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Oxley's Phnom Penh project more than 50% taken up

SINGAPORE-LISTED Oxley Holdings has sold more than half of the 507 residential units in Tower 1 under Phase 1 of The Peak, its second development project in Phnom Penh, Cambodia.

The Peak was first launched in Phnom Penh on Sept 18, 2015, and later in Singapore on Oct 17.

The development is located in the heart of Phnom Penh facing the Mekong River and within close proximity to Naga World Hotel and Aeon Mall.

The freehold 55-storey mixed-use development comprises two residential towers with a total of 1,014 units, one commercial tower with 15 levels of office units, as well as a hotel with some 300 rooms, sitting above a podium with five levels of retail space.

The residential towers offer a range of units from studio apartments to one, two and three-bedroom apartments and penthouses.

The development has two levels of recreation facilities and a sky bridge.

Construction of the project is expected to begin in early 2016 and be completed in 2020.

Buyers of The Peak residential units are guaranteed a 12 per cent net rental return over two years, subject to conditions, the group had said.

Oxley executive chairman and CEO Ching Chiat Kwong said: "The sales progress is a strong testament from buyers in both Cambodia and Singapore of the investment merits and robust unique selling proposition of The Peak. We are confident that The Peak will continue to be a choice home in Phnom Penh, especially when the development shares the same address with a Shangri-La Hotel."