OCIC Named Developer of the Year as Group Accelerates Transformation of Phnom Penh’s Urban Districts

OCIC Group has been named Developer of the Year at the Cambodia Real Estate Awards 2026, recognising decades of investment in the Kingdom’s property and infrastructure sectors. The award also comes at a pivotal moment for the developer, which has spent the past three years sharpening its focus on the creation, renewal and long-term positioning of major urban districts across Phnom Penh.

Presented at the sixth edition of the awards in Phnom Penh on 5 November, the recognition highlights the scale of OCIC’s contribution under the long-term vision of its founder, Dr. Pung Kheav Se, Chairman of Canadia Group. The award was received by Thierry Tea, Vice President of OCIC.

From Landmark Developments to Connected Urban Districts

OCIC’s portfolio spans established destinations and emerging districts, including Koh Pich, Chroy Changvar Bay, Norea City and the future TIA City. Together, these projects reflect an evolution from individual real estate developments toward more integrated urban environments combining residential, commercial, public-space and economic activity.

At Koh Pich, one of Phnom Penh’s best-known central business districts (CBDs), Thierry Tea has been working to reposition the district as a more vibrant business, technology and lifestyle hub. The transformation includes the development of Connexion Hub as a home for businesses, startups and innovation-led activity, alongside efforts to improve the district’s public realm, landscaping, amenities and overall visitor experience, notably through the redevelopment of the Koh Pich City Hall Garden.

Connexion Hub is also attracting businesses that see value in being part of a modern, collaborative environment.

Ms Sivhuang Lay, Co-Founder and Managing Director of Dichi Academy, said:

“We chose Connexion because it represents the kind of modern, innovative and collaborative working environment that aligns with Dichi’s vision.

Its location on Koh Pich, contemporary facilities and focus on bringing businesses and people together make it an ideal space for our team to connect, collaborate and continue driving innovation in Cambodia.”

The district’s growing lifestyle appeal is also reflected in the arrival of new recreational businesses. Ascaro Padel Cambodia, which has established its first Padel and Pickleball hub in Phnom Penh at Connexion, sees Koh Pich as a promising location for the growth of sports and lifestyle communities.

Ms Corinne Bourgoin, Founder & Partner of Ascaro Padel Cambodia, said:

“We invested in Connexion and opened our first Padel and Pickleball hub in Phnom Penh, as we saw a great potential for the years to come.

Ascaro is growing as a social club and complements the communities in Koh Pich. We are convinced that the number of Cambodian Padel and Pickleball players will continue to grow as we see a shift in the passion for sport and lifestyle in Cambodia.”

In Chroy Changvar Bay, OCIC is beginning a new phase of redevelopment and district improvement, with an emphasis on renewing existing urban areas and strengthening long-term appeal to residents, businesses and investors. The launch of Coconut Park Chroy Changvar Bay and Jumnom Park signals a shift toward active management and reinvestment in mature districts, rather than relying solely on new construction.

Norea City represents the group’s next generation of urban expansion. Supported by major connectivity investments, including the Koh Norea Bridge, the district is intended to contribute to Phnom Penh’s eastward growth through a mix of residential, commercial and community uses.

Looking further ahead, TIA City is positioned as a long-term development opportunity linked to Techo International Airport, which opened in September 2025. The airport creates a new gateway for Cambodia and provides a foundation for future airport-oriented economic and urban activity. The vision for TIA City remains a longer-term proposition, with its evolution dependent on planning, investment and market demand.

A Three-Year Shift in Strategy and Positioning

Over the past three years, OCIC’s redevelopment and repositioning strategy has begun to deliver visible results. Rather than focusing only on new construction, the group has increasingly worked to strengthen the identity and activity of entire urban districts, creating places where people can live, work, shop, dine and spend time.

The approach is built around attracting a broader mix of residents, businesses, retailers and food-and-beverage operators, while improving connectivity, public spaces and the overall experience of each district.

Visible Growth Across Residential, Commercial, Retail and F&B

The progress can be seen across the group’s districts. In Koh Pich, F&B retail has recorded approximately 30% year-on-year growth in each of the past three years, reflecting the district’s strengthening appeal as a place to live, work, shop and dine.

This momentum sits alongside the continued development of residential communities, commercial activity and a growing food-and-beverage scene. The arrival of businesses such as Dichi Academy and Ascaro Padel Cambodia at Connexion Hub further demonstrates the district’s growing diversity, bringing education, entrepreneurship, sport and lifestyle activities into the same urban environment.

In Norea, the development of a new urban district is creating opportunities for residential, commercial and lifestyle activity to grow together. The same strategy is now being extended to Chroy Changvar Bay, where redevelopment is intended to build fresh momentum and broaden the area’s appeal to residents, businesses and visitors.

Together, these examples point to the value of an integrated district approach, in which residential, commercial, retail and food-and-beverage uses reinforce one another.

Leadership Focused on the Next Chapter

Thierry Tea, Vice President of OCIC Group and Vice Chair of Amcham Real Estate & Infrastructure Committee, has been among the executives helping lead this transformation and the repositioning of the group’s urban districts for the future. His focus has placed particular emphasis on revitalising Koh Pich to become a CBD connecting real estate with entrepreneurship and technology, while building partnerships that can attract new businesses and investment to OCIC developments.

“In the current geopolitical and economic disruptions worldwide, I believe it is the best time to invest now in Cambodia and repurpose a lot of undervalued developments. It is an incredible opportunity to focus on creating communities, improving connectivity and contributing to Cambodia’s long-term economic growth,” Tea said.

“We need to look at building the best products for our customers and be more innovative to elevate our standards for foreign investors. Phnom Penh is a beautiful, charming city and we need to collectively improve the city’s diversity of offerings for local and international property buyers. The next chapter of real estate in Cambodia is about making our districts more connected, dynamic and attractive places to live, work, invest and innovate.”

The award also recognises OCIC’s wider role in major infrastructure projects, including Techo International Airport and bridges that have helped unlock new areas of Phnom Penh. Beyond property, the wider group has interests across banking, healthcare, education and hospitality.

Building for the Next Decade

As Cambodia’s real estate sector matures, the challenge for major developers is increasingly to create destinations with lasting economic and social relevance.

For OCIC, the redevelopment of Koh Pich and Chroy Changvar Bay, the growth of Norea City and the long-term vision for TIA City form a connected strategy: investing in people’s environment to foster stronger competitiveness among Cambodia’s youth and improve the liveability of Phnom Penh.

The Developer of the Year distinction acknowledges OCIC’s achievements. Its evolving district strategy offers a view of how the group’s leadership intends to shape Cambodia’s next phase of urban development.