Sales to the public of properties in the DI Riviera Condominium, in which locally owned OCIC has a stake, officially began on Wednesday.

OCIC will spend about $700 million constructing the complex of five buildings, three with 37 storeys and two with 28.

The complex, being constructed on a 330,000-square-metre site on Diamond Island, will include condominiums, flats, supermarkets and parking space. It is due to be completed by 2017.

Pung Kheav Se, chairman of the board of Canadia Bank and the director-general of OCIC, said the project had initially been under the control of his company, but he had later partnered with two companies from Quanchoa, Investment Cambo and Friendship International Development.

“DI Riviera is a huge project, and we hope it will be a success,” Kheav Se said.

“I think the customers who buy into it will also gain a profit, because the price will continue to increase.” 

Kheav Se did not reveal the unit price.

Pheoung Sophan, secretary of state of the Ministry of Land Management, Urban Planning and Construction, agreed that this was mainly because of Cambodia’s political stability and the good relationship between the private sector and the government.

“The DI Riviera development is another step in the right direction, reflecting the development of construction and engineering in Cambodia,” Sophan said.