Singaporean investors will invest $300 million to erect a twin-towered commercial building called The Bridge, in downtown Phnom Penh.
The Bridge, which is a joint venture between Singapore Oxley Holdings and Cambodia World Bridge Land, aims to make its mark on the city landscape by constructing a quality, lifestyle-focused residential building. Construction, the developers say, will get under way this year and is expected to be completed in 2018.
CEO of Oxley Holdings, Ching Chiat Kwong, told the Post last week 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.
A SoHo, which refers to “small office, home office”, is a block of small units that are designed for both living and working in and have become increasingly popular in developed cities, such as Singapore and Beijing, said Ching. A SoHo can easily be converted into a residential or office space with a clever mix of interior design and renovation, he added.
The development comes with full common facilities such as swimming pools, gymnasiums and retail outlets for the exclusive use of residents, Ching said.
The Bridge will be built in the Tonle Bassac area – a 45-storey twin-tower mixed development, with a freehold address close to the Australian Embassy. Besides 762 one-to-three bedroom apartments, penthouses and residential units, the project will also include 963 SoHo units.
The size of the average SoHo unit ranges from between 32 square metres to 54 square metres, and prices are expected to start at $100,000, according to Ching.
“My target customers are Cambodians,” said Ching, but he added it would also be good if the units attracted a mix of Cambodians and foreigners so that they could exchange ideas.
“It’s good idea to have your neighbours close by,” he said.
“Oxley is here to achieve success, and not only for ourselves but also for Cambodian society,” said Ching.
Sear Rithy, director of World Bridge Land, said his company owned the land and that Oxley Holdings would be the developer. He added that he was confident the ambitious project would be a success because Oxley Holdings is listed in Singapore and has a solid financial base.
The Bridge is widely expected to be landmark development for Phnom Penh. The developer has already received strong interest in the residential units, and is looking forward to a soft launch of the SoHo units in the middle of next month. An official launch is planned for the end of next month.