SOK CHAN
The Bridge, a luxury mixed-development project developed jointly by Singapore-based Oxley Holdings and Cambodia’s WorldBridge Land, has been topped out, with premises within it going on sale.
The $300 million project beside the Australian embassy in the Tonle Bassac district of Phnom Penh is being built by Shanghai-based Sino Great Wall.
Topping out the twin 45-story towers means the structure, to be used for commercial and residential purposes, is complete. Sear Rithy, CEO of joint venture company Oxley-WorldBridge (Cambodia), said the building is the nation’s tallest apartment complex.
Mr. Rithy said the company will complete the fit-out this year. By early 2018 or sooner customers will be able to move in.
He said that 31 two-story shop-houses and five levels to accommodate about 800 retail stores are available for sale now.
The two-story shop-houses start from $1 million, while retail stores price start from $100,000.
Mr. Rithy said that the Bridge’s apartment section has 746 units, there are 963 office units, and about 800 retail stores on five levels. He said the apartments and offices have sold out.
“What make the Bridge unique compared with other projects is that it is in a prime location, second there is the quality and standard of the building, and third the lifestyle with its mix of retail shops, a sports center, and other facilities,” Mr. Rithy said.
He said he is confident that the real estate market will not fall during the project timeframe because of the market’s dependence on foreign investment.
“The market would be stable in 2018 due to the national elections but would peak again afterwards.”
He added that the Bridge project has to be finished by 2018.
In October last year, Oxley-WorldBridge Cambodia officially signed a joint-venture agreement with Australia-based Metro Global to establish a new property management company – Metro Global Solution Cambodia – to cater for the growing property sector in Cambodia.
Mr. Rithy said during the signing of the joint-venture agreement that the company wants customers to enjoy the lifestyle, health, security and safety that Metro Global can provide. “The company has a 51 percent of stake from Metro Global and the rest is from the Oxley-WorldBridge Cambodia,” he said.
He stressed that his company’s investment in Metro Global Solution was more than just an injection of capital but rather an investment to provide better client services using expert human resources.
Jerry Xu, chief operating officer for Metro Global, said that Cambodia’s property sector was growing quickly due to the robust economy.
However this growth was at times unbridled with many property projects not having proper on-site management for their buyers after completion.
“There is a gap that needs to be filled and for that reason Metro Global has come to the kingdom to offer our property management skills,” said Mr. Xu.
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