After releasing a positive annual report this week, Singapore’s Oxley Holdings Ltd. – through its local partnership Oxley-WorldBridge (Cambodia) – signed a memorandum of understanding (MoU) yesterday with Australian Metro Global to jointly manage the construction of The Bridge development project in Phnom Penh.
The Bridge, a 45-story development of condominiums, retail and shop houses, is expected to be completed by the end of next year, and according to the report, sales of the bridge retail units which began in May “attained an impressive take up rate of up to 52 percent.”
Jerry Xu, chief operating officer for Metro Global, said that while Cambodia’s economy is growing well, the speed of property development has led to many not having suitable property management. That was the reason, he said, why Metro Global had come to the Kingdom.
“We think the market needs property management services in Cambodia. There is not much competition in Cambodia so far. The locals need us to bring something different for this market and with our professional services, maintenance, and essential security skills, we can lift up the property sector and maintain it well in Cambodia.”
Sear Rithy, CEO of Oxley-WorldBridge (Cambodia), said the cooperation with Metro Global was intended to ensure suitable management of The Bridge for customers, citing their global reach and experience.
“After selling the condominiums, we want our customers to enjoy the lifestyle, hygiene, security and safety that Metro Global can provide, and that is why we signed MoU with them,” Mr. Rithy said.
He added that two contracts have been signed.
“For the short contract, we have to check the work they do and how they build the confidence of our customers. If they provide a good service, we will continue to the other planned development projects. We are not hiring them to work for us, but we have become partners.”