OCIC, Cambodia’s Leading Developer

• 18 March 2016
• Association Focus
• 5887 Views

Despite being one of the largest financial and infrastructure / property development companies in the nation, there are many in the industry that remain unclear on the background of OCIC. In this exclusive profile, Construction & Property Magazine lifts the lid on the background and portfolio of this business empire.

Established in 2003, the Overseas Cambodian Investment Corporation (OCIC) kicked started its business portfolio by purchasing Canadia Bank, which is one of the largest local commercial banks. The bank was established in 1991 via a joint venture between the Cambodian government (National Bank of Cambodia) and Canadian Cambodian investors who later became OCIC shareholders and bought the bank outright in 2003.

Like many firms, OCIC faced a hard time during its start-up period. But the tireless efforts and strategic decisions of its management together with the contribution of its staff have propelled the group forward to its position today.

Though Neak Oknha Pung Kheav Se is the most prominent and well-known in the company the other OCIC shareholders are Mrs. Lim Sophany, Mr. Pung Wei, Mrs. Lim Lyna, all of whom are Canadian Cambodians.

After Canadia Bank’s business took off, OCIC gained better confidence in the market which inspired it to look for other business opportunities. To align itself with the nation’s rapid economic growth, it jumped into real estate, industry, culture, tourism and health to cater for the society’s growing needs.

Today, OCIC’s business assets include financial services, property, construction, hotels, shopping centres, an industrial park, a rice mill and many more. However, the financial services represented by Canadia Bank PLC and the real estate development handled by OCIC are its main business assets. Currently, about 500 personnel are employed by the group which has net assets of about few billion dollars. Dozens of property developments including residential complexes, infrastructure, flyovers and roads have been completed and more are under construction nationwide through its real estate and construction division.

Phnom Penh represents the centre of OCICs real estate developments. In 2006, the developer implemented its first major property project by transforming a small muddy island located in the Bassac River into the 100-hectare Diamond Island City which today is home to dozens of residential and commercial buildings. The 555-metre Diamond Tower scheduled to be built on the island will be the highest skyscraper in the nation and one of the tallest in the world. OCIC intends to develop this tower to promote Cambodia’s reputation overseas.

OCIC is also the contractor behind the capital’s iconic flyovers. While Dara Airport Hotel and Toyoko Inn represent its tourism business, Sorya, Sovanna, and Ratana Plaza shopping centres are the jewels of its retail business. There are also a few projects outside Phnom Penh such as completed at Siem Reap such as Borey Prim Prey and Borey Ah Kek in Siem Reap and the Independence Hotel in Sihanoukville.

The 30-storey Canadia Tower, also known as OCIC Tower, opened for operation in 2009 and serves as the conglomerates headquarters. Other iconic real estate developments in the capital include the Diamond Riviera condominium, Olympia City, and Elyse. The 387-hectare $1.6 billion Chroy Changva Satellite City now under construction is currently the largest property development in Phnom Penh.