Overseas Cambodian Investment Corporation (OCIC Group) and Singapore’s Ascott Limited, a member of CapitaLand Investment on Tuesday signed an agreement for the management of the ‘Somerset Diamond Bay Garden Phnom Penh’ in Diamond Island, located at the intersection of all three rivers.
The agreement was signed by Serena Lim, Chief Growth Officer of The Ascott Limited and Dr Lim Lina, Vice Chairwoman of the OCIC Group followed by a press conference held at Canadia Tower in Phnom Penh.
Addressing the opening ceremony, Thierry Tea, Vice President of OCIC Group briefed the effort of Neak Oknha Dr. Pung Kheav Se, Chairman of OCIC and Canadia Bank, who started the initiative to develop infrastructures and urban projects aimed at supporting the growth of the Cambodian population as well as contributing to the Kingdom’s economy over the past three decades.
He appreciated the hard work of Lim Lychin, Director of OCIC Group and Mega Asset Management Co Ltd with the extensive support of Ang Enghuy, Chief Financial Officer of OCIC Group and Mega Asset Management Co Ltd and all of their teams, facilitating the opportunity to collaborate with new partners from Ascott for the first Somerset Residence in Koh Pich.
“Ascott and OCIC, we have a common goal to provide to our existing and new customers the best of what Koh Pich can offer which is the view of the three rivers – the Mekong, the Tonlé Sap and Bassac Rivers,” he said.
The OCIC Vice President said, “In terms of real estate, the most important factor is the location. Koh Pich is one of the best central locations in the capital, and it takes only five to seven minutes to drive from Koh Pich also known as Diamond Island to the Independence Monument.”
David Cumming, Ascott Regional General Manager of Vietnam, Cambodia & Myanmar, emphasised that they are thrilled to collaborate with OCIC and anticipate Somerset Diamond Bay Garden Phnom Penh to become a premier destination for both business and leisure travellers hence this new agreement expands Ascott’s presence in the Kingdom to six properties spanning more than 1,200 units.
“Somerset Diamond Bay Garden Phnom Penh offers a diverse range of accommodations, from studios to 3-bedroom units, catering to short-stay and long-stay demands in the fast-growing Southeast part of Phnom Penh. We hope that this ground-breaking collaboration will set a positive precedent for future endeavours between Ascott and OCIC,” he added.
Responding to the specific query by Khmer Times about the collaboration Thierry said that the country has shown its viability as a real estate investment market and as a dynamic economy with a sustained average GDP growth of six percent over the last decade. As a legacy developer, OCIC is incorporating some touch of innovation through key partnerships such as Ascott with the Somerset brand to get closer to global standards.
The event saw the presence of Andrew Tay, President of the Singapore Chamber of Commerce, Anthony Galliano representing AmCham, and Ann Thida, Director of PropNex Cambodia along with honourable guests from related businesses and media, a total of nearly 50 attendees.
Based on OCIC, Somerset Diamond Bay Garden Phnom Penh is part of Diamond Bay Garden, an upcoming 37-floor high-rise residential development that overlooks the Mekong River which is the property developed by OCIC and received the Award for Best Waterfront Condominium Asia-Pacific by PropertyGuru last year.
Located on ten of the higher floors, Somerset Diamond Bay Garden is a strategic addition to Ascott, with the Somerset brand being the second largest in the hospitality company’s global portfolio and this alliance reinforces the commitment of both Ascott and OCIC to improve the quality of hospitality services and lifestyle in Koh Pich, which is quickly becoming a growing Central Business District (CBD) of Phnom Penh.