Logo of Phnom Penh Post newspaper Phnom Penh Post - Local real estate firms partner on Koh Pich

Local real estate firms partner on Koh Pich

Content image - Phnom Penh Post
A memorandum of understanding (MoU) on the “strategic partnership” was signed on March 23 at a ceremony attended by senior officers of both companies as well as representatives of the American Chamber of Commerce in Cambodia (AmCham). PHOTO SUPPLIED

Local real estate firms partner on Koh Pich

Local firms OCIC Group and CBRE Cambodia are joining forces to inject momentum into real estate development in the Kingdom and boost the investment potential of the sector, with a focus on the capital’s most famous man-made island of Koh Pich – also known as “Diamond Island”.

A memorandum of understanding (MoU) on the “strategic partnership” was signed on March 23 at a ceremony attended by senior officers of both companies as well as representatives of the American Chamber of Commerce in Cambodia (AmCham), according to a press release issued in conjunction with the event.

The release described the MoU as “the first step of a renewed collaboration” between the local affiliate of New York-listed real estate firm CBRE Group Inc – which has a presence in “more than 100 countries” – and the OCIC Group, which is behind Koh Pich and has developed residential and commercial properties as well as infrastructure in Cambodia for some 23 years.

The deal is “aimed at creating new opportunities for investors, customers and urban residents alike”, it said, adding that the first phase will specifically focus on the “evolution” of OCIC Group’s projects on Koh Pich – which measures over 1sq km and is located in Chamkarmon district.

CBRE Cambodia managing director Lawrence Lennon explains in the release: “As we embark on a strategic [MoU] with OCIC, we recognise the immense potential for collaboration and innovation in the real estate sector.

“This partnership will not only bring significant benefits to our clients, but also contribute to the sustainable development of Cambodia’s urban landscape.

“We anticipate that this strategic partnership with OCIC will unlock a multitude of new opportunities for both companies, including access to valuable market insights, enhanced services, and the ability to tackle complex real estate challenges with a more collaborative approach.

“By leveraging each other’s strengths, we are confident that we can drive positive outcomes for our clients and the broader community in Cambodia,” he said.

OCIC vice-president Thierry Tea added: “An urban development, anywhere in the world, takes several decades to transform and mature. It is a very long-term investment, a tremendous amount of hard work, and it genuinely highlights the commitment of the developer for the future of the country.

“Today Koh Pich counts more than 15,000 residents, over 2,500 residential units [and] diverse properties.

“We are delighted to witness that Koh Pich is experiencing a new wave of energy with recent additions of F&B [food and beverage] outlets … [to serve] the growing residential zone.”

The release noted that 1,500 new condominium units and 200 new villas are expected to be completed soon, and that the much-anticipated bridge linking Koh Pich to the 125ha Koh Norea is set to be finished by end-2023.

Koh Norea is another OCIC-developed man-made island in the capital, located in Chbar Ampov district’s Niroth commune.

MOST VIEWED

  • Bareknuckle champion wants Kun Khmer fighter

    Dave Leduc, who is the current openweight Lethwei boxing champion in Myanmar, has announced that he will travel to Cambodia this year to challenge SEA Games gold medallist Prum Samnang any time that is convenient, after their planned match later this month in Slovakia was

  • Struggling Battambang artist dreams of staging full-scale gallery exhibition

    Leav Kimchhoth, a 55-year-old artist from Battambang province, is a familiar face to locals and tourists alike on the streets of the riverside in Phnom Penh. The one-armed painter and illustrator often hawks his work near the night market on weekends and public holidays. He

  • Five-year-old Hanuman dances his way into hearts of Cambodia

    A young talent from a new-established settlement has emerged, captivating the online world with his mesmerising performances of the traditional Cambodian monkey dance. Roeun Kakada is a five-year-old prodigy who has taken the social media sphere by storm with his exceptional dance skills and dedication

  • Fresh Covid warnings as Thai hospital fills

    A senior health official reminds the public to remain vigilant, as neighbouring countries experience an increase in Covid-19 cases, with the latest surge appearing to be a result of the Omicron XBB.1.5 sub-variant. Or Vandine, secretary of state and spokeswoman for the Ministry of Health,

  • New Law on Taxation comes into effect

    Cambodia has enacted the eagerly-awaited new Law on Taxation, which aims to improve the national tax regime’s compliance with present and future international standards and economic conditions; encourage accountability, effectiveness and transparency in the collection process; and promote investment in the Kingdom. King Norodom

  • PM warns of int’l election interference

    With the national election scheduled to take place in less than two months, Prime Minister Hun Sen has warned foreign nations and their diplomats not to interfere into Cambodia’s domestic affairs. He also hinted that their statements on court verdicts handed down to any