Building Cambodia’s Future: OCIC’s Stellar Year of Award Wins, Strategic Partnerships, and Visionary Projects
Cambodia, 20 December 2023 – Overseas Cambodian Investment Corporation (OCIC), Cambodia’s leading diversified property development and infrastructure conglomerate, has had an enriching 2023, packed with strategic partnerships and groundbreaking developments across the year. From winning prestigious awards to forging key collaborations, OCIC has set the stage for continued success in 2024.
This year, OCIC Group forged partnerships with international brands such as Singapore Airline Engineering (SAIEC), Phillip Capital from Singapore, CBRE from USA, Accor from France and Big C from Thailand.
With a global vision in mind, OCIC Group continued its growth trajectory through a strategic partnership with Phillip Trustee, a subsidiary of Singapore’s capital management firm PhillipCapital. The partnership aims to provide trustee services to foreign investors purchasing landed properties in Cambodia. This long term collaboration provides more options for both groups’ customers. As Phillip Capital operates in 15 countries worldwide, it shall bring more foreign investment opportunities to Cambodia.
Earlier this year, a joint venture was signed between OCIC Group’s affiliate Cambodia Airport Investment Corporation (CAIC) and Singapore Airline Engineering Corporation (SIAEC) to establish a centre of excellence in the field of aircraft maintenance, in order to support the future operations at the new Phnom Penh Techo International Airport. This alliance was facilitated by Changi Airport, an existing OCIC partner.
OCIC also cemented a 30-year agreement with Big C, one of Southeast Asia’s largest retail chain. The USD $15 million investment on a 2.7-hectare land will see the first hypermarket in Cambodia, located in the district of Chroy Changvar, a 300-hectare satellite city in Phnom Penh. The construction to build an enhanced retail landscape has kickstarted and is set to be completed within 2026. Discussing OCIC’s partnership milestones, Thierry Tea, Vice President of OCIC Group shared: “These partnerships reflect OCIC Group’s objective to collaborate with the best experts in their fields, in order to contribute to the future economic growth of Cambodia.”
Development Projects and Milestones
In addition to these highlights, OCIC Group reached significant milestones in ongoing and upcoming projects. Investing in the development of Koh Pich, a 100-hectare city center riverside district, OCIC has been enhancing the area with new parks and fostering a growing tech startup ecosystem. Recently, OCIC achieved a milestone with the completion of its 12th infrastructure bridge, the Koh Norea Bridge. This achievement signifies a significant leap in Phnom Penh’s economic development, showcasing the capital city’s dynamic urban progress as a burgeoning hub for regional investment. The new bridge is a link between Koh Pich and Norea City districts, both developed by OCIC Group. Enhanced connectivity now
reduces travel time from 2 hours to 20 minutes for over 70,000 daily commuters.
OCIC’s visionary 125-hectare, $2-billion investment, Norea City, will feature multipurpose commercial spaces, coastal residential living, and environment friendly leisure areas. Another bridge located at the middle of Norea City connects to the country’s National Road 1 and the greater Phnom Penh suburb of Chbar Ampov, further declustering the metropolis. These transformative infrastructure projects support the sustainable growth envisioned by OCIC Group’s Chairman Neak Okhna Dr Pung Kheav Se. To date, OCIC Group has invested more than USD 10 billion over the last 23 yearsin education, hospitality, healthcare, retail, housing, infrastructure, parks, exhibition centres.
On November 10, 2023, OCIC Group was honoured with the ‘Asia Pacific Outstanding Enterprise Award’ at the Platinum Business Awards 2023, hosted by the 10,000 members from SME Association of Malaysia. In a statement, OCIC emphasised its commitment to empowering small to medium enterprises (SME) and expressed gratitude for the recognition from the Malaysian Business Community. “This reaffirms the deep-rooted and reciprocal business ties between Cambodia and Malaysia private sectors.”
In 2023, OCIC has received increased local and international recognitions. This December, its 30th property development project, Diamond Bay Garden, a 1,500-unit residential complex overlooking the Mekong, has been awarded the ‘Best Waterfront Condo Development Award’ during the recent Property Guru’s Asia Real Estate Summit 2023, in Bangkok.
Developing Cambodia’s Future
OCIC’s recent triumphs underline the group’s focus to establish Cambodia as an investment and business destination, undertaking positive impact at the regional stage. Established and operating in a country whose image has been either controversial or underestimated in comparison to the neighbouring economies of Thailand, Vietnam, Malaysia, and Indonesia, which has been made more challenging in the cycle of global economic slowdown. The group is determined to focus on the long term and leverage on the country’s fundamentals, which includes its demographic potential, where 70% of the population is less than 30 years old. 90% of businesses are SMEs or MSMEs and represent 58% of the country’s GDP, and Cambodia’s GDP growth is forecasted to be 5% in 2024. Cambodia aims to reach middle income status by 2030 and high-income status by 2050. OCIC is strongly committed to pursue its investments to build long-term growth opportunities in projects for local, regional, and international investors. OCIC’s Plans for 2024 Looking ahead into 2024, OCIC has ambitious plans, with local and international collaborations in the pipeline. OCIC looks to develop long-term key projects, including the USD 1.5 billion development of Techo International Airport in south Phnom Penh. The group’s transition from a conventional real estate developer to a company focused on lifestyle experiences, high-tech advancements, and green urban spaces is beginning to manifest progress in Koh Pich and Norea City. The soon-to-be-launched OCIC Innovation Center at OCIC’s new community hub named Connexion in Koh Pich will include an incubator for startups and an accelerator for SMEs. The Hub is set to open in Q1, marking an exciting 2024 to come. Following the speed of execution in 2023, the group plans to establish its Foundation, a philanthropic
initiative to further drive innovation and sustainable development starting Q3 of 2024.
About OCIC Group
OCIC Group stands as one of Cambodia’s premier investment entity, epitomising visionary leadership and pioneering development. As the country’s leading investment powerhouse, we serve as a preferred global business partner, seamlessly blending local insights with unwavering commitment to global standards With landmark projects like Koh Pich, Chroy Changvar City, and the new Techo International Airport, we consistently set developmental milestones. Upholding core values of innovation, entrepreneurship, social responsibility, and integrity, OCIC is dedicated to not just economic contributions but enriching Cambodia’s people in every partnership and project we undertake.
For more information, visit https://www.ocic.com.kh/