OCIC to develop commercial hub on Kaoh Norea

• 8 February 2019
• Property Focus
• 7232 Views

Renowned Cambodian construction and real estate firm, Overseas Cambodian Investment Corporation (OCIC), plans to develop a huge commercial hub in the heart of Kaoh Norea, according to the company.

OCIC Deputy General Director Mr Touch Samnang confirmed to Construction & Property Magazine on 08 February 2019, that the company plans to develop a huge commercial city in Kaoh Norea as reported by local online media but said no exact details of the project are available yet.

As reported by Cambonomist, OCIC plans to turn Kaoh Norea along the lower Mekong River (East of Koh Pich) into a mixed-used commercial hub spanning a total land area of about 100 hectares. Additional land, soil and rock will be added around the island to create more land.

“I did not hold [the project] personally, but this project is real,” said Mr Samnang, “we have only started working on the project and I do not have some of the information”.

However, Mr Touch said he would provide more information on the project in the next 1 to 2 months.

Mr Sorn Seap real estate analysis and founder of Key Real Estate welcomed the project citing that it would have a positive effect on real estate alongside the development zone.

“If the project goes online, it will help beautify the lower Mekong River, and the property along National Road No.1 from Monivong Bridge to Kien Svay, I think prices [property] will increase, especially land,” he said.

When there are huge and diverse projects like this, it will encourage other investors to invest in the area, and the demand for land acquisition will continue to increase, Mr Seap added.

In addition, the project will encourage more people to live there because the area is cold as it is near the river, making it more suitable for living than any other area in Phnom Penh, he explained.

OCIC has invested in numerous big projects in Cambodia such as Diamond Island Development City, Olympia City, and most notably the current rapid development of Chroy Changvar Satellite City.