Logo of Phnom Penh Post newspaper Phnom Penh Post - Barely out of the ground and residential units already gone

Barely out of the ground and residential units already gone

Construction began on The Bridge in June.
Construction began on The Bridge in June. Vireak Mai

Barely out of the ground and residential units already gone

Even though it will be another four years before The Bridge is completed in 2018, 100 per cent of the development’s 762 apartments, penthouses and residential units have already been snapped up

Residential units in The Bridge residential and office tower have sold out – almost four years before development in Tonle Bassac is scheduled to open its doors.

Owners are not expected to be able to move into The Bridge – a $300 million joint venture between Singapore Oxley Holdings and Cambodia World Bridge Land – until 2018.

The 45-storey, twin-tower mixed development project covers 10,090 square metres of land in Tonle Bassac and has an address close to the Australian Embassy.

It will have a full suite of facilities such as swimming pools, gymnasiums and retail outlets for the exclusive use of residents. Besides 762 one-, two-, and three-bedroom apartments, penthouses and residential units, the project will include 963 SoHo (small office, home office) units.

“The condo units are already 100 per cent sold out,” said Sear Rithy, the director of Cambodia World Bridge Land. “The other SoHo units are about 40 per cent sold.”

“I strongly believe that The Bridge has seen success because the local customers are very confident in my company,” Rithy added.

“It’s important that my company Cambodia World Bridge Land cooperates with Singapore Oxley Holdings, which is listed on the Singaporean stock exchange.

“Oxley Holdings Limited will not let it fail because, if it does, their stock will go down. The company that loses the most is theirs, not mine.”

Sear said he had not yet begun to market the SoHo units to overseas customers because he wanted to sell them to locals.

“I want Cambodian people to have luxurious residential and office [space] equipped with modern accessories.”

A SoHo is a unit designed for both living and working in. The size of the average SoHo unit ranges from between 32 square metres to 54 square metres.

Oxley Holdings chief executive Ching Chiat Kwong told the Post that the developer had decided to bring the SoHo concept to Cambodia with the aim of catering to a growing group of sophisticated overseas expatriates and young entrepreneurs who would prefer to own their office spaces rather than leasing them.

“SoHo is so popular in advanced countries such as Singapore and the United States. The SoHo unit is specially designed for both living and working in,” he said.

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