AmCham’s Real Estate and Construction Committee have hosted an exclusive event presenting an overview of Overseas Cambodian Investment Corporation (OCIC) and its major infrastructure developments in Cambodia, including Koh Norea and the new Techo International Airport in Phnom Penh.
Mr. Thierry Tea, Vice President of OCIC opened the presentation by stating that since the company was established on 31 March 2000 OCIC had invested more than $10 billion and currently has approximately 15,000 employees through more than 100 companies.
“OCIC’s core expertise includes Real Estate, Infrastructure, Construction, Property Development, Education, Hotels, Medical Services, Retail, and Satellite City development,” Thierry said.
“After a very successful 20+ years the OCIC group was now looking to the next 20 years of development across Cambodia with the aim to build the infrastructure and cities needed for Cambodia’s next generation to thrive,” he added.
OCIC satellite city development projects include:
- Koh Pich Diamond Island 100
- Norea Island 125 Hectares
- Chroy Changvar 260 Hectares
- Olympia City Complex 3.9 Hectares
- Nr 51 Industrial Park 500 Hectares
Koh Norea and bridge infrastructure
Mr. Nouviboth Ra, Sales Manager and Deputy to Head of Sales of OCIC said the Norea Island satellite city project located in the heart of Phnom Penh has been allocated a budget of $2.5 billion and spans 125 hectares of newly developed land for urban growth.
“OCIC’s objective is to create an ecosystem and lifestyle center for the international and local population through commercial and residential developments. In addition, are about to start building the most iconic tower in the city – the 555-meter Tower facing the Mekong and Bassac Rivers,” Nouviboth said.
“The group is also committed to contributing to the local economy by creating more jobs while partnerships for the multinational companies for investment in the city that will benefit the development of Cambodia as an attractive hub for growth with Asia Pacific Region,” he added.
According to Nouviboth, the much anticipated ‘Norea Bridge connecting it to Koh Pich is planned for completion in 2023. In addition, the ‘Twin Dragon Bridge’ will also connect the island to National Road 1 accessing more than 200,000 households.
Techo International Airport in Phnom Penh
Mr. Matthew Tan, Director and Head, of Commercial Development Changi Airport, spoke about the new Techo International Airport in Phnom Penh being developed by OCIC which is planned to be in operation by 2025.
“According to the master plan, the new airport will handle 13 million passengers a year in the first phase, 30 million passengers in the second phase in 2030, and up to 50 million passengers in 2050 in the third phase,” Matthew said.
“Built over 2,600 hectares of land in Kandal and Takeo provinces, the 4F class airport is about 20 km south of Phnom Penh. The construction work of the $1.5 billion Techo International Airport has been completed despite the Covid-19 crisis, with work scheduled to be finished in 2024,” he added.
AmCham Real Estate and Construction Committee
Mr. Thomas O’Sullivan Chair of AmCham Real Estate and Construction Committee and CEO / Director of Realestate.com.kh told Cambodia Investment Review the committee was consistently bringing together leaders in the real estate & construction industry through networking events.
“We [the committee] want to add quality content to these events rather than simple networking. We want to provide as much value to our members as possible,” Thomas said.
“OCIC is one of the largest developers in Cambodia, not only in residential real estate but also infrastructure. By exposing our members to groups and events like this, they benefit from getting to know the right people, make connections and start doing business together,” he added.