Singapore-based lodging business unit The Ascott Limited (Ascott), a wholly-owned subsidiary of CapitaLand Investment, has recently entered into a management agreement with Overseas Cambodian Investment Corporation (OCIC) to launch Somerset Diamond Bay Garden Phnom Penh in Koh Pich.
The management agreement was formalized through the signing by Ms. Serena Lim, Chief Growth Officer of The Ascott Limited, and Dr. Lim Lina, Vice Chairwoman of the OCIC Group.
Situated within the larger Diamond Bay Garden development, this upcoming residential project boasts 37 floors and provides a stunning view of the Mekong River. Developed by OCIC, the property received the acclaimed Best Waterfront Condominium Asia-Pacific award by PropertyGuru in 2023.
Strategically located on the higher floors, Somerset Diamond Bay Garden represents a significant addition to Ascott, with the Somerset brand being the second-largest within the company’s global portfolio.
This collaboration underscores the shared commitment of Ascott and OCIC to enhance the quality of hospitality services and lifestyle offerings in Koh Pich, which is rapidly emerging as a growing Central Business District (CBD) in Phnom Penh.
Mr. David Cumming, Regional General Manager of Vietnam, Cambodia & Myanmar, Ascott, expressed his enthusiasm, stating, “We are excited to partner with OCIC and anticipate that Somerset Diamond Bay Garden Phnom Penh will establish itself as a premier destination for both business and leisure travelers. This agreement expands Ascott’s presence in Cambodia to six properties, comprising more than 1,200 units. Somerset Diamond Bay Garden Phnom Penh offers a diverse range of accommodations, from studios to three-bedroom units, catering to the demands of short-stay and long-stay visitors in the fast-growing Southeast part of Phnom Penh. We hope that this groundbreaking collaboration will set a positive precedent for future ventures between Ascott and OCIC.”
Koh Pich’s central location and its mix of commercial and residential neighborhoods make it an ideal choice for this development. Residents will enjoy unparalleled views of the Mekong, the Tonle Sap, and the Tonle Bassac rivers, along with the benefits of upcoming parks, cafes, and dining options. The area also benefits from the energy of the rising tech and start-up ecosystem. With the completion of the Riverwalk, residents of Koh Pich can enjoy early morning runs or simply relax by the riverside and embrace the refreshing breeze.
Diamond Bay Garden is positioned at the heart of Koh Pich, offering easy access to major landmarks such as the Independence Monument, the Royal Palace, the National Museum, the Riverside, Aeon Mall, and Norea City, all within a short five-to-ten-minute drive. This convenient location allows residents to enjoy the vibrancy of the local community while relishing the panoramic views of the Mekong River, the Tonle Sap, and the Phnom Penh City skyline.
The sense of community that has developed within the various neighborhoods of Koh Pich, coupled with ongoing infrastructure improvements, has contributed to the addition of new businesses and food options in the area over the past 18 months. This growth positions Somerset Diamond Bay Garden and its surroundings as a desirable destination.
The signing ceremony witnessed the presence of key guests, including Mr. Andrew Tay from the Singapore Chamber of Commerce, Mr. Anthony Galliano from AmCham Cambodia, and Ms. Ann Thida of PropNex.
Expressing his excitement about the collaboration, Thierry Tea, Vice President of OCIC Group, stated, “We are thrilled to collaborate with a world-class hospitality management partner like Ascott. Our aim is to maximize the value of Diamond Bay Garden for our existing and future customers.”
The real estate investment market in Cambodia has demonstrated its potential, with a dynamic economy reflected in sustained average GDP growth of 6% over the last decade. As a legacy developer, OCIC aims to bring innovation to its projects through strategic partnerships with established brands like Ascott and the Somerset brand, pushing closer towards global standards.
Upon completion, the Diamond Bay Garden property, which is financed by Canadia Bank, will offer an array of amenities across its 37 floors, including a swimming pool, gym, cafes, business center, laundry services, children’s playground, and rooftop dining facilities. With an expected average guaranteed rental return (GRR) of 8% within 10 years, the Diamond Bay Garden project presents attractive investment opportunities for customers in Cambodia and the wider Asia Pacific region.
About OCIC Group
OCIC Group is a Cambodian diversified conglomerate affiliated with Overseas Cambodian Investment Corporation. It encompasses a wide range of businesses and companies involved in property development, real estate, education, healthcare, airport services, construction and engineering, retail, hospitality, media, and leisure. Notable developments by OCIC Group include Techo International Airport, Koh Pich, Norea City, Chroy Changvar Satellite City, and Olympia City. OCIC Group is a member of Canadia Integrated Group. For more information, visit www.ocic.com.kh.
