In a bid to attract local investors to the new Oxley WorldBridge project, the same developers that brought Phnom Penh The Bridge, the company will be holding a VIP launch this Friday at Sofitel to promote The Peak - a bronze enshrined development that will overlook the Mekong River, facing Diamond Island.
Comprised of three 55-storey buildings, the $580 million project will add 1,015 luxury condominium units to the capital’s growing supply.
With 5-storeys of retail space, Rithy Sear, WorldBridge Chairman, explained that The Peak will provide all the conveniences of modern living in the heart of a fast developing area.
“We are targeting both foreign and local investors. But we want to focus on local investors first, so that they can try the lifestyle of living overseas in Cambodia,” he said, adding that the same quality property found in more developed countries in the region such as Thailand, Singapore or Malaysia can be found in Cambodia.
As well as housing luxury condominiums and a mall, The Peak will have 35-storeys of dedicated Grade A office space - although the plan has not been finalized as to how many units it will hold.
The next 20-storeys above will be home to a branch of the renowned Hong Kong-based Shangra-La Hotel with 300 rooms.
“With the growth of the tourism sector increasing year by year, the Shangra-La Hotel will be a main selling point for this development. Shangra-La is well known globally but especially in Asia,” said Sear.
Investments into condominiums can start as low as $150,000 and through Oxley WorldBridge Specialized Bank, investors can receive loans at 8 per cent interest.
Construction of The Peak will begin later this year and is set for completion by 2020.
Meanwhile, The Bridge - a $300 million 45-storey mixed-use development, which has been 100 per cent sold out of condominium units since last December - is on course to be finished by 2018, Sear confirmed.
These two developments expand on the portfolio of a joint venture formed between Singapore-based developer Oxley Holdings and Cambodia’s WorldBridge Land in 2013.
Sear said that when planning a successful project, location is essential especially as the capital expands and traffic becomes more congested.
“To me, as a property developer, we always think about location,” he said.
“For our location, we do not have any big competitors near us. With both The Bridge and The Peak, there is not that much land left over,” he said.
After the VIP launch this Friday, Sear said that Oxley WorldBridge would begin marketing in places like Singapore, Taiwan and Macau.