Cambodia Investment Review

OCIC Group, one of Cambodia’s leading diversified conglomerates, and CBRE Cambodia, an affiliate of CBRE Group, the world’s largest real estate service firm, have entered into a strategic partnership to develop investment opportunities in Cambodia’s real estate market.

The Memorandum of Understanding aims to create new opportunities for investors, customers, and urban residents. The partnership will mark a new era of development, focusing on the evolution of Koh Pich, located in the heart of Phnom Penh.

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Koh Pich was first redeveloped by OCIC Group in 2005 under the vision of Neak Okhna Dr. Pung Kheav Se, transforming a modest swamp area into a thriving district that is rapidly becoming more international. The district is home to local and foreign startups, SMEs, and multinational companies.

It counts more than 15,000 residents and over 2,500 residential units, including Borey Elite Town, the Canadian International School, and the Ecole Française Internationale. Koh Pich is experiencing a new wave of energy, with recent additions of F&B outlets, such as Starbucks, Brown Cafe, Tube Coffee, and iconic places like Bar Menaka, Penh 278, and Glasshouse, serving the growing residential zone.

Focus on re-zoning the island

The first phase of the partnership will focus on the evolution of OCIC Group’s projects in Koh Pich. CBRE Cambodia Managing Director Mr. Lawrence Lennon explains, “This partnership will not only bring significant benefits to our clients, but also contribute to the sustainable development of Cambodia’s urban landscape.”

The partnership will support the commercialization of the Elysée Shophouses and phase three of Elite Town. The real estate group, which is developing several projects, including Chroy Changvar, Norea City, and the Olympia’s Platinum Squares, is lining up upcoming townships and high-rise buildings to be released in the second semester of 2023. CBRE will be supporting OCIC Group in the forward move to continue developing Koh Pich to become a shining example of sustainable development in Phnom Penh.

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Thierry Tea, Vice President of OCIC Group, comments, “One of OCIC Group’s mission is to create green oasis in the heart of the city, and this is why Coconut Park, Aquation Offices Parks, and soon Connexion Community Hub come to life. We are excited to be working with CBRE to bring and attract more investments from overseas, especially international strategic investors to partner in the next phase of OCIC Group’s developments.”

Lawrence Lenon adds, “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.”

Koh Pich is in its next growth phase, with zoning that is evolving. Enhancements to a revitalized riverwalk that is going around the entire Koh Pich Riverside are underway, where families and couples can enjoy, relax, and exercise. Companies such as Food Panda, Starbucks, Sok Siphana Law, or the Embassy of South Korea have established their offices on Koh Pich. The district is rapidly developing, underlining the trust in the infrastructures envisioned by Neak Okhna Dr. Pung Kheav Se more than 17 years ago.

Utilizing technology for the project

With more than 1,500 new condominium units and 200 new villas coming up, in addition to the bridge with Norea City to be completed by year-end, the traffic in Koh Pich is set to drastically increase in the coming months. OCIC Group, together with its partners and customers, is excited to propose more offerings options for everyone at Koh Pich, with new strategies being created through a growing network of supporting partnerships like the one signed today.

Among the partners advised by real estate investment consultant Jovany Antonio is Dara Ventures, a startup focused on Innovation, Sustainability, and Customer Experience, which is using applied technology for the evolution of Koh Pich’s projects, including lifestyle, entertainment, family-oriented activities, as well as startups and SMEs ecosystems in the making.

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Thierry Tea further adds, “There are still room for additional businesses to set shop in Koh Pich, from convenience stores, supermarkets, coffee shops, western cuisine, Khmer cuisine, fashion retailers, pharmacies, children’s playgrounds, baby care stores, medical clinics, beauty stores, fitness centers, bakeries, souvenir shops, financial institutions, cultural heritage stores or healthy food outlets,” he said.

“We are positioning our company for the next 10 years, and we are delighted to witness that Koh Pich is experiencing a new wave of energy with recent additions of F&B outlets and iconic places. We are committed to providing a sustainable urban oasis in the heart of Phnom Penh,” he added.

The strategic partnership between OCIC Group and CBRE Cambodia 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, they aim to drive positive outcomes for their clients and the broader community in Cambodia.