Diamond Bay Garden Co.

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About Diamond Bay Garden Co.

Diamond Bay Garden Co., Ltd.
OCIC Affiliate - Koh Pich, Phnom Penh
4.2 / 5.0 Riel Property Rating

Our rating assesses developers on five criteria. Scores range from 3.0 (minimum listing threshold) to 5.0 (outstanding). A 3.0 rating indicates enhanced due diligence is recommended.

Diamond Bay Garden Co., Ltd. (DBG) is an affiliate of OCIC (Overseas Cambodian Investment Corporation), one of Cambodia's largest real estate and infrastructure developers. DBG is developing Diamond Bay Garden, a triple 39-storey Koh Pich waterfront condominium on Koh Pich (Diamond Island), Chamkarmon, Phnom Penh. Tower A comprises 591 units from studio to 3-bedroom, with the top floors managed by Somerset by Ascott. The project has won multiple PropertyGuru awards including Best Waterfront Condo Development (Asia) 2023. Foreign ownership is available via strata title on eligible floors. Pricing from approximately US$106,000.

591
Units (Tower A)
39F
Triple Towers
$110k
Starting From
OCIC
Parent Developer

Developer Overview

Diamond Bay Garden Co., Ltd. (DBG) is a special purpose vehicle of OCIC (Overseas Cambodian Investment Corporation), one of Cambodia's largest real estate and infrastructure developers. OCIC is part of the Canadia Group, founded by Neak Oknha Dr. Pung Kheav Se, and states it employs over 15,000 people (sources vary). OCIC has completed numerous residential developments in Phnom Penh including Canadia Tower, Olympia City, C7 Fortune Tower and DARA Hotels. OCIC is also involved in the Techo International Airport project via a joint venture structure (CAIC).

DBG's flagship project is Diamond Bay Garden, a triple 39-storey waterfront condominium on Koh Pich (Diamond Island), Sangkat Tonle Bassac, Khan Chamkarmon, Phnom Penh. Tower A comprises 591 units across studio, 2-bedroom and 3-bedroom configurations (45-129 sqm net), with approximately 1,500 units planned across all three towers. The project overlooks the convergence of the Mekong, Tonle Sap and Bassac rivers and is designed by SinoPacific Construction Consultancy (SPCC). Tower A completion is reported as Q3 2026 (revised from Q2 2025).

A significant differentiator is the Somerset by Ascott management partnership covering the top floors of the building. Somerset (part of The Ascott Limited, a CapitaLand subsidiary) will operate serviced residence units, providing international-brand hotel-style management. The project also includes Connexion, a tech and startup hub at the building's base, and features a sky bridge connecting the towers, sky garden, sky bar, swimming pools, gym, yoga room and 1,378 parking lots.

OCIC-backed development - one of Cambodia's largest developers with numerous completed projects including Canadia Tower and Olympia City
Somerset by Ascott management - international brand serviced residence on top floors (reported)
PropertyGuru award-winning - Best Waterfront Condo (Asia) 2023, Best Condo Development (Cambodia) 2023

This assessment is not investment advice. All claims should be verified independently. Riel Property rates developers to help investors compare options, not to guarantee outcomes.

Did you know?
Branded residences managed by international hotel operators like Ascott have been reported to command rental premiums of 15-25% over unbranded units in the same district (varies by market and operator). The management fee structure is the key variable - always verify net yield after operator fees. See our due diligence checklist.

Rating Breakdown

Delivery Track RecordOCIC parent: numerous completed projects
OCIC: numerous developments (Canadia Tower, Olympia City). DBG Tower A: Q3 2026 (revised)
4.0/ 5.0
Assessment

The Diamond Bay Garden developer benefits from OCIC's extensive track record - one of Cambodia's largest developers with numerous completed residential projects, including Canadia Tower, Olympia City, C7 Fortune Tower and DARA Hotels. OCIC is involved in the Techo International Airport project via a joint venture (CAIC) and states it employs over 15,000 people (sources vary). However, DBG itself is a single-purpose entity and Tower A has not yet completed. The completion date has shifted from Q2 2025 to Q3 2026 (reported). This delay, while modest by regional standards, is relevant for investors budgeting holding costs.

