boulevard in Toul Kork, a 36-storey office tower with 299 strata offices and a 39-storey residential tower with 572 homes, over a two-storey retail podium. Buying an apartment here means joining a building whose other half is a strata office market at roughly 64% citywide occupancy.
An earlier version of this page placed The Gateway in Tonle Bassac. It is in Toul Kork, on Russian Federation Boulevard, and the developer is TACC (C.R) Ltd of Singapore’s Tiong Aik group. The correction matters because district sets rent, and this page is about what the building’s own composition does on top of that.
What is The Gateway and who built it?
The Gateway is a completed mixed-use landmark on Russian Federation Boulevard in Khan Toul Kork, developed by TACC (C.R) Ltd of Singapore’s Tiong Aik group. It pairs a 36-storey office tower of 299 strata units with a 39-storey residential tower of 572 apartments, above a two-storey retail podium, delivered around 2019.
| Fact | Verified position | Note |
|---|---|---|
| Developer | TACC (C.R) Ltd, Tiong Aik / TA Corporation (SG) | Listed parent in Singapore |
| Location | Russian Federation Boulevard, Khan Toul Kork | Airport-to-city arterial |
| Office tower | 36 storeys, 299 strata office units | Sold to individual owners |
| Residential tower | 39 storeys, 572 condominium units | One to three bedrooms |
| Retail | Two-storey podium | Shared frontage |
| Completed | Around 2019 | Seven years of operating record |
Our read of this building turns on a structural choice the developer made at the outset: the offices were sold as strata rather than retained. A tower held by one landlord has one decision-maker who can absorb a bad year, refit a floor, or discount to fill space. A tower divided among 299 owners has 299 decision-makers, no coordinated leasing strategy, and a service-charge obligation that continues whether or not each unit is let. That is a genuinely different animal from an office block with a single owner, and it sits on the other side of the same podium as 572 households. The residential product itself is ordinary and sound: a completed tower on a main artery, individual titles, foreign-eligible, with a district position that is neither premium nor cheap. The interesting risk is not in the apartments.
Start with the Toul Kork profile for what the district rents and sells for. The commercial half of this building only makes sense after the office investment guide and its completed counterpart the Flatiron; the sinking fund and fees guide and foreign ownership and strata title cover the money and the title.
How does foreign ownership work across two towers?
Foreign buyers can hold freehold strata in either tower above the ground floor, inside the cap of 70% of total private-unit area, and the two towers are counted separately, because the cap attaches per co-ownership building rather than per scheme. That distinction is the first thing to establish in writing here.
| Ownership item | Residential tower | Office tower |
|---|---|---|
| Legal basis | Strata co-ownership, Sub-Decree 126 | The same framework, commercial use |
| Foreign cap | 70% of that building’s private-unit area | Counted separately |
| Title | Individual strata title per unit | Individual title per office |
| Buyer today | Resale from an owner | Resale from an owner |
| Extra document | Co-ownership regulations | Use, signage and hours clauses |
| Age | Completed ~2019 | Same |
What we could verify is that both components carry genuine individual titles, which is why the diligence file is short and entirely obtainable. Our underwriting checklist for a seven-year-old strata building runs to the title copy, an encumbrance search at the Land Office, a dated quota-headroom extract for the correct tower, the co-ownership regulations and the sinking-fund statement. The building-specific addition here is a sixth document that most residential buyers never think to request: the podium and shared-services budget, showing how costs divide between the residential tower, the office tower and the retail levels. In a single-use condominium that document is uninteresting. In a scheme where one half of the floor area is commercial and the commercial market is soft, it is the document that tells you whether your service charge is subsidising empty offices.
Can foreigners buy property in Cambodia sets out the framework, strata co-ownership registration the mechanics, and due diligence step by step the order to do them in. Transfer costs are itemised in the closing-costs guide, and the quick pre-purchase questions in the strata title FAQ.
What does a soft office market do to a residential owner?
Phnom Penh’s office market reads about 64% occupancy against a pre-supply peak near 90%, with asking rents roughly 20% below 2019 and stock heading toward 1.3 million sqm. In a building where 299 strata offices share a podium with 572 homes, that market is not background news: it is a third of your building’s owners under income pressure.
| Input | Figure | Effect inside this building |
|---|---|---|
| Office occupancy | ~64% citywide | Empty units still owe service charge |
| Grade A asking rent | $28-$40 per sqm per month | The band the offices compete in |
| Office service charge | $2-$5 per sqm per month | The commercial cost base |
| Condo service charge | ~$1.50 per sqm per month | Yours |
| Stock added | 144,000+ sqm in one year | Pressure is supply-driven, not cyclical |
| Owners | 299 offices, 572 homes | Two constituencies, one budget |
Insider tip: ask the managing agent for the arrears position by component, not for the building as a whole, the aggregate figure hides exactly the thing you are trying to see. Where a strata-office tower runs at citywide occupancy, a meaningful share of those 299 owners are carrying an unlet unit, and unlet owners are the slowest payers of service charges anywhere in the world. Arrears in the commercial component eventually reach the residential owners in one of two ways: the shared budget under-collects and maintenance is deferred, or the collecting entity raises everybody’s contribution to cover the gap. Neither shows up in a viewing. Both show up in a two-page statement that a functioning management company can produce in a week, and the red flag is not high arrears: it is a manager who does not track them separately.
