Phillip Bank, and its associate company Phillip Trustee (Cambodia), have announced a strategic partnership with Sarita Waterside to attract more investments, particularly from Singapore, and promote Trust-related investments in the real estate market in Cambodia.
Phillip Bank is the only Singaporean-owned Commercial Bank operating in Cambodia and Phillip Trustee (Cambodia) is one of a few firms granted a Trust license by the Trust Regulator (TR). The Trust Law only came into effect in Cambodia in 2019 but had nearly approached $1 billion in investment value by February 2023, with landed property and commercial Trusts the key drivers of investment.
Philip Bank is promoting favourable terms to foreign buyers interested in Sarita Waterside who may now purchase and own these properties under a trust structure – Phillip Trustee Cambodia, a trust company fully owned by Phillip Bank, will assist foreign investors to establish a trust to legally own houses 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 – Available to Purchase For Foreigners Through a Trust
Sarita Waterside is a project which falls under the Kampot Park Eco Estate masterplan and is a joint venture between Sarita Resort Pte. Ltd. and Kampot Mountain Park Development Co., Ltd.
The development features 3 types of villas with private pools, floating pontoons, gardens, clubhouse facilities and a spa.
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 option of keeping the villas for rental investment, holding the property for their own use, or exiting the investment by selling the property back to the developer.
Sarita Waterside 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.