Phnom Penh – On 23 March 2023, OCIC Group and CBRE Cambodia have entered into a Strategic Partnership to further develop investments opportunities in the real estate market in Cambodia. The signing was attended by OCIC Director Ms. Lim Lychin and OCIC Vice President Mr. Thierry Tea as well as CBRE Cambodia Managing Director Mr. Lawrence Lennon and Deputy Managing Director Ms. Kinkesa Kim. Guests included American Chamber of Commerce’s Executive Director Mr. Travis Mitchell and Board of Governor Ms. Kim Tan Am.

This is the first step of a renewed collaboration between the American commercial real estate service firm and the Cambodian real estate diversified conglomerate. The Memorandum of Understanding is aimed at creating new opportunities for investors, customers and urban residents alike. CBRE, which is present in more than 100 countries worldwide and OCIC Group, which develops large scale residential and commercial properties as well as infrastructures since the last 23 years, are starting the first phase of this wider partnership by focusing on the evolution of OCIC Group’s projects in Koh Pich, located in the heart of Phnom Penh. Lawrence Lenon, Managing Director of CBRE Cambodia explains: “As we embark on a strategic Memorandum of Understanding with OCIC, we recognize 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.”

The partnership marks a new era of development with a first focus on the evolution of Koh Pich, which has first been redeveloped by OCIC Group under the vision of Neak Okhna Dr. Pung Kheav Se back in 2005. From a modest swamp area, to transforming into the home of local and foreign startups, SMEs and multinational companies, the district is rapidly becoming more international. The real estate developer has assembled a group of industry professionals alongside experienced and young creative architects, from France and from Cambodia to further develop the lifestyle experience in Koh Pich to grow towards becoming a long term sustainable urban oasis in the heart of Phnom Penh.

Thierry Tea, Vice President of OCIC Group comments: “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. Today Koh Pich counts more than 15,000 residents, over 2,500 residential units, diverse properties types including Borey Elite Town, the Canadian International School (CIS), the Ecole Française Internationale (EFI), the CIS Roller Dome, Morgan Tower, Casa Meridian, or recently added offices park such as Aquation and the Elysée Tower. One of OCIC Group’s mission is to create 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.”

Koh Pich is in its growth phase, with zoning that is evolving. Such an example of this new supporting vision includes enhancements to a revitalized riverwalk that is going around the entire Koh Pich Riverside, where families and couples have already started to enjoy, to relax and exercise. Companies such as Food Panda, Starbucks, Sok Siphana Law, or the Embassy of South Korea have established their offices on Koh Pich. This evolution underlines the trust in the infrastructures envisioned by Neak Okhna Dr. Pung Kheav Se, Chairman of OCIC Group more than 17 years ago.

With more than 1,500 new condominium units and 200 new villas coming up, in addition to the bridge with Norea City to be completed by year end, the traffic in Koh Pich is set to drastically increase in the coming months.

Whether families enjoy mini golf, going to the pool, go-karting, or just relaxing with children at the popular environmentally friendly designed Coconut Park, OCIC Group together with its partners and customers, is excited to propose more offerings options for everyone at Koh Pich, with new strategies being created through a growing network of supporting partnerships like the one signed today. Among the partners advised by real estate investment consultant Jovany Antonio, is 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, family oriented activities, as well as startups and SMEs ecosystems in the making.

The partnership with CBRE will support the commercialization of the Elysée Shophouses, and the phase 3 of Elite Town. Thierry Tea adds: “There are still room for additional businesses to set shop in Koh Pich, from convenience stores, supermarkets, coffee shops, western cuisine, Khmer cuisine, fashion retailers, pharmacies, children’s playgrounds, baby care stores, medical clinics, beauty stores, fitness centers, bakeries, souvenir shops, financial institutions, cultural heritage stores or healthy food outlets. We are positioning our company for the next 10 years and we are excited to be working with CBRE to bring and attract more investments from overseas, especially international strategic investors to partner in the next phase of OCIC Group’s developments.”

Lawrence 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 in, this year.

About CBRE Cambodia

CBRE Cambodia is an affiliate of CBRE Group, the world’s largest real estate service firm, a Fortune 500 and S&P 500 company headquartered in Dallas, Texas, USA, present in over 100 countries worldwide. It was the first international real estate services firm to be established in the Kingdom of Cambodia. Since opening in 2008, CBRE has grown into a market leader in Cambodia and now employs more than 100 full-time real estate professionals, providing strategic advices, effective sales and leasing services for all types of property, as well as project management, valuation, advisory, consulting and research services. www.cbre.com.kh

About OCIC Group

OCIC Group is composed of a group of companies that are affiliated to OCIC. It is one of Cambodia’s leading diversified conglomerate, building opportunities since year 2000. OCIC Group’s business portfolio includes property development, real estate, education, healthcare and medical services, hospitality and leisure, retail, airport, infrastructures, construction and engineering. OCIC Group’s developments include OCIC Wedding Hall, OCIC Exhibition Halls, the Techo International Airport, Koh Pich, Norea City, Chroy Changvar Satellite City, Borey Bassac Garden, Olympia City. http://www.ocic.com.kh

WASHINGTON: The International Monetary Fund (IMF) said on Tuesday (Mar 21) it has reached an agreement with Ukrainian authorities on a loan package worth around US$15.6 billion, to support the conflict-hit country’s economic recovery.

The European country has been locked in a deadly war with Russian troops since they invaded the country in February last year.

“In addition to the horrific humanitarian toll, Russia’s invasion of Ukraine continues to have a devastating impact on the economy,” IMF Ukraine mission chief Gavin Gray said, according to the statement.

The four-year plan, which is subject to approval from the IMF board, would support Ukraine’s “ongoing gradual economic recovery, while promoting long-term growth in the context of post-war reconstruction”, and the country’s path to European Union accession, the statement said.

Ukraine’s economic activity contracted by 30 per cent last year, while poverty rose and much of the capital stock was
destroyed, Gray said.

The IMF predicts Ukraine’s economy will slowly recover over the coming quarters, “as activity recovers from the severe damage to critical infrastructure,” wrought by the war, he added.

But “acute macroeconomic challenges persist due to the scale of the shock and the expansion of the fiscal deficit,” he said.

The board is expected to consider the bailout in the coming weeks, according to the IMF.

Source: AFP/ga

Chinese buyers have returned to the Chon Buri property market, following the lead of Russians, after the reopening of China’s borders earlier this year.

Chanin Vanijwongse, chief executive of property developer Habitat Group, said demand for condos and villas in Chon Buri from Chinese and Russian buyers has been strong since the beginning of
the year.

“After the new year, property agents targeting Chinese and Russian buyers have returned as their buyers are coming back,” he said. “The most popular units are three-bedroom pool villas priced above 10 million baht.”

According to the Real Estate Information Center (REIC), the absorption rate of single detached houses priced 10-15 million baht was the highest in the fourth quarter of 2022 at 8.9%.

Chinese nationals accounted for the largest number of condo transfers each year over the past five years, with 1,207 units worth 3.5 billion baht in 2022, up from 998 units worth 2.1 billion baht in 2021.

The peak period was 2018 and 2019 comprising 2,099 units worth 5.1 billion baht and 2,029 units worth 5.3 billion baht, respectively.
However, the number plummeted to 737 units worth 1.9 billion baht in 2020.

In addition to Chinese, the top 10 nationalities included Russian, American, British, German, French, Australian, Japanese, Swiss and Canadian.

Source: Bangkok Post