The Palm, billed as the first project in Cambodia to focus fully on the environment, was officially launched on May 2, becoming developer Oxley-Worldbridge's third major Phnom Penh Development.
Located over 3.7 hectares of land along National Road 1 in the Chbar Ampov district, The Palm is designed to be home to more than 200 dwellings and will feature lush gardens, rivers and even an artificial beach, while focused on what the company calls organic development.
Oknha Sear Rithy, Chairman of the Worldbridge Group, said the project was testimony to the confidence international developers had in working with highly qualified local partners.
"The Palm is attractive to both local and international customers who have confidence in Cambodia's political stability and economic growth," he said. "The bottom line is that The Palm can promote beautiful construction in Chhbar Ampov."
The Palm is a joint venture between Singapore's Oxley Holdings Limited and local Worldbridge Land. This project gives the right to Oxley-Emerald (Cambodia) Co, Ltd to develop with a total investment capital of $100 million dollars."
Ching Chiat Kwong, CEO and Chairman of Oxley, said the project aimed to bring a hint of new development thinking from Singapore, where the emphasis has long been on the environment.
"The Palm has a lot of amenities including an artificial beach along the riverbank that will make people feel proud of their residence. All of them can enjoy the facilities together in this project," he said.
Chea Sophara, the Minister of Land Management, Urban Planning and Construction who presided over the groundbreaking ceremony, said The Palm would further contribute to Cambodia's real estate development.
"There are now 189 borey residential projects including The Palm," he said at the launch.
"In 2017, construction projects in Cambodia totaled $6.4 billion dollars – increasing by 21 percent over 2016. Last year there were over 520,000 houses in progress, an increase of over 1,600 percent compared to 2016."
He added that the construction industry currently provided over 260,000 jobs.
Sophara praised the concept of The Palm and urged other borey developers, restaurants and hotels in Cambodia to also plan with a focus on helping the environment.
The Palm is the third project by Oxley-Worldbridge following the success of the eye-catching Bridge and Peak developments. Aimed at the high end, prices will likely start at $350,000, depending the prevailing economic climate.
Despite the price, Rithy was confident the venture would be a success.
"Over 200 houses in our project will not difficult to sell considering that we have a unique concept and a great location. Our customers still have a strong confidence in our project after the success of The Peak and The Bridge."
Sorn Seap, CEO of Key Real Estate, agreed with the optimism.
"This project will be popular with high-class people who value luxurious residences. It will be successful since unlike other big projects in Phnom Penh, The Palm is a small project with only 200 houses."
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