Building off of the success of The Bridge, a twin-towered, mixed development residential and commercial building that is slated for completion in 2018, Oxley WorldBridge is set to announce the development of The Peak in September.
Located a stone’s throw away from The Bridge, which sits next to the Toyoko Inn in the Tonle Bassac district, The Peak, expected to be completed in 2020 will transform the area into a vibrant hub of activity. At 55 floors, The Peak will include condominiums, a mall, office space and the renowned Hong Kong-based Shangra-La hotel.
These two developments expand on the successful portfolio of a joint venture formed in 2013 between Singapore-based developer Oxley Holdings and Cambodia’s WorldBridge Land.
Teck Kee Tan, executive director of WorldBridge Land, explained how this new project shows the commitment the company has towards developing the real estate market.
“This is part of our long-term business plan,” he said. “We want to provide dignity with products and services because we feel we owe a responsibility to the country to build [successful] projects.”
He added that just like The Bridge, The Peak took numerous years of careful planning and market research to implement.
“We want to make sure that everything is as close to perfection before bringing it to the market,” he said.
RithySear, WorldBridge Chairman, explained how this new endeavor would not be possible without the collaboration of investors who share the same vision and who understand Phnom Penh’s potential.
“I know the local market, and we learn from each other,” he said. “If a partnership knows how to set a direction, it can move forward. If you do not set a goal, you will not reach a goal.”
Sear went on to say that as Cambodia continues to become interconnected with the rest of ASEAN, it is important that businesses are properly prepared for the upcoming opportunities.
“If you want to bring foreign investors to Cambodia, your company has to be transparent and meet international standards of good governance,” said Sear, emphasizing that financial transparency is not only paramount, but also the key to finding trusted and reliable partners.
When asked about how joint ventures can improve a company’s business, he explained that international companies help to reach the next level of professionalism.
“Most of the Cambodian businessmen don’t see how they can break through the wall and bring in international standards, but you see how things are done overseas, and you learn and adapt to them,” he said.
While the relationship between Cambodia and Singapore has grown stronger in last 20 years, businessmen expect this trend to continue as a large number of Singaporean investors are confident that the property market will thrive, political stability will remain and that the young population will demand quality living standards.
“There is a lot of potential that needs to be tapped in terms of housing because demand is way way beyond supply,” Tan said, noting that it will likely take 20 years of development to meet the needs of a young vibrant country.
“I strongly encourage Singaporean companies to come and visit Cambodia and get a real feel. I hope they get the same feeling and potential about Cambodia to grow their business,” said Tan.
Meanwhile, Sear said that these large projects signify a change that he hopes will replicate Singapore’s astonishing development over the last 50 years.
“Singapore is very good in terms of modern lifestyle. We want to bring this lifestyle to Cambodia,” he said.
“Cambodia is [economically] on the third tier, while Singapore is on the first tier. So as we learn along way, our [economy] and mindset will diversify.”