Following the success of The Bridge and The Peak developments, Oxley-Worldbridge has introduced a new project called The Palms into Cambodia.
Sitting on more than three hectares of land along National Road 1 in the Chbar Ampov district, The Palms aims to be a market leader in Cambodia to introduce a new concept of resort living within your home.
A joint venture between Cambodia’s WorldBridgeLand and Singapore’s Oxley Holdings, The Palms is tipped to consist of more than 200 houses with prices starting from $350,000. This price is subject to change based on the various types available.
With a total cost of more than $100 million, The Palms is set to officially launch in 2017 and will take an estimated two years to complete construction.
Oxley-Worldbridge has always been a market leader with the introduction of many new concepts into Cambodia. Apart from its mixed-use development, Oxley-Worldbridge has this time brought an interesting and unique project which is now not available in Cambodia.
Oknha Sear Rithy, the Chairman of Worldbridge, said: “We aim to be a market leader in Cambodia, bringing new concepts to the market. We do not want to follow the market.
“Our third project The Palms is based on a vision for a unique development with the dwellings resembling resort-like houses. The Palms features an artificial beach which is different from any other projects in Phnom Penh.
“This time round we focus on luxury villas, not condos for now, thanks to the flexibility of the current market. We have already introduced two mega mixed-use developments in the heart of Phnom Penh.
“However, there is no project which offers such facilities within a gated community. Located along the riverside, together with the design concept, home owners will always feel they are taken away from the busy city into a world of relaxation at their doorsteps.”
Like most projects in Cambodia, The Palms targets local middle to high-income Cambodians, but also welcome investors from all walks of life. Despite an already heavily supplied market, Mr Sear believes that with only more than 200 houses sitting on the favourable location, The Palms will be a success like his other projects: The Bridge and The Peak.
“We have no competitors and more than 200 houses is not difficult to sell given the project’s attractive location and unique concept,” said Mr Sear.
“Just a stone’s throw away from the city, you will be able to enjoy the serenity of the waterfront views from the Mekong River at your doorstep and enjoy walks along our eight metre wide waterfront boardwalk.
“With over 60 facilities including a clubhouse to entertain you, you can also enjoy sunbathing at the first man-made beach within your community.”
In fact, new concepts and prime locations are what most developers cannot overlook when it comes to any development project. In other words, concept and location are the keys to success for most real estate developers, not only in Cambodia but around the globe, said Mr Sear.
He added that the reason Chinese developers fail in the Cambodian market is that they do not think about the concept and location when they kick off their projects. They just build for their return of investment: building for self-stay and rental, but not for lifestyle.
In the end, there are no tenants due to the wrong concept. This failure ultimately affects the Cambodian market, leading to international investors’ loss of confidence in the market, he said.
Vat Vin is an editor @ Realestate.com.kh