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Cambodia & Economy : Ascott signs with OCIC to launch Somerset Diamond Bay Garden Phnom Penh

Singapore's The Ascott Limited (Ascott), the wholly-owned lodging business unit of CapitaLand Investment, has entered into a management agreement with Overseas Cambodian Investment Corporation (OCIC), for the management of Somerset Diamond Bay Garden Phnom Penh in Koh Pich.

Somerset Diamond Bay Garden Phnom Penh is part of Diamond Bay Garden, an upcoming 37 floors high-rise residential development that overlooks the Mekong River. The property, developed by OCIC, has received the Award for Best Waterfront Condominium Asia-Pacific by PropertyGuru in 2023.

Located on 10 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.

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.

Mr. David Cumming, Regional General Manager of Vietnam, Cambodia & Myanmar, Ascott emphasised:

"We 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. This new agreement expands Ascott’s presence in Cambodia to 6 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."

Koh Pich has been selected for its very central location, and its growing mix of commercial and residential neighbourhoods. The opportunity to provide an unparalleled river view of the Mekong, the Tonle Sap and the Tonle Bassac will enable residents to fully enjoy a strategic location and the benefits of upcoming parks, cafes, F&B options as well as the energy from the rising tech and start-ups ecosystem. The 15,000 residents working or living in Koh Pich have started to fully utilize the recently completed Riverwalk for either early morning run or exercises while others are simply appreciating the fresh breeze from the riverside.

Diamond Bay Garden is ideally situated at the heart of Koh Pich, accessible to various key landmarks such as the Independence Monument, the Royal Palace, the National Museum, the Riverside, Aeon Mall or Norea City all within a five-to-ten-minute drive. The convenience is enabling the residents to benefit from the local vibrancy while enjoying the panoramic views of the Mekong River and the Tonle Sap, as well as the Phnom Penh City’s skyline.

The sense of community from the different neighbourhoods of Koh Pich and the continuous improvements of the infrastructures have contributed to the addition of new businesses and food options over the last 18 months. This growth positions the surroundings of Somerset Diamond Bay Garden as a new place to be.

Some key guests witnessing the event included Mr. Andrew Tay from the Singapore Chamber of Commerce, Mr. Anthony Galliano from AmCham Cambodia and Ms. Ann Thida of PropNex.

At the signing ceremony between OCIC and Ascott, Thierry Tea, Vice President of OCIC Group commented:

“We are excited to collaborate with a world class hospitality management partner like Ascott. We want to optimise the value of Diamond Bay Garden for our existing and future customers.”

Cambodia has shown its viability as a real estate investment market and as a dynamic economy with a sustained average GDP growth of 6% 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.” Tea added.

When completed, the Diamond Bay Garden property, which is financed by Canadia Bank, will feature 37 floors with amenities including swimming pool, gym, cafes, business centre, laundry services and children’s playground as well as rooftop F&B facilities enhancing the lifestyle within the complex. With an expected average of 8% GRR (guaranteed rental return) within 10 years, the Diamond Bay Garden project is offering attractive investment programs for customers in Cambodia and within the Asia Pacific region.

 

About OCIC Group

OCIC Group is a Cambodian diversified conglomerate. OCIC Group is a group of companies and businesses that are affiliated to OCIC and includes a business portfolio in property development, real estate, education, healthcare, airport, construction & engineering, retail, hospitality to media and leisure. OCIC's major developments include the Techo International Airport, Koh Pich, Norea City, Chroy Changvar Satellite City and the Olympia City. OCIC Group is a member of Canadia Integrated Group. www.ocic.com.kh.


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