NovAKRAM Development Co., Ltd
AKRAM Development Co., Ltd entered Cambodia as a Singaporean luxury residential developer. Its own project brochure says the company was founded in 2022 by Albert Ang, Kelvin Chua, Raymond Chua and Melvin Poh, and identifies Norea Cove Residences as its maiden development. Cambodian property-industry reporting separately records AKRAM's 2022 purchase of roughly 3.5 hectares on Koh Norea from OCIC for a project reported at more than US$150 million.
A company name is not a recommendation. Check the project company, contract and selected unit before reservation.
Overview
AKRAM Development Co., Ltd entered Cambodia as a Singaporean luxury residential developer. Its own project brochure says the company was founded in 2022 by Albert Ang, Kelvin Chua, Raymond Chua and Melvin Poh, and identifies Norea Cove Residences as its maiden development. Cambodian property-industry reporting separately records AKRAM's 2022 purchase of roughly 3.5 hectares on Koh Norea from OCIC for a project reported at more than US$150 million.
Track record
AKRAM's corporate track record is still short. The developer's materials attribute more than 20 years of combined high-end property experience to the founders, but that is team experience rather than a history of completed AKRAM developments. Norea Cove Residences has a documented construction trail: a villa groundbreaking was reported in March 2024, and a contractor published an active-site progress update in October 2024. We did not verify another completed development under the AKRAM brand in the public sources reviewed.
Segments and prices
AKRAM's verified product sits at the top end of the market: large private villas on Koh Norea. The public Norea Cove Residences listing available on the access date starts at about US$1.64 million, with visible villa offers around US$1.68 million, US$3.59 million and US$7.6 million. These are asking prices, not verified transaction prices, so a buyer should obtain a fresh unit-specific quotation.
Geography
The developer's verified footprint is concentrated in Phnom Penh. Norea Cove Residences is on Koh Norea in Nirouth, Chbar Ampov, on the eastern side of central Phnom Penh. We did not find a publicly verified AKRAM development in another Cambodian city as of the access date.
Reliability and public record
Public evidence supports the land acquisition, a real project launch and construction activity, but it does not yet provide a long record of completed AKRAM developments. There is also a timing gap that matters to buyers: a Realestate.com.kh project page updated roughly eight months ago showed 19% construction progress, while ERA Cambodia listed an expected completion in Q2 2026. That target date has passed, so current completion, handover status and schedule performance should be verified with fresh documents and a site inspection rather than assumed from older marketing pages.
What to verify
Before buying at Norea Cove Residences, confirm the exact legal entity named as seller and developer in the sale contract and whether it is AKRAM Development Co., Ltd. For the specific villa, obtain a fresh construction status, relevant permits, the registered land title, an encumbrance check and precise handover terms. Foreign buyers need particular care with tenure because these are landed villas and Cambodian law does not allow foreigners to own land directly. The contract should therefore spell out the lawful tenure or rights structure, its term, registration, transferability and termination consequences. Also verify the payment schedule, whether any escrow arrangement exists, refund rights if delivery is delayed, and which developer obligations are contractually included in the price.
Projects in the NovAsia catalogue
This list is assembled from the project registry by the developer identifier; it is not a claim of a complete corporate portfolio.
Photo: Norea Cove Residence project gallery on ERA CambodiaFrequently asked questions
Does AKRAM Development have verified completed projects?
The public sources reviewed consistently describe Norea Cove Residences as AKRAM's maiden project. We did not find independent confirmation of another completed development under the AKRAM brand. The stated 20-plus years of combined experience belongs to the founders and should not be treated as the company's own completed-project record.
Is Norea Cove Residences completed?
The public record does not let us confirm completion with confidence as of the access date. ERA Cambodia listed Q2 2026 as the expected completion, while another project listing updated earlier showed 19% construction progress. Because the stated target has already passed, buyers should request a current progress report and verify actual villa handovers.
Can a foreigner own an AKRAM villa and its land outright?
A foreigner cannot directly own land in Cambodia. Foreign freehold rights apply to qualifying private units in co-owned buildings, not to the land beneath a standalone villa. A Norea Cove purchase therefore requires a deal-specific legal review of the tenure structure rather than relying on a marketing label as proof of direct land ownership.
What can be independently checked beyond AKRAM's marketing?
Independent sources support the 2022 Koh Norea land acquisition, the public launch of Norea Cove Residences and construction activity in 2024. Third-party project pages also publish villa counts, asking prices and a construction-progress figure. That is not enough for a transaction: the seller entity, title, encumbrances, permits, current build status and handover terms still need unit-specific documentary verification.
Sources
Sources are named for independent checking. NovAsia does not publish outbound links.
- Norea Cove Residences / AKRAM Development · Norea Cove Residences official brochure — AKRAM founding, founders and maiden project · 27.08.2026
- Realestate.com.kh · AKRAM Development profile — founding date, founders and Norea Cove Residences positioning · 27.08.2026
- Realestate.com.kh · Norea Cove Residences — 74 villas, pricing, title and published construction progress · 27.08.2026
- Construction & Property · Singaporean real estate firm acquires 3.5 hectares on Koh Norea — AKRAM/OCIC deal and investment estimate · 27.08.2026
- Cambodia-China Times · AKRAM Development and OCIC sign for more than 3.5 hectares — independent deal confirmation · 27.08.2026
- Fresh News · Norea Cove Residences — villa construction groundbreaking in March 2024 · 27.08.2026
- Sichuan No. 3 Construction Engineering Co., Ltd. · Norea Cove Residences — contractor construction update from October 2024 · 27.08.2026
- ERA Cambodia · Norea Cove Residence — 74 villas and stated Q2 2026 completion target · 27.08.2026
- Council for the Development of Cambodia (CDC) · Land in Cambodia — restriction on direct foreign land ownership · 27.08.2026