Oxley Worldbridge to Embed Brand in Cambodia
Following the success of its first 45-story mixed development project-The Bridge, Oxley Worldbridge (Cambodia) Co., Ltd has declared a long term vision to embed its company brand in Cambodia’s burgeoning real estate market.
Oxley Worldbridge, a strategic partnership between Singapore-based Oxley Holdings International and Cambodian-based Worldbridge land will soon announce its second project this year next in line in its pipeline of exciting projects, said Chairman Oknha Rithy Sear. The Developer will be launching a luxury five-star hotel mixed development which also comprises condominium and commercial spaces.
Besides property development, the company will in the longer term plans to get listed in the local stock market or overseas like Hong Kong or Singapore.
“Many locals will eventually start to live in Condos located in the city during working days to enjoy the much needed time convenience and then return to their permanent homes in the suburbs over the weekend,” he said, adding that “We hope Cambodians can fully experience and enjoy a modern lifestyle by having the opportunity to stay and work in a high standard mixed development.”
Unlike most condo projects in the market, The Bridge is the first development in Cambodia which also introduces the new SoHo (Small.office.home.office) concept. SoHo is a very popular concept in developed countries like Singapore as it allows tenants to live and work in the same unit without having to inject a huge capital outlay for their small businesses. It is also highly sought after by foreign companies who need to set up representative offices or branches in Cambodia. To date, the Soho units are close to 70% sold and will continue to sell well in conjunction with the increasing demand trend especially after the regional integration.
“Take 3 to 4 Soho combined units for example, the high ceiling office space can easily accommodate around 20 staff for work purpose and yet allow owner or even his staff to live within the same space after work hours. This will save him a lot of cost,” he explained.
Furthermore, the company’s developments are also strongly supported by the firm’s strategic banking partner, Oxley Worldbridge Specialized Bank which was set up in November 2014. Calling it the land-and-house bank, Rithy said the bank has two clear objectives: one) support clients who need loans to purchase properties or land offered by the company or even other developers, and two) offering smart property investment tips to clients who take loan from them. “It is in our top priority and interest to ensure all clients will enjoy good cash flow through their sound investment and repay the bank.”
Oxley Worldbridge is proud of the trust and support given by investors from Cambodia and many overseas buyers like Singapore and Taiwan. The company is confident that the project construction main contractor, SINO Great Wall will be able to deliver the project on time and in high quality. Sino, a Beijing-based company is also listed in Shenzhen and has vast experience to handle such massive project. The project architectural master plan is also developed by a reputable Singapore-based CK&A Consultancy International Pte Ltd which has extensive experience designing various international large-scale projects.
On project completion, the property management will also be run by a carefully chosen company to ensure high professionalism in maintaining the 5-star living class in The Bridge.
Unlike other condominium projects, Oxley projects will always place more emphasis on Cambodians as the company vision is set to improve the quality of modern lifestyle for Cambodians particular on the middle class or young couples. Due to popular demand for bigger size units, the Developer decided to release additional and final 26 condo units which were previously reserved for its own management.
“Most Cambodian buyers purchase Condo units for own stay and not for investment. If developers focus only on foreign buyers, it should be forewarn that the Condo supply may grow larger than demand and inevitably lead to another property crisis like in the 2009 period,” Rithy warned.
Following the post-ASEAN integration, he shared that Cambodia is well located in the heart of ASEAN particularly between two large countries, Thailand and Vietnam. Therefore, Cambodia will enjoy good prosperity as long as the real estate price rises reasonably along with a good timing when more foreigners start to purchase properties or set up representative offices in Cambodia.
“However, if property prices here rise higher than the level in Thailand and Vietnam, people will definitely go to those countries rather than Cambodia,” he warned local investors by repeating his concern on the potential over-supply when too many projects come alive by 2018. As such, it is important for buyers to invest carefully through four key factors: 1) Developer’s background 2) Project location 3) Return on Investment and 4) Potential on capital appreciation.
Having predicted that the property cycle may change in the coming 3 to 5 years, he also advised that property developments should consider the future market trend, project location, and customer base by focusing more on local buyers than overseas investors.
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