OCIC (Overseas Cambodian Investment Corporation)

OCIC cannot be assessed as a developer of one property type. Operating since 2000, the company moved from retail and high-rise assets into the master development of whole districts. Koh Pich is the most visible result: roughly 100 hectares of former peripheral land became a mixed urban cluster of homes, offices, an international school, events, riverfront space and public infrastructure.

At that scale, the word “developer” means more than the builder of an individual tower. OCIC influences roads, bridges, services and the way the surrounding property environment changes over many years.

Key facts

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.

From stand-alone buildings to urban districts

The early portfolio included Sorya Center Point, Canadia Tower and residential schemes in central Phnom Penh. After beginning the transformation of Koh Pich in 2006, the company moved into much larger tasks.

Chroy Changvar Bay, Olympia City and Norea City continue the same model. Housing is developed alongside commercial space, roads and public infrastructure. A property may therefore gain value not only from the building but from the gradual improvement of the wider district.

The trade-off is time. A master development takes many years, and early residents may live among vacant land and construction. The final outcome depends on which later phases are actually delivered. OCIC is better judged through the parts already functioning and their connection to the city than through a polished end-state plan.

Diamond Bay Garden uses Koh Pich’s established base

The new waterfront development is planned as three towers with views across the Mekong, Tonle Sap and Bassac rivers. The upper portion of Tower A is covered by an agreement with The Ascott Limited for Somerset-branded serviced residences.

The partnership matters not simply as an international name but as an operating model for part of the building. A recognised operator may support service standards and hospitality demand, while also creating separate guest flows and requirements for shared facilities.

OCIC was named Best Developer at the 2023 PropertyGuru Cambodia Property Awards, while Diamond Bay Garden received residential and waterfront recognition. For a project inside an already established district, those awards add to a stronger argument: Koh Pich exists and functions, rather than depending on the future delivery of all basic infrastructure.

Group scale does not make every project identical

OCIC operates through subsidiaries, partners and project companies. Timelines, sellers, management and execution quality may vary. The group’s name supports confidence in scale and urban infrastructure, but it does not answer every question about an individual apartment.

The company is particularly relevant to buyers who value a strong local sponsor and a district where the developer retains long-term influence. With OCIC, two levels must be assessed at once: the building itself and the wider urban environment. The ability to connect those levels is the group’s central advantage—and the source of much of its complexity.

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.