Two leading real estate giants have signed a strategic partnership to further develop investment opportunities into the market, with a primary focus on developing Koh Pich.
The Memorandum of Understanding between OCIC Group and CBRE Cambodia aims to create new opportunities for investors, customers and urban dwellers, with the first phase targeting OCIC’s projects in Phnom Penh’s rapidly developing Koh Pich.
Lawrence Lenon, Managing Director of CBRE Cambodia, said, “As we embark on a strategic Memorandum of Understanding with OCIC, we recognise the immense potential for collaboration and innovation in the real estate sector. This partnership will not only bring significant benefits to our clients, but also contribute to the sustainable development of Cambodia's urban landscape."
Koh Pich was first redeveloped by OCIC Group under Pung Kheav Se in 2005. It started life as a swamp area and since then has risen to become an enclave of sky-scrapers, homes, startups, multinational companies, green spaces, restaurants and bars.
The real estate developer has assembled a group of industry professionals alongside experienced and young creative architects from France and Cambodia to push Koh Pich’s lifestyle experiences to develop it into an urban oasis in the heart of the capital city.
Thierry Tea, Vice President of OCIC Group, said, “An urban development, anywhere in the world, takes decades to transform and mature. It is a very long-term investment, a tremendous amount of hard work and it genuinely highlights the commitment of the developer for the future of the country.”
He added that today, Koh Pich houses more than 15,000 residents and 2,500 residential units, diverse properties types, including Borey Elite Town, Canadian International School (CIS), Ecole Française Internationale (EFI), CIS Roller Dome, Morgan Tower, Casa Meridian, and recently added offices park, such as Aquation and Elysee Tower.
“One of OCIC Group’s mission is to create a 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 delighted to witness that Koh Pich is experiencing a new wave of energy with recent additions of F&B outlets including Starbucks, Brown Cafe, Tube Coffee and iconic places like Bar Menaka, Penh 278 or Glasshouse, among others, which are serving the growing residential zone,” Tea said.
Other new additions to Koh Pich include a revitalized river walk along the length of Koh Pich Riverside, which families and couples have already started to enjoy. Companies, including FoodPanda, Starbucks, Sok Siphana Law, and the Embassy of South Korea, have also set up shop on Koh Pich.
More than 1,500 new condominium units and 200 new villas are slated to open in Koh Pich soon, in addition to a bridge with Norea City to be completed by the end of the year.
OCIC Group is also forging partnerships with various companies to further develop its vision. These include real estate investment consultant Jovany Antonio, 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, and family-oriented activities, as well as start-ups and SMEs ecosystems in the making.
The partnership with CBRE will support the commercialisation of Elysée Shophouses, and phase three of Elite Town.
Lenon added, "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."
The real estate group, which is developing several projects, in Chroy Changvar, Norea City, or 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, with many exciting new announcements coming this year.
Thursday’s signing ceremony was attended by Lenon, Tea, OCIC Director Lim Lychin, and CBRE Cambodia Deputy Managing Director Kinkesa Kim. The event also welcomed American Chamber of Commerce’s Executive Director Travis Mitchell and Board of Governor Kim Tan Am.
