Oxley to launch first strata retail units in Cambodia for sale

By Michael Lim / The Edge Property | May 13, 2016 11:19 AM SGT
Singapore-listed property group Oxley Holdings will be launching its maiden freehold strata-titled retail units at The Bridge in Cambodia for sale at the end of this month. Singapore will be the first stop in a series of road shows that will include Hong Kong and Brunei ahead of its official launch in Cambodia later this year. This is the first time a developer has launched strata-titled retail units for sale in Cambodia, says Eric Low, deputy CEO of Oxley.
The Bridge is Oxley’s maiden joint venture project with Cambodian developer Worldbridge Land, and is located in the city centre of Phnom Penh. The mixed-use development comprises a 762-unit residential tower, which is almost fully sold, and 963 SOHO units, 70% of which have been taken up. The two towers sit on top of a five-storey retail podium with a total of 630 strata retail and F&B units and total net saleable area of 234,703 sq ft. The mall will have a supermarket and a food court.
The strata retail units are sized from 107 sq ft to 1,436 sq ft, while the strata F&B units are larger, ranging from 410 sq ft to 1,617 sq ft. All the strata-titled commercial units will be sold with a freehold tenure. The average price of the retail units is US$750 psf, with absolute prices starting from US$91,000, while the strata F&B units will start from US$239,000.
Oxley will be releasing 183 retail and F&B units for sale in Singapore. According to Oxley, buyers will have to pay a reservation fee of US$1,400 at the launch. A 20% down payment is payable upon signing the sale & purchase agreement, with another 10% payable six months later. The rest is payable upon completion of the project in 2018.
As Cambodian foreign ownership laws do not permit foreigners to buy land and even residential or commercial units on the ground floor, the strata commercial units on the ground floor of The Bridge will be available only to Cambodians, while the upper floors will be open to foreigners.
The Bridge is Oxley’s maiden joint venture project with Worldbridge Land and is located in Phnom Penh