Singaporean owned luxury real estate developer AKRAM Development Co., Ltd acquires over 3.5 hectares of land from OCIC to embark on USD150 million investment

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Group photos after land acquisition signing between AKRAM and OCIC. (L-R) Melvin Poh, Okhna Pung Kheav Se, Kelvin Chua, Raymond Chua. Supplied

Phnom Penh – Singaporean owned luxury real estate developer AKRAM Development Co., Ltd has recently acquired a piece of land measuring more than 3.5 hectares in Koh Norea from Overseas Cambodian Investment Corporation (OCIC) for an ultra-luxurious development. The acquisi­tion was signed by Kelvin Chua, CEO of AKRAM Development, Melvin Poh, Director of AKRAM Development, repre­senting the buyers, and Okhna Pung Kheav Se, Chairman of the board of directors of OCIC representing the seller. The total investment by AKRAM Development in the project is estimated to be in excess of USD150 million.

During the signing ceremony, AKRAM’s CEO Kelvin Chua said the purpose of this acquisition is to develop a one-of-its-kind ultra-luxury project. “We are seeing an increasing demand in the ultra luxurious segment in the Kingdom,” says Kelvin. “Koh Norea is a highly strategic location, not only does it enjoy the full frontage of Mekong River but it is also adjacent to the landmark locations of Diamond Island and Nagaworld Integrated Resort. We would like to give special thanks to Okhna Pung for entrusting AKRAM for being a part of the exciting commercial and infrastructure blueprint OCIC have for Koh Norea. Located in the most prime location and with a full view of the Mekong river, the future poten­tial of this island is unimaginable.”

“The pandemic has encouraged people to pay more attention to their well-being and quality of life; we are confident that our curation will bring a breath of fresh air to Phnom Penh’s property market,” he adds.

Kelvin is a long-term Singaporean investor based in Cambodia. The former banker-turned-entrepreneur has a proven track record in multiple industries including property development, design and construc­tion, and manufacturing for over a decade. He is also currently the CEO of SINGBUILD Construction, an esteemed design and build construction company headquartered in Phnom Penh, Cambodia.

“As AKRAM’s maiden project, this ultra-luxury development is slated to set a high benchmark as we embark on our journey to becoming the leading luxury property developer in Cambodia,” said the CEO ambitiously. Determined to gain a stronghold in the Cambodia property market, AKRAM Development is a part­nership between Kelvin Chua and Melvin Poh from Centra Group Singapore who possesses a stunning portfolio of over USD1B GDV under his belt.

“With more than 20 years of experience specializing in high-end and luxury devel­opment coupled with some of the best architectures and innovative designs, we strongly believe this development will be a disruption to the local luxury property market,” said Melvin, a seasoned property expert in high-end and luxury development.

Land acquisition signing. (L-R) Raymond Chua, Kelvin Chua, Melvin Poh, Okhna Pung Kheav Se. Supplied

The acquired land on Koh Norea is strategically located in Phnom Penh with approximately 3 minutes drive to the bustling Koh Pich (or more commonly known as Diamond Island) and 5 minutes to Nagaworld Integrated Resort. As part of the infrastructure contributions, OCIC is constructing two connecting bridges with spending in excess of USD38 million for one bridge connecting Diamond Island, and another to National Road 1. The 6-lane bridge to Diamond Island is expected to open by Q3 2023 while the Koh Norea-National Road 1 bridge is slated to be in operation within the next month or two.

“Our development is curated for those who appreciate the finest things in life. Our combined strengths and knowledge in the industry will assure the development of unsurpassed quality matched with excep­tional class and privacy,” says Kelvin when he was asked about the target market of the development. “For the project’s superior built quality amid the picturesque million-dollar Mekong River views, this is a great opportunity for investors who are interested to diversify their investment portfolio with an ultra-luxury investment.”

While some are skeptical about the economic outlook, both Kelvin and Melvin are confident that this is one of their best investments ever. “We are very bullish on Cambodia market and the opportunity here. Cambodia has been growing impressively with a GDP average growth of 7% for the past two decades. The government has done an exemplary job in attracting foreign inves­tors which resulted in a whopping 14% net contribution of foreign direct investment inflow to the country’s GDP even during the hardest hit of the pandemic in 2020, as compared to only 3.2% to the GDP two decades ago,” says Melvin. “The handling of the COVID-19 pandemic is a good example of how efficient and stable the government is and with pro-foreign investment policies, it is no wonder that the World Bank estimated that Cambodia’s economy will grow by 4.5% just 2022 alone,” further explained by Kelvin.

World Bank expects the Kingdom’s economy to continue to grow at around 6% annually moving forward post-covid, with the report attributing the growth to the new investment law and free trade agreements, while Focus Economics ranked Cambodia as the world’s 5th fastest growing economy when the report studied over 130 fastest growing economies over the 2021-2025 period.

The 35 year-old young entrepreneur is not satisfied with this pristine acquisition alone as he envisions AKRAM Development to build on the momentum from this purchase. “Location is the most important factor in the luxury property market and we are grateful to have purchased this plot of land from Okhna Pung. The acquisition of the land would not have been so swift without his trust and support in our project. We are happy to be a part of the vision for Koh Norea and strongly believe that the prime location of the land will be a key attraction for our project.”

“Our sales gallery and showflat is expected to be ready by Q1 2023. As more things continue to develop, we will announce the gallery location and project details in the coming months,” says Kelvin.

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