OCIC: major developer Airport JV (CAIC) Tower A: Q3 2026
Build QualitySPCC design, award-winning
SPCC design, PropertyGuru Best Waterfront Condo (Asia), triple-tower sky bridge
4.5/ 5.0
Assessment

Design is by SinoPacific Construction Consultancy (SPCC), a named Vietnamese firm, drawing inspiration from Hawaiian natural aesthetics and Khmer heritage. The project won Best Waterfront Condo Development (Asia) at the PropertyGuru Asia Property Awards 2023, competing against developers like Guoco Land, Keppel Land and Sinar Mas. OCIC also won Best Developer (Cambodia) 2023. The triple-tower design with sky bridge, vertical greenery and river-facing orientation represents a step up from typical single-tower projects. Materials described as glass, stone and stainless steel. Build quality cannot be fully assessed until completion.

SPCC design firm Best Waterfront (Asia) Best Developer 2023
Payment FlexibilityMultiple options, bank loans, up to 20% discount
Cash up to 20% discount, instalment options, bank loan available
4.0/ 5.0
Assessment

DBG offers multiple payment structures: cash payment with up to 20% discount (reported), instalment options with 3-10% discounts, and bank loan facilities. A US$2,000 booking fee applies with 5% due on SPA signing. The range of options and the availability of bank financing is strong. Entry pricing from approximately US$106,000 is accessible for a Koh Pich waterfront project but significantly above Sen Sok or emerging-district pricing. Larger 2BR and 3BR units range from US$140,000 to US$370,000+. All pricing should be confirmed directly as promotional terms may change.

Up to 20% cash discount Bank loans available From ~$110k
Rental PerformanceSomerset management, GRR reported
Somerset by Ascott on top floors, GRR programme reported, Koh Pich CBD
4.0/ 5.0
Assessment

The Somerset by Ascott partnership (The Ascott Limited, a CapitaLand subsidiary) covering the top floors is a significant rental differentiator. Ascott's global brand recognition and corporate tenant network should support occupancy. A guaranteed rental return (GRR) programme has been reported for Somerset-managed units, though sources vary on specifics - IPS Cambodia references 70% GRR gross for 10 years while other agents report 8% guaranteed returns. Koh Pich's position as Phnom Penh's emerging CBD with 700+ businesses and proximity to CIS International School is strong for tenant demand. However, rental performance cannot be verified until the building is operational.

Somerset/Ascott GRR reported Koh Pich CBD
Design & InnovationSky bridge, triple towers, Connexion hub
Sky bridge, sky garden, Connexion tech hub, 1,378 parking lots, river views
4.0/ 5.0
Assessment

The triple-tower design with sky bridge and sky garden is architecturally distinctive for Phnom Penh. The Connexion tech hub at the base - home to the Federation of Cambodian Startups, co-working spaces and F&B brands - creates a mixed-use ecosystem beyond standard residential amenities. 40% of space dedicated to amenities (reported) compared to a typical 19%. River-facing orientation maximises the Mekong/Tonle Sap/Bassac views. Amenities include pools (adult and children), gym, yoga room, sky bar, playground, multi-purpose room, commercial area and 1,378 parking lots across two parking floors. The design draws on Hawaiian aesthetics and Khmer heritage influences per SPCC.

Sky bridge + garden Connexion tech hub 1,378 parking lots

Projects

Diamond Bay Garden

Koh Pich, Chamkarmon, Phnom Penh
Foreign Ownership Eligible Under Construction Somerset Managed

Triple 39-storey waterfront towers - 591 units Tower A (~1,500 total) - studio to 3BR (45-129 sqm) - from ~US$106,000 - Somerset by Ascott top floors - sky bridge - GRR reported - strata title - Tower A: Q3 2026
Did you know?
Koh Pich (Diamond Island) is Phnom Penh's most established island CBD, with direct bridge access to the city centre and a growing cluster of premium developments. Waterfront positioning provides natural scarcity value that supports long-term capital appreciation. See our best areas investment guide.

Investment Suitability

Diamond Bay Garden Koh Pich targets investors seeking a branded waterfront condo investment in Phnom Penh's prime CBD island district, backed by one of Cambodia's largest developers and with international hotel-brand management on the top floors.

OCIC Parent Backing

One of Cambodia's largest developers. Numerous completed projects including Canadia Tower and Olympia City. Techo Airport JV. Significantly reduces developer risk.

Award-Winning Design

Best Waterfront Condo (Asia) 2023. Best Condo Development (Cambodia) 2023. SPCC architectural design. Triple-tower sky bridge concept.

