PHNOM PENH: A Singapore-based developer, AKRAM Development Co., Ltd, has announced plans to build a high-end luxury building on more than 3.5 hectares of land purchased from OCIC.

The agreement was signed in the presence of Kelvin Chua, CEO of AKRAM Development Co., Ltd, Melvin Poh, Director of AKRAM Development, and Oknha Pung Kheavse, Chairman of the Board of Directors of OCIC. It's worth more than $150 million, according to estimates.

According to Kelvin Chua, Director General of AKRAM, the purchase of land to develop top-tier luxury projects has never been seen before in Cambodia.  He has seen an increase in demand for top-tier luxury projects due to the phase of Covid-19 has encouraged people to pay more attention to comfort and quality of life.

He claims that Koh Nora has a strong strategic location not only next to the Mekong River, but also near two other sacred sites, Koh Pich and NagaWorld.

“With over 20 years of experience in the development of luxury and high-end real estate projects, as well as outstanding architecture and innovation, we believe that this development project will be a leading product in the local luxury real estate market,” said Melvin, Director of AKRAM Development and Senior Real Estate and Luxury Expert.

OCIC has so far constructed two bridges, one for Koh Pich and one for National Road No. 1, each costing up to $ 38 million. The bridge connecting Koh Nora and Koh Pich is expected to open in 2023, with the bridge to National Road 1 opening in early October 2022.