The numbers behind the office market are in the office investment guide, with the Flatiron as the city’s other large completed strata-office scheme. For the residential cost side see the sinking fund and fees guide; for commercial exposure generally, the commercial property guide; for district context, the Toul Kork profile.
Who rents the apartments on Russian Boulevard?
Toul Kork rents to a mid-band tenant: local professionals, families near the universities and hospitals, and regional expatriates who want a main-road address without a premium-district price. The central range for a modern one to two-bedroom is $400 to $1,000 a month, and the boulevard position with a retail podium supports the upper half of that band rather than the top of it.
| Tenant input | Position | Note |
|---|---|---|
| District band | $400-$1,000/month, modern 1-2BR | Toul Kork sits mid-range |
| Draw | Boulevard access, podium retail, airport road | Convenience over prestige |
| Competing districts | BKK1, Tonle Bassac | Take the premium tenant |
| Vacancy backdrop | ~15% citywide | Applies here too |
| Service charge | ~$1.50 per sqm per month | ~$1,260/year on 70 sqm |
| Modelled net | 3-5% after costs | The corpus’s standard band |
The methodology is the one this site applies everywhere, and we analyzed the district’s own bands rather than the scheme’s marketing: take an achievable rent, subtract a real void, subtract management and the service charge, and only then compare with the asking price. A 70 sqm two-bedroom let at $750 grosses $9,000 a year; strip a month’s void, a 10% management fee and $1,260 of service charge and roughly $6,640 remains before tax. Against a $150,000 purchase that is about 4.4% net: an honest Phnom Penh number, and one that does not depend on believing anything about the offices downstairs. What the office component changes is not the rent but the cost line, which is why this page spends its attention there. Underwrite the rent from the district and the cost from the building, and the two together give you a figure worth negotiating against.
Underwrite with the Phnom Penh rental yield guide and the honest distinction in net vs gross yield. If you will not be in the country, read the management guide; the tax line is in rental income tax and the tenant evidence in the Toul Kork profile.
Looking at an apartment in The Gateway? We will pull the arrears position by component, the podium cost split and closed comparables in the residential tower, the three numbers that decide this building.
Check the shared budgetHow does it compare with a single-use tower?
Against an ordinary Toul Kork condominium, The Gateway trades a simpler cost structure for a stronger address and a completed podium. Against the Flatiron in Daun Penh, the city’s other large completed strata-office scheme: it is the residential-led mirror image, and the two together are the best available evidence on how strata offices behave in Phnom Penh.
| Option | Composition | The trade |
|---|---|---|
| The Gateway | 572 homes + 299 offices + retail | Address and amenity, shared with a soft market |
| Single-use Toul Kork condo | Homes only | Simpler budget, thinner amenity |
| The Flatiron | 272 offices + 330 apart-hotel units | Commercial-led, same structural question |
| District band | $1,400-$1,900 per sqm typical | What Toul Kork trades at |
| City average | ~$1,800 per sqm | The anchor |
| BKK1 premium | $2,800-$3,500 per sqm | What leaving the district costs |
Our read on the comparison is that mixed use is neither good nor bad in itself: it is a set of documents. A buyer who obtains the apportionment schedule, the arrears position and the sinking-fund record has removed most of the uncertainty this page describes, and is then buying a completed tower on a permanent arterial from a listed Singaporean group at district pricing, which is a reasonable thing to buy. A buyer who skips those documents is taking an unpriced position in the Phnom Penh office market without knowing it. That is the entire difference, and it costs about two weeks of asking. The buyer scenario that suits this building best is an owner-occupier or long-let investor who values the boulevard and the podium and is comfortable reading a management statement; the buyer it suits worst is one who wants a simple, single-use asset and will not look past the show unit.
Set it beside the Flatiron, the commercial-led mirror image of this scheme, and beside the district itself in the Toul Kork profile. Then work the general decision through buy new vs resale, best condos to buy in Phnom Penh and the resale valuation guide.
