Media OutReach – 10 May 2023 – Phillip Bank, the only Singaporean owned Commercial Bank operating in Cambodia, and its associate company Phillip Trustee (Cambodia), today announced a strategic partnership with Sarita Waterside. This partnership aims to attract more investments, particularly from Singapore investors, while building trust in the real estate market in Cambodia.
Photo caption from L to R:
Ly Senleap, Director, Sarita Resort Co., Ltd, Cambodia
Ong Teong Hoon, Chairman, Phillip Trustee (Cambodia) Co. Ltd
Andy Goh, Director, Founder and CEO, r+ Pte Ltd, Singapore
Dave Loo, Managing Director, SQFT Global Pte. Ltd. Singapore
Maverick Maung, Head of Sales, Sarita Resort Pte. Ltd. Singapore
Sarita Waterside, the first project of the Kampot Park Eco Estate masterplan, is a joint venture between Sarita Resort Pte. Ltd. and Kampot Mountain Park Development Co., Ltd. The development features 3 types of villas, namely Soodra Villas, Maha Villas, and Visha Villas, all are detached houses which offer private pools, floating pontoons amidst spacious gardens, and an indoor-outdoor lifestyle of barefoot luxury. The development also features clubhouse facilities and a spa.
Under the partnership, Philip Bank will provide a buy-back guarantee to buyers of units at Sarita Waterside. For the first phase of the project, the developer Sarita Waterside offers a unique Buy Back Option to investors. Upon physical completion of the villas (estimated to be around June 2024), investors will have the options of keeping the villas for rental investment, hold the property for their own use or exit the investment by selling the property back to the developer.
The developer offers the investors a Buy Back Price at 110% of the original sale price of the villas. To give further assurance to purchasers, this buy back option offered by Sarita Waterside will be supported by a letter of guarantee from Phillip Bank Cambodia.
Foreign buyers may now purchase and own these properties under a trust structure. Phillip Trustee Cambodia, a trust company fully owned by Phillip Bank, will be able to assist foreign investors to establish a trust to own such houses in a legitimate way, fully compliant with Cambodian law.
“With our partnership with Sarita Waterside, we expect to attract more foreign real estate investments to Cambodia. By combining our expertise and the strengths of Sarita Resort, we aim to create a positive impact with investors while promoting sustainable development in Cambodia,” said Ong Teong Hoon, Chairman of Philip Trustee.
Sarita Waterside adopts a holistic ecosystem comprising hospitality, agriculture, food processing, and retail. The development aims to level up the living standards of the local community by employing local personnel, providing hospitality training, imparting knowledge of agro-tech farming techniques, distributing high-yield seeds, merging agro-tech farming with local knowledge to boost harvests sustainably. The development is managed by r+, a Singapore-based company that promotes responsible living, uniting real estate, hospitality, agriculture, retail and fintech.
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The issuer is solely responsible for the content of this announcement.