Somerset by Ascott

International hotel-brand management on top floors. CapitaLand subsidiary with global corporate tenant networks. GRR programme reported.

Koh Pich Prime Location

Diamond Island CBD with 700+ businesses, CIS International School, parks, riverwalks. Three-river waterfront views. Land values reported growing steadily since 2020.

Payment Terms

Payment terms below reflect publicly referenced information for Diamond Bay Garden Koh Pich. Promotional terms change frequently. Confirm all details directly with Diamond Bay Garden Co., Ltd. or an authorised agent before committing.

Studio/1BR Entry

From approximately US$106,000 (45 sqm net). Pricing at approximately US$1,600/sqm (reported). Floor and view premiums apply.

2BR Units

From approximately US$140,000 (75 sqm) to US$240,000 (120 sqm). Multiple 2BR configurations available. Pricing varies by floor and river view.

3BR Units

From approximately US$370,000 (170 sqm). Premium 3BR units with balconies and river views. Largest units exceed 200 sqm.

Cash Payment

Up to 20% discount for full cash payment (reported). US$2,000 booking fee, 5% on SPA signing, balance within 1 month. Verify current terms.

Instalment Plans

Multiple instalment options with 3-10% discounts (reported). Bank loan facilities available. Confirm current instalment schedules directly.

Strata Title Transfer

Hard title (strata title) for foreign buyers. Above ground floor, 70% foreign quota. Unit ownership, not land. See our strata title guide.

All pricing and terms are indicative and subject to change. Verify directly with Diamond Bay Garden Co., Ltd. or an authorised agent. See our payment plans guide for general information.

Due Diligence Checklist

Key areas to verify before purchasing at Diamond Bay Garden Koh Pich. For a full investor framework, see our due diligence guide.

Construction Progress

Tower A completion has shifted from Q2 2025 to Q3 2026 (reported). Request current construction progress updates, site visit access and a realistic handover timeline.

Strata Title Verification

Confirm strata title (hard title) issuance timeline for the specific unit. Check the 70% foreign ownership quota status. Request title documentation commitments in the SPA.

Somerset Management Terms

If purchasing a Somerset-managed unit, verify exact GRR terms, duration, what is included/excluded, fee structure, and minimum commitment period. Sources vary on specifics.

SPA Review

Have an independent lawyer review the Sale and Purchase Agreement. Check completion guarantees, delay compensation, defect liability, refund conditions and Somerset-specific clauses.

Payment Plan Clarity

Multiple discount tiers have been advertised (3-20%). Confirm which apply to your unit, whether discounts are negotiable, and the exact instalment schedule tied to construction milestones.

GRR Programme Verification

GRR claims vary by source. Get the guaranteed rental return commitment in writing within the SPA. Understand the operator, payout frequency, and what happens if occupancy targets are not met.

Towers B & C Timeline

Three towers are planned with ~1,500 total units. Understand the phasing timeline, whether Towers B and C are confirmed, and the potential impact of additional supply on rental yields and resale values.

Exit Strategy

Koh Pich has an established secondary market but resale dynamics for 591+ units in a single building need careful assessment. Consider the Somerset lock-in period and its impact on resale flexibility.

Strengths & Considerations

Strengths

  • OCIC parent backing - one of Cambodia's largest developers with numerous completed projects including Canadia Tower, Olympia City and DARA HotelsInvestor angle: significantly reduces developer default and completion risk compared to independent developers
  • Somerset by Ascott management - international hotel-brand management on top floors with reported GRR programmeInvestor angle: branded management attracts corporate tenants and supports premium rental rates
  • PropertyGuru award-winning - Best Waterfront Condo (Asia) 2023, Best Condo Development (Cambodia) 2023, OCIC Best Developer 2023Investor angle: independent third-party validation of design and development quality
  • Koh Pich prime waterfront location - Diamond Island CBD, 700+ businesses, three-river views, CIS International School, established infrastructureInvestor angle: Koh Pich land values have been reported as growing steadily, though past performance does not guarantee future returns

