Homegrown property developer Oxley Holdings will invest US$300 million (S$375.9 million) to develop a twin-towered SoHo project in Phnom Penh, said media reports.
Dubbed The Bridge, the project is a joint venture between Oxley Holdings and landowner Cambodia World Bridge Land. Set to be completed in 2018, the lifestyle-focused residential building aims to make its mark on the city’s landscape.
Ching Chiat Kwong, CEO of Oxley Holdings, revealed that the firm decided to introduce the SoHo concept to Cambodia to cater to the rise of expatriates, as well as young entrepreneurs who would want to own their office spaces instead of renting.
By leveraging on renovation and interior design, a SoHo, or “Small office, Home office” unit, can be converted into an office or residential space, explained Ching.
In fact, the concept is gaining popularity in developed cities like Beijing and Singapore, he added.
The freehold 45-storey development will be built within the Tonle Bassac area near the Australian Embassy. It will feature 762 one- to three-bedroom apartments, penthouses and 963 SoHo units.
Ching noted that average SoHo units range from 32 sqm to 54 sqm, with prices starting from US$100,000 (S$125,285).
Facilities will include gymnasiums, swimming pools as well as retail outlets exclusively for residents.
The Bridge’s residential units have already received strong interest, while the SoHo units are slated for a soft launch in mid-June.
Oxley plans to officially launch the project, widely expected to be a landmark development for Phnom Penh, by the end of next month.
Image: Perspective of The Bridge (Source: Oxley Holdings)
Muneerah Bee, Senior Journalist at PropertyGuru, edited this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
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