Representatives of OCIC (left) and The Ascott Limited (right) at the signing ceremony
The Ascott Limited (Ascott), a wholly-owned lodging business unit of CapitaLand Investment (CLI), has unveiled a landmark collaboration with Overseas Cambodian Investment Corporation Ltd (OCIC) to oversee the management of Somerset Diamond Bay Garden Phnom Penh. The collaboration between Ascott and OCIC, a respected owner-developer in Cambodia, signifies a groundbreaking strategic alliance and represents a significant milestone in upscale international hospitality for the region.
In recent years, Cambodia’s hospitality industry has witnessed remarkable expansion, drawing the interest of travellers from near and far. With a growing desire for authentic experiences, eco-friendly accommodations have seen a surge in demand, reflecting a broader trend toward sustainability. Additionally, visitors are increasingly prioritising convenience and personalised services, prompting accommodation providers to elevate their offerings to meet these expectations. Besides, the country’s commitment to sustainable tourism has further spurred the development of eco-conscious lodging options, emphasising environmental preservation and community involvement.
In line with this trend, Ascott introduces Somerset Diamond Bay Garden Phnom Penh – the second Somerset property in Cambodia, and a first in partnership with OCIC through this agreement. Renowned for its versatility in catering to various travel needs, Somerset has been particularly favoured by families seeking both long-term relocations and short-stay vacations. As Cambodia’s tourism sector continues to rebound, Somerset Diamond Bay Garden Phnom Penh is poised to become a sought-after destination for families and eco-conscious travellers alike in the land of Angkor Wat. Somerset embraces the spirit of togetherness in a welcoming, inclusive, and homely environment. The second largest global brand within Ascott’s portfolio, Somerset aims to create a stay where families of all generations can share joyful moments, forge lasting memories, and make a positive impact on their journey.
Strategically located southeast of Phnom Penh, Somerset Diamond Bay Garden Phnom Penh is nestled within the Diamond Island project, Koh Pich. This area is renowned for its family-friendly urban environment, featuring well-manicured parks and green spaces ideal for relaxation and outdoor activities. The property offers a comprehensive serviced residence experience, complemented by a range of nearby amenities such as international schools, hospitals, shopping malls, and a convention centre. This prime location ensures convenience and accessibility for residents and visitors alike, making Somerset Diamond Bay Garden Phnom Penh an ideal choice for both short-term and long-term stays.
Mr. Thierry Tea, Vice President of OCIC, expressed his enthusiasm about the collaboration, stating: “We are excited to collaborate with a world class hospitality management partner like Ascott to optimise the value of Diamond Bay Garden for our existing and future guests. Cambodia has shown its viability as a real estate investment market and as a dynamic economy with a sustained average GDP growth of 6% over the last decade. As a legacy developer, OCIC Group is incorporating some touch of innovation through key partnerships such as Ascott with the Somerset brand to get closer to global standards.”
The signing ceremony signifies a pivotal moment in Ascott’s commitment to delivering unparalleled hospitality experiences in Cambodia, while underscoring OCIC’s dedication to enriching the country’s tourism landscape.
Mr. David Cumming, Regional General Manager of Vietnam, Cambodia & Myanmar, Ascott, emphasised: “We are thrilled to collaborate with OCIC and anticipate Somerset Diamond Bay Garden Phnom Penh to become a premier destination for both business and leisure travellers. This new agreement expands Ascott’s presence in Cambodia to six properties spanning more than 1,200 units. Somerset Diamond Bay Garden Phnom Penh offers a diverse range of accommodations, from studios to 3-bedroom units, catering to short-stay and long-stay demands in the fast-growing Southeast part of Phnom Penh. We hope that this groundbreaking collaboration will set a positive precedent for future endeavours between Ascott and OCIC.”
