Phillip Trustee (Cambodia) Co, Ltd – a subsidiary of Phillip Bank – and Overseas Cambodia Investment Corporation (OCIC) started 2024 with the forging of a partnership aiming to provide greater options for foreign direct investment in the Kingdom related to real estate.
OCIC is Cambodia’s leading property and infrastructure conglomerate, while Phillip Bank is affiliated to the major Singaporean financial services firm Phillip Capital Group.
With the partnership, foreign investors from the Singapore-based Phillip Capital Group's international network will benefit from Trust Services for purchasing OCIC Group landed properties in Cambodia.
“This is a timely milestone for OCIC. With Phillip Trustee, and the wider Phillip Capital, we are working to develop an expanded range of services not just for our existing clientele, but also for potential foreign investors from Singapore and other parts of the world.
"The values of our founder, Neak Okhna Dr Pung Kheav Se, are shared by the Phillip Capital group, and we have the same passion and commitment to improve and evolve our respective products and services,” said OCIC Vice President Thierry Tea.
The signing of the partnership agreement marks an expansion in the collaboration between the Cambodian conglomerate and the Singaporean diversified financial services company, offering a wide array of trust services to foreign investors coming into the Kingdom.
The new agreement is the beginning of a long-term partnership aimed at utilising the strengths of two strong brands – with OCIC known for its firm footprint in the local Cambodian market, and Phillip Capital Group with its broad list of foreign clients and partners across the world.
Operating in the US, UK, UAE, Australia, France, India, Indonesia, Japan and Turkey, among others, Phillip Capital’s network will enable its more than one million customers to benefit from potential opportunities from the OCIC Group’s residential and commercial properties, and investments and infrastructure projects in Cambodia.
"We are thrilled to partner with OCIC to introduce this collaboration to our respective customer bases.
"We are confident this collaboration will set new standards for foreign investment in Cambodia,” said Phillip Trustee General Manager Proeung Sopheap.
OCIC is set to launch several new projects in 2024, including the much anticipated and award-winning waterfront condominium project Diamond Bay Garden’s first tower, with a sales campaign to start across Cambodia and the Asia region.
It also presents a portfolio of infrastructure projects, including the Monivong Bridge and Flyover, and has led numerous large scale township developments such as on Koh Pich.
OCIC is currently developing the 2,600 hectare Techo International Airport – designed by world renowned architecture firm Foster + Partners – which is set to serve Phnom Penh.