First Cambodian Developer to Go ASEAN

• 3 October 2017
• Local News
• 1186 Views

WorldBridge Group is the first Cambodian-based firm to reveal an ambitious vision to operate across ASEAN markets. After strengthening its local base with a comprehensive range of business ventures, the conglomerate has already started to make some of its services available in the ASEAN region with plans to expand further.

To date, the group has already expanded into Laos and Myanmar and recently announced plans to seek more business opportunities in the Philippines and Indonesia markets and the rest of ASEAN nations, according to its chairman.

“As a local businessman, I think there should be a local firm that goes to invest either in the region or globally,” Oknha Sear Rithy, Chairman of WorldBridge Group told Construction and Property Magazine in early August.

WorldBridge is currently investing in various businesses in Myanmar including logistics and food and beverage, inspired by the nation’s emerging market with a large population.

Laos is a recent frontier for the group in a nation where tourism is the economic backbone. WorldBridge is eyeing a number of property investments including condominiums and hotels. According to the tourismlao.org website, there are 203 hotels, 8 resorts, and over 197 guesthouses in the capital Vientiane. Last year this landlocked South East Asian nation received over 4.23 million foreign visitors, with a projected 6 million tourist arrivals in 2020.

“Despite us not investing heavily In Laos so far; we have already bought some pieces of land in prime locations with the potential to develop condominiums and hotels in the near future.” Rithy explained.

With a background in Cambodia dating back to early 1990s, the group has 31 subsidiaries with businesses ranking from logistics to a special economic zone and from to finance to property developments. One of its main subsidiaries, WorldBridge Land is behind the significant high-end and affordable property developments in Phnom Penh.

The group is now working on two large-scale luxury condominium developments in prime Phnom Penh locations. The Bridge, a 45-storey mix-used development with 746 residential units, cost about USD300 million to build and is scheduled to open in early 2018. The Peak is a 55-storey building featuring two residential towers with 1,014 units. One of its commercial towers reserves 15 levels for office units and a Shangri-La hotel with approximately 300 rooms. The Peak has already broken ground and is scheduled to finish sometime in 2020.

The conglomerate, in a joint venture with Singapore’s Oxley Holdings, will soon launch its next high-end housing project called The Palms. The project will feature more than 200 villas on 3.6 hectares of landmass located along National Road 1 in Phnom Penh’s Chbar Ampov district. Construction of this USD110 million project broke ground and opened for sales in late August.

• Urbanization and Architect