NovOCIC (Overseas Cambodian Investment Corporation)
OCIC (Overseas Cambodian Investment Corporation) is one of Cambodia's largest developers and the master developer of Koh Pich (Diamond Island) in Phnom Penh. Unlike first-time developers, OCIC has a long history of major infrastructure and residential projects in the capital. In the NovAsia catalogue, OCIC is represented by a premium waterfront project — Diamond Bay Garden. Below is what kind of developer this is and what we were able to confirm.
Key facts
| Parameter | Value |
|---|---|
| Official name | Overseas Cambodian Investment Corporation (OCIC) |
| Role | Master developer of Koh Pich (Diamond Island) |
| Market | Phnom Penh (Cambodia) |
| Project in the NovAsia catalogue | Diamond Bay Garden |
| Project entity | Diamond Bay Garden Co., Ltd |
| Project award | PropertyGuru Cambodia Property Awards 2023 |
Project in the NovAsia catalogue
- Diamond Bay Garden — a premium waterfront condominium in Koh Pich (Diamond Island), at the confluence of three rivers. Three 39-floor towers built in phases; Tower A (591 units) is currently on sale. The top 10 floors (27–37) are managed by Somerset by Ascott. Freehold ownership (strata title), USD pricing. Per the developer's contract, a GRR program is available on floors 27–37 (per the OCIC brochure — 60% net over 10 years). The project is a PropertyGuru Cambodia Property Awards 2023 winner for Best Waterfront Condo Development.
The GRR program is a developer contract term on specific units (floors 27–37, the Somerset zone), not a NovAsia income guarantee. We state the "60% net over 10 years" wording per the OCIC brochure; broker sources sometimes cite different figures — it is verified against the SPA of a specific deal.
Track record and market role
OCIC is a major master developer behind the development of Koh Pich, one of the landmark districts of modern Phnom Penh. It is a developer with a long history in the local market, which distinguishes it from first-time developers and reduces the perceived construction risk. The PropertyGuru Cambodia 2023 award for Diamond Bay Garden is an external signal of the project's level.
Developer timeline
Key dated milestones we were able to confirm from open and public materials:
- 2006
Start of the Koh Pich (Diamond Island) development — OCIC's master plan in Phnom Penh.Per public materials
- 2009
Canadia Tower — one of Phnom Penh's first high-rises, associated with the group.Per public materials
- 2017
Major urban initiatives by OCIC — Tourism City and New Hope City (Chroy Changvar).Per public materials
- 2023
Diamond Bay Garden — PropertyGuru Cambodia Property Awards winner (Best Waterfront Condo Development).PropertyGuru Cambodia 2023
- 2026
Diamond Bay Garden, Tower A — stated completion (sources say 2026 / Q3 2026).Stated timeline · sources differ
Dates of earlier projects are per public materials and confirm the developer's scale and history; OCIC's full portfolio is wider than this list. A track record is not a guarantee of timelines on the current project.
What is not yet confirmed
Honestly about the limits of our data:
- we have not separately verified line by line the specific figures on the number and area of OCIC's previously delivered projects — we state its role as master developer of Koh Pich per the developer and public materials;
- Diamond Bay Garden prices differ between sources (the OCIC brochure, a developer price table, broker listings) — on the site they are given as a "from $X" reference, not an offer;
- Tower A completion dates are stated in sources as 2026 (brochure) and Q3 2026 (brokers) — we state them cautiously;
- the financial backing of the GRR program is a developer contract term, verified against the SPA.
NovAsia's take
Among the developers in the catalogue, OCIC is one of the few with a verifiable role as a major master developer and a long history in the Phnom Penh market, rather than a single first project. For a buyer who values a developer's scale and experience, this is a significant plus. At the same time, the contractual income program (GRR on the upper floors of Diamond Bay Garden) remains the developer's term and requires checking against the contract, and prices should be clarified because of the discrepancies between sources. A strong developer reduces construction risk, but does not turn a return forecast into a guarantee.
Considering Diamond Bay Garden? Message the bot — we'll send current Tower A prices, go through the GRR program on the upper floors and what to check in the contract before booking.
Discuss the OCIC projector take the quiz →Sources
The official Diamond Bay Garden project brochure (OCIC) · the official OCIC website (ocic.com.kh, property-development section) — developer public materials, opened in July 2026 · a Tower A developer price table · public listings on Cambodian real estate portals (realestate.com.kh and others) · NovAsia partner network data on the ground. The role of Koh Pich master developer and the awards — per the developer and public materials. Verified: July 2026. Data may be updated.