Construction of ?the Bridge? Kicks Off

• 31 December 2015
• Local News
• 1686 Views

Groundbreaking for the 45-story, twin-tower condominium development, “The Bridge”, was launched on June 12 to tap into a growing demand for high-end residential and commercial units. Developers and realtors say the complex will be a gem along the city’s riverbank.

The complex is being developed by a joint venture named Oxley World Bridge (Cambodia) Co. Ltd. It is a cooperative effort between Cambodia’s World Bridge Land, the owner of the land, and Singapore’s Oxley Holding International, the developer.

The project is estimated to cost US$300 million, and construction is expected to be completed in 2018. Information on the main contractor handling the project has not yet been released.

When it is built, “The Bridge” will be the nation’s tallest high-rise; 154 meters tall. The complex will feature a four-story supermarket, 762 residential units, and 963 SOHO (home office) units in the Tonle Bassac district of Phnom Penh.

There will also be a business center, shops, restaurants, a sports club, children’s entertainment, and other facilities.

Groundbreaking kicked off 10 days after the sales center was opened in late May. According to Oxley Holdings, of the 762 residential units and 963 SOHO units, about 500 residential units and 200 SOHO units had been sold as of June 12. Floor space costs on average US$3,000 per square meter. The price per unit ranks from US$100,000 to US$300,000. The majority of the buyers are Cambodians, but the project also has drawn buyers from Singapore, Taiwan, Malaysia, and China.

Ching Chiat Kwong, CEO of Oxley Holding International, has built 13 resort and commercial developments in Singapore and other large-scale projects abroad. He said the company decided to invest in Cambodia because of the country’s political stability and promising real-estate potential.

“I want to bring something new to Cambodia in order to improve peoples’ lifestyles and to help modernize the country,” he said.

Speaking at the groundbreaking ceremony, Cambodian Minister of Land Management, Urban Planning and Construction H.E. Im Chhun Lim said the project showed that investors are confident in the Cambodian economy and the property market.

“It is also an appropriate response to the higher demand of a more and more developed society which requires large and modern buildings with high-tech facilities that are environmentally friendly,” he said. “This modern building will surely improve the reputation of construction and architecture in Phnom Penh.”

Some might question the wisdom of the project as there are several big condominium projects already underway and Cambodia is still in the midst of political uncertainty after elections last July. But developers say they feel confident that Singaporean construction standards incorporating traditional Khmer architectural elements will ensure the success of the project.

Dozens of residential commercial properties similar to The Bridge have been built or are going up around the capital. It is likely developers are looking at the analysis of future needs by realtors such as Cheng Kheng of CPL Properties, Chrek Soknim of Vtrust Properties, and Touch Somnang of the Overseas Cambodian Investment Corporation (OCIC). They have predicted that land prices in Phnom Penh will continue to rise, meaning that fewer people will be able to afford detached houses while condominiums will still be within their budgets.

“Land prices keep rising so there will be a shift to living in more affordable condominiums,” said Touch Somnang, OCIC deputy CEO.

In July last year, Oxley Holdings Ltd. incorporated four subsidiaries in Cambodia as part of its expansion plans in the country: Oxley Emerald (Cambodia), Oxley Gem (Cambodia), Oxley Sapphire (Cambodia), and Oxley Diamond (Cambodia), all of which will be active in property development in Cambodia.

Each subsidiary has an issued and paid-up capital divided into 1,000 shares, with 750 shares held by Oxley Holdings (Cambodia) and the other 250 shares held by Worldbridge Land (Cambodia).

Oxley Holdings (Cambodia) is a wholly-owned subsidiary of the group, while Worldbridge Land (Cambodia) is an unrelated third party and the group’s joint venture partner in Cambodia.

Left to right: Mr. Ching Chiat Kwong, H.E. Minister Im Chhun Lim, and H.E. Gen. Sao Sokha perform the groundbreaking ceremony at ‘The Bridge’