Dr. Lim Lina (centre left) and Serena Lim (centre right) after signing the agreement. SUPPLIED
Singapore’s The Ascott Limited (Ascott), the wholly owned lodging business unit of CapitaLand Investment, entered into a agreement with Overseas Cambodian Investment Corporation (OCIC) for the management of Somerset Diamond Bay Garden Phnom Penh on Koh Pich.
The management agreement was signed in Phnom Penh on March 26, 2024, by Serena Lim, Chief Growth Officer of The Ascott Limited, and Dr. Lim Lina, Vice Chairwoman of the OCIC Group.
“We are thrilled to collaborate with OCIC and anticipate Somerset Diamond Bay Garden Phnom Penh becoming a premier destination for both business and leisure travellers.
“This new agreement expands Ascott’s presence in Cambodia to six properties spanning more than 1,200 units. Somerset Diamond Bay Garden Phnom Penh offers a diverse range of accommodations, from studios to three-bedroom units, catering to short-stay and long-stay demands in the fast-growing southeast part of Phnom Penh.
“We hope that this groundbreaking collaboration will set a positive precedent for future endeavours between Ascott and OCIC,” said David Cumming, Regional General Manager of Vietnam, Cambodia & Myanmar, Ascott.
Key guests witnessing the event included Andrew Tay from the Singapore Chamber of Commerce, Anthony Galliano from AmCham Cambodia and Ann Thida of PropNex.
Dr. Lim Lina (centre left), Vice Chairwoman of OCIC Group, and Serena Lim, The Ascott Chief Growth Officer, exchange mementos during the ceremony. SUPPLIED
“We are excited to collaborate with a world class hospitality management partner like Ascott.
“We want to optimise the value of Diamond Bay Garden for our existing and future customers,” said Thierry Tea, Vice President of OCIC Group, at the signing ceremony.
Koh Pich has been selected for its very central location, and its growing mix of commercial and residential neighbourhoods.
The opportunity to provide an unparalleled river view of the Mekong, Tonle Sap and Tonle Bassac rivers will enable residents to fully enjoy a strategic location and the benefits of upcoming parks, cafes and F&B options, as well as the energy from the rising tech and start-up ecosystem.
The Ascott’s Serena Lim shakes hands with OCIC Group’s Dr. Lim Lina. SUPPLIED
When completed, the Diamond Bay Garden property, which is financed by Canadia Bank, will feature 37 floors with amenities including swimming pool, gym, cafes, business centre, laundry services and children’s playground, as well as rooftop F&B facilities enhancing the lifestyle within the complex.
With an expected average of eight per cent GRR (guaranteed rental return) within 10 years, the Diamond Bay Garden project is offering attractive investment programmes for customers in Cambodia and within the Asia Pacific region.