What we could verify, and one correction
| Claim | Classification | Evidence |
|---|---|---|
| Developer: TACC (C.R) Ltd, Tiong Aik group | Verified | Developer and agency sources |
| Russian Federation Boulevard, Khan Toul Kork | Verified | Corrects this page’s former “Tonle Bassac” |
| 36-storey office tower, 299 strata offices | Verified | Project documentation |
| 39-storey residential tower, 572 units | Verified | Project documentation |
| Two-storey retail podium | Verified | Project documentation |
| Completed around 2019 | Verified | Standing and occupied |
| Arrears by component | Must obtain | Management statement |
| Quota headroom, residential tower | Must obtain | Dated ledger extract |
The district correction is the important row. This page previously described a Tonle Bassac building, which put it in the wrong rent band, the wrong comparable set and the wrong district guide. Everything downstream of the location, the tenant profile, the yield arithmetic, the comparison set, has been rebuilt on Toul Kork.
Advantages and disadvantages
For the purchase: a completed 2019 building with seven years of records; a listed Singaporean developer; individual strata titles in both towers; a permanent arterial address with airport access; a retail podium that serves residents rather than tourists; and district pricing well below BKK1 for comparable modern space.
Against it: a third of the scheme’s owners sit in a strata-office market running near 64% occupancy; service-charge arrears in that component eventually reach the residential budget; the boulevard is noisy and busy by design; Toul Kork rents mid-band, so the amenity does not command a premium-district figure; and the podium’s cost split is decided by a schedule most buyers never request.
Buyer scenarios and decision framework
A long-let investor who reads management statements is the right buyer and can price this building accurately. An owner-occupier who wants boulevard convenience and podium retail gets genuine daily value at district money. A buyer specifically wanting office exposure should read the Flatiron page first and decide whether they want to be a strata-office landlord at all. And any buyer who will not request the arrears and apportionment documents should choose a single-use tower instead, because in this scheme those documents are the investment case.
Closing verification checklist
Before an offer: confirm the tower and obtain its quota-headroom extract; request the arrears position split by residential, office and retail; obtain the podium and shared-services cost apportionment; read the sinking-fund statement and its spending history; run the Land Office title and encumbrance search; assemble closed comparables from the residential tower only; model rent from the $400 to $1,000 district band with a real void; and check the stamp-duty position before the 2026-12-31 window closes, with the 20% capital gains regime from 2027 in the exit plan.
Frequently Asked Questions
On Russian Federation Boulevard in Khan Toul Kork, Phnom Penh, not Tonle Bassac, as this page previously stated. The developer is TACC (C.R) Ltd, part of Singapore's Tiong Aik / TA Corporation group, and the scheme completed around 2019.
Two towers over a two-storey retail podium: a 36-storey office tower with 299 strata-titled office units, and a 39-storey residential tower with 572 condominium units in one, two and three-bedroom layouts. Both were sold to individual owners.
Yes, in both towers, above the ground floor and inside the cap of 70% of total private-unit area. The cap attaches per co-ownership building, so the towers are counted separately: request the ledger for the tower you are actually buying in.
Through the shared budget. Phnom Penh office occupancy reads about 64% against a pre-supply peak near 90%, with asking rents roughly 20% below 2019, so a share of those 299 owners carry unlet units while still owing service charges.
Toul Kork is mid-band: modern one and two-bedroom stock lets in the central range of $400 to $1,000 a month, with the boulevard position supporting the upper half rather than the top. Model a real void and the service charge before comparing with the price.
It is a completed building with a named developer, individual titles and seven years of record, all checkable before payment. The open question is the office component's health, which you can measure by requesting occupancy and the arrears position by component.
Frequently Asked Questions
On Russian Federation Boulevard in Khan Toul Kork, Phnom Penh, not Tonle Bassac, as this page previously stated. The developer is TACC (C.R) Ltd, part of Singapore's Tiong Aik / TA Corporation group. The scheme completed around 2019.
Two towers over a two-storey retail podium: a 36-storey office tower holding 299 strata-titled office units, and a 39-storey residential tower holding 572 condominium units in one, two and three-bedroom layouts. Both components were sold to individual owners rather than held by one landlord.
Yes, in both towers. Strata co-ownership allows foreign freehold above the ground floor inside the cap of 70% of total private-unit area, and the same machinery covers the office units. Ask for the quota ledger of the specific tower you are buying in, because the two are counted separately.
It does, through the shared budget. Phnom Penh office occupancy reads about 64% against a pre-supply peak near 90%, with asking rents roughly 20% below 2019. Weak occupancy next door means 299 owners with softer income contributing to the same podium, plant and security arrangements you do.
Toul Kork is a mid-band district: modern one and two-bedroom stock lets in the central range of $400 to $1,000 a month, with the boulevard position and the podium supporting the upper half rather than the top. Underwrite that band, not a premium-district figure, and subtract a realistic void.
It is a completed building with a named Singaporean developer, individual strata titles and seven years of operating record, all of which can be checked before you pay. The open question is the office component's health, which is a building-level risk you can measure by asking for the podium's occupancy and the service-charge arrears position.
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