More than 500 residential units and 200 SOHO (Small office Home office) units have been snapped up at Oxley Holdings’ new mixed-use development in Cambodia.
Launched on 12 June, the majority of buyers at The Bridge in Phnom Penh are Cambodians, but the freehold property comprising 963 SOHO units, along with 762 apartments and 627 retail units has also attracted buying interest from other parts of Asia, namely Singapore, Taiwan, Malaysia and China.
A spokesperson for the developer told PropertyGuru that the one and two-bedroom units were popular with investors, while Cambodians preferred the two and three-bedders for their own occupancy.
“Cambodia is increasingly being recognised as an emerging market, drawing interest from investors and businesses around the region. The native population is made up of young, educated locals, who are flocking to the other cities for better career prospects and advancement,” she noted.
Prices start from US$153,000 for a one-bedroom measuring 67 sqm and US$218,000 for a 98 sqm two-bedder. The 109 sqm three-bedroom apartments cost around US$240,000. Meanwhile, the smallest residence – a 46 sqm SOHO unit is priced at about US$100,000. The retail units haven’t been launched yet.
Commenting on the project’s healthy demand, the spokesperson said: “The Bridge has a strong unique selling proposition. When completed, it will be the first development to offer SOHO units in Cambodia, and the entire development is set to be an architectural landmark in the heart of Phnom Penh. In addition, The Bridge’s prime location also holds good potential for future returns.”
Situated within the Tonle Bassac area near the Australian and Russian embassies, it is understood that all residential units come with a three-year guaranteed rental return of six percent per annum for foreign buyers.
Ching Chiat Kwong, Chairman and CEO of Oxley, stated: “The Bridge is one of our most exciting projects to date. The sheer scale of the project, together with the new lifestyle that we are introducing through the SOHOs, is expected to change Phnom Penh’s property scene going forward.”
The Bridge is Oxley’s first foray into Cambodia, through a joint venture with prominent local developer Worldbridge Land (Cambodia). Set to be ready in 2018, the 45-storey development will be the largest and tallest in Cambodia, where high-rise residential buildings are usually built up to 16 storeys.
Author: Romesh Navaratnarajah
Photo Credit: Perspective of The Bridge (Source: Oxley Holdings)