Considerations

  • Tower A not yet completed - completion shifted from Q2 2025 to Q3 2026 (reported). Off-plan risk remains until handoverMitigation: OCIC's extensive completed portfolio reduces but does not eliminate delivery risk
  • GRR terms vary by source - guaranteed rental return specifics differ between agents (70% GRR gross vs 8% guaranteed). Verify in writingMitigation: get exact GRR terms in the SPA before committing. Somerset brand provides credibility
  • Future supply from Towers B and C - approximately 1,500 total units planned across three towers may impact rental yields and resale dynamicsMitigation: phased delivery spreads absorption. OCIC's economies of scale may support pricing
  • Higher entry price point - from US$106,000 is significantly above emerging-district alternatives. Investor returns depend on Koh Pich premium holdingMitigation: Koh Pich is an established CBD island, not speculative. Somerset brand adds rental premium

Frequently Asked Questions

Who is the developer behind Diamond Bay Garden?
Diamond Bay Garden Co., Ltd. (DBG) is an affiliate of OCIC (Overseas Cambodian Investment Corporation), one of Cambodia's largest real estate and infrastructure developers. OCIC is part of the Canadia Group, founded by Neak Oknha Dr. Pung Kheav Se, and has completed numerous residential developments in Phnom Penh including Canadia Tower and Olympia City. OCIC is also involved in the Techo International Airport project via a joint venture structure (CAIC). See our developer hub for all Cambodia developers.
What is Diamond Bay Garden Koh Pich?
Diamond Bay Garden is a triple 39-storey waterfront condominium on Koh Pich (Diamond Island), Chamkarmon, Phnom Penh. Tower A comprises 591 units from studio to 3-bedroom (45-129 sqm net), with pricing from approximately US$106,000. The top floors are managed by Somerset by Ascott. The project overlooks the Mekong, Tonle Sap and Bassac rivers. Tower A completion is reported as Q3 2026. See our strata title guide for foreign ownership details.
Can foreign buyers purchase Diamond Bay Garden units?
Yes. Foreign buyers can purchase eligible units via strata title (hard title) ownership, subject to the standard conditions: units must be above ground floor and within the 70% foreign ownership quota per building. Strata title provides unit ownership, not land ownership. See our glossary for definitions of Cambodia property terms.
What awards has Diamond Bay Garden won?
Diamond Bay Garden won Best Waterfront Condo Development (Asia) at the PropertyGuru Asia Property Awards 2023 and Best Condo Development (Cambodia) at the PropertyGuru Cambodia Property Awards 2023. OCIC also won Best Developer (Cambodia) in 2023 and Developer of the Year with 7 awards at CREA 2024. In 2024, OCIC received Best Township Development (Cambodia) for Koh Pich and Best Sustainable Design (Cambodia) for Connexion. See our developer hub for comparisons.
What payment terms are available for Diamond Bay Garden?
Multiple payment options are available including cash payment with discounts of up to 20% (reported), instalment plans with 3-10% discounts, and bank loan options. A US$2,000 booking fee applies with 5% due on SPA signing. Payment terms are promotional and subject to change. Confirm all current terms directly with Diamond Bay Garden Co. or an authorised agent. See our payment plans guide.
Does Diamond Bay Garden offer guaranteed rental returns?
A rental programme has been reported for Somerset-managed units on the top floors. Sources vary on the specific terms - IPS Cambodia references 70% GRR gross for 10 years while other agents report 8% guaranteed returns. Verify exact rental programme terms, eligibility and conditions directly with the developer before committing. See our rental management guide for context on GRR programmes.
How does Riel Property rate Diamond Bay Garden Co?
Riel Property rates Diamond Bay Garden Co 4.2/5.0, reflecting the strong OCIC parent backing (numerous completed projects including Canadia Tower and Olympia City), multiple PropertyGuru awards, Somerset by Ascott management partnership, named design firm (SPCC), and prime Koh Pich waterfront location. The score accounts for Tower A not yet being completed and the completion date having shifted from Q2 2025 to Q3 2026 (reported). See our developer track record guide for our rating methodology.
Is Diamond Bay Garden a good investment on Koh Pich?
Diamond Bay Garden combines several investment-positive factors: OCIC developer backing, Somerset by Ascott branded management, Koh Pich prime waterfront location, and PropertyGuru award-winning design. Considerations include the higher entry price from approximately US$106,000, Tower A completion not yet achieved (Q3 2026 reported), GRR terms varying by source, and future supply from Towers B and C (~1,500 total units). Investors should conduct independent due diligence and verify all terms directly. See our exit strategy guide for resale considerations.

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Interested in Diamond Bay Garden?
Speak to our team about Diamond Bay Garden availability, pricing and Somerset management terms. We provide after-sales support throughout your ownership. No obligation - all terms confirmed in writing.
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