Cambodia Investment Review
OCIC Group, Cambodias diversified Real Estate conglomerate specialized in urban development, and Big C, one of the Southeast Asias largest supermarket chains operating over 2000 outlets across Thailand, Hong Kong, Vietnam, Laos and Cambodia, are thrilled to confirm their previous initial MOU for a strategic partnership to develop a $15 million – 2.7-hectare hypermarket space in the thriving Sovann Machha roundabout in Chroy Changvar Satellite City, Phnom Penh.
The signing of the new Memorandum of Agreement marks an extraordinary milestone cementing the initial MOU signed back in April 2023. The new agreement will see the start of the construction to build an enhanced retail landscape and contribute to the economic growth of Phnom Penh and Cambodia.
Attended by a delegation from Canadia Group the, official signing ceremony was led by the group’s Founder and Chairman Neak Okhna Dr. Pung Kheav Se, Canadia Group Vice Chairperson Dr. Lim Lina, OCIC Group Director Ms. Lim Lychin, OCIC Group Chief Financial Officer (CFO) Mr. Ang Enhuy, and OCIC Group Vice President Mr. Thierry Tea as well as BIG C Chief Operating Officer (COO) Gary Hardy, BIG C Vice President Suwin Somsri, Big C Senior Manager for Business Development Nattasuda Komoltham and Big C Business Development Executive Sonita Samnang.
The hypermarket soon to commence construction will augment the concept of shopping by offering a wide selection of fresh produce, dry goods, and imported products in a space all too familiar to Big C shoppers. With a commitment to customer service, Big C will deliver to shoppers an experience with the project anticipated to open within the next 18-24 months.
Ms Lim Lychin, Director of OCIC Group commented We are delighted to enter into this agreement; with Big C and the wider Berli Jucker Company (BJC) of Thailand in bringing an expanded range of hypermarket services into the nations capital of Phnom Penh. With our shared commitment to excellence consistent to the vision of our founder and Chairman, Neak Okhna Dr. Pung Kheav Se as we aim to evolve the retail experience for residents by providing a wide range of high-quality products in a clean and spacious environment. This collaboration reflects OCIC Group’s dedication to driving economic growth and enhancing the well-being of the community we serve.
Big C, known for its exceptional commitment to quality and customer satisfaction, is equally enthusiastic about the project. Gary Hardy, Chief Operating Officer from Big C, stated, “We are thrilled to partner with
OCIC Group to introduce our hypermarket concept to Chroy Changvar District. With our diverse range of products and customer service, we are confident that this collaboration will set new standards for retail excellence in the region. Together, we will create a shopping destination that exceeds the expectations of the local community.
The agreement between OCIC Group and Big C signifies a remarkable synergy between two industry leaders, sharing a common vision of fostering economic growth and delivering an unparalleled retail experience. By combining their expertise, resources, and dedication, OCIC Group and Big C are poised to reshape the retail landscape of Chroy Changvar District, empowering local businesses and enriching the lives of its residents.
Thierry Tea, Vice President of OCIC Group confirms that the project is a 30 years investment outlook, for both companies, with a focus to provide more options to serve the young Cambodian population that is fast evolving. Tea adds: we have to be more innovative and we have to be different. We are entering a new era for Cambodia, and our customers are looking for fast changing trends and lifestyle aspirations that are more and more similar to mature Asian countries but still very much attached to Khmer culture and traditions.
Spending more time with family, work life balance, education for children, sports, caring for the environment while having wider choices, are some of the key criteria in the consumer behavior of the young generation. The population that is younger than 30 years old represent close to 70% of the population of Cambodia. Consequently, the nascent but already competitive retail market is in demand for new concepts explains Thierry Tea.
The Chroy Changvar Peninsula district, home to over 200,000 residents, is surrounded by Cambodias two largest rivers, the Mekong River and the Tonle Sap. This provides a unique value proposition to the fast-growing district, which saw in the recent years, numerous townships developments and entertainment options such as Dinosaurs Park and Ice Skating that are family and kids friendly, but also several government facilities relocating within the area.
Some of the very active government agency now located in Chroy Changvar include Khmer Enterprise, the Techo Startup Center, both under the Ministry of Economy and Finance.
Along with several car garages, several car garages and showrooms, education facilities such as Cambodia University of Science and Technology (CamTech), coffee shop brands in the likes of Starbucks or Tube have also started to move to the OCIC Chroy Changvar district.
In addition to the growing population and interests for the district, the newly completed Russey Keo Bridge crossing over the Tonle Sap River has been opened and has been operated since June 2023.
OCIC Group will be delighted to share additional/more exciting upcoming developments and partnerships with as they aim to bring additional products and services to our customers, bringing everyone closer together and adding value to our vibrant and dynamic communities.
