The Palm set to take root

Sum Manet / Khmer Times No Comments Share:
Sear Rithy (right), chairman of WordBridge International (Cambodia). KT/Mai Vireak

WorldBridge Land, a subsidiary of WorldBridge Group, has joined hands with Singapore-based Oxley Holdings to jointly invest in a new luxurious resort-like project called The Palm, which will be opposite the Cho Ray Phnom Penh Hospital along the National Road 1. 
 
Sear Rithy, the chairman of WorldBridge Land, a subsidiary of the WorldBridge Group, said his company was collaborating with the Singapore-based company to bring a unique project to Cambodia. 
 
“The Palm has features like a resort, which will be unique in Cambodia after its completion,” he said. 
 
“We are at the auction stage for the construction, so we do not know about the construction value yet.”
 
The project is scheduled to start at the end of July and will take two or three years to complete. The Palm will cover 3.6 hectares and there will be 230 units, or houses, in the project, according to Mr. Rithy.
 
However, he could not give prices for the units, saying the company was waiting for the Value Committee team to determine the price before offering the units for sale on the market. 
 
“Simply the reason to invest in the new project is because of the political stability and economic growth,” he said. 
 
“For us, before such an investment, we clearly study the market, but if we don’t study the market clearly we will not invest,” he added. 
 
WorldBridge and the Singapore-based company have also joined hands to invest in two big projects in Cambodia – The Bridge and The Peak. 
 
Recently The Bridge, a luxury mixed-development project developed jointly by Singapore-based Oxley Holdings and Cambodia’s WorldBridge Land, has been topped out, with premises within already on sale.
 
The $300 million project beside the Australian embassy in the Tonle Bassac district of Phnom Penh is being built by the Shanghai-based Sino Great Wall.
 
The companies also invested in the $580 million The Peak, which features three buildings and is located near the gateway to Diamond Island’s City Hall & Convention Centre and other properties, It is due to be finished by 2020.
 
Lifestyle property developer Oxley Holdings was expected to enjoy record-high profits in 2016 to 2017, according to a report last year by RHB Research.
 
RHB said Oxley had $3.3 billion in total unbilled sales across its development projects in Singapore and other countries. This staggering figure will underpin record profits in the next two years, it said.
 
“Oxley has posted $3.3 billion in total unbilled sales across its local/overseas projects that would underpin record profits over the next two years. It also built up a sizable overseas portfolio to drive the next wave of NAV growth, with planned UK, Cambodia, Ireland, Malaysia and Myanmar launches in the upcoming months. The stock is one of our property sector’s top picks,” said RHB.

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