On May 3, Singapore-listed property group Oxley Holdings and its Cambodian joint-venture partner Worldbridge Land broke ground for the construction of The Peak. The groundbreaking ceremony was graced by Chea Sophara, Cambodia’s senior minister for land management, urban planning and construction; Kevin Cheok, Singapore’s ambassador to Cambodia; and George Yeo, vice-chairman of Kerry Group and Singapore’s former minister for foreign affairs.
From left: Oknha Sear Rithy, chairman of Worldbridge Land; Kevin Cheok, Singapore’s ambassador to Cambodia;
Chea Sophara, Cambodia’s senior minister for land management, urban planning and construction; and Ching
Chiat Kwong, executive chairman and CEO of Oxley Holdings at the groundbreaking ceremony of The Peak
When completed in 2020, The Peak will have two 55-storey residential towers with 1,014 units, and a 55-storey commercial tower with 15 levels of offices and a 300-room Shangri-La Hotel. The three towers will sit on a five-storey retail podium. The freehold mixed-use development is located in the heart of Phnom Penh overlooking the Mekong River.
On May 3, Oxley and Worldbridge Land also officially launched the sale of the remaining 507 residential units in Tower 2 of The Peak. Oxley plans to launch the tower in Singapore next month. There are also plans to launch it in China and Hong Kong in the later part of this year. The sizes of the units range from 460 sq ft for a studio to 2,002 sq ft for a four-bedroom duplex penthouse, while prices range from US$164,000 ($222,475) to US$1 million.
The official launch of Tower 2 for sale in Phnom Penh
So far, half of the 507 units in Tower 1 have been sold since it was launched in 2015. The Peak is Oxley’s second project in Cambodia.
Oxley’s maiden joint-venture project with Worldbridge Land in Cambodia is The Bridge, a freehold mixed-use development located within a five-minute walk from The Peak. It has two 45-storey residential and SOHO towers sitting atop a 10-storey retail podium. The residential tower is almost fully sold, while 70% of the SOHO units have been taken up. The project is scheduled for completion by end-2018.
The Bridge and The Peak are just two of the four developments in Phnom Penh that Oxley will be developing jointly with Worldbridge Land. “Cambodia is one of the strategic markets we intend to focus on,” says Oxley executive chairman and CEO Ching Chiat Kwong. “We are also seeking more development opportunities in Cambodia. We will unveil our remaining two developments in Phnom Penh at an opportune time.”