Song Saa Island Resort Launch Event Receives Unprecedented Response

Monday, 11 January 2010

The launch of Song Saa Island Resort Cambodia just before Christmas received an unprecedented response, with over 60% of the units at this exclusive private island development booked during the launch. The launch event was held at the Catch Beach Club, Twinpalms Phuket on December 17th with a strong turn out of over 70 people. Brocon Investment Co., Ltd., the developer selected Phuket for the launch on the advice of agents CB Richard Ellis as the ideal location to introduce Song Saa Island to potential resort buyers. "We are extremely pleased with the immediate success we've had in bookings for this project. The Phuket market has clearly identified with the product. Despite being an emerging destination, Song Saa has attracted a global mix of investors, including Norwegian, French, Hong Kong Chinese, Hong Kong expatriate to British" said David Simister, Chairman, CB Richard Ellis Thailand. Within one week of sending out the launch invitation, the project has received substantial response and 8 bookings were made by the end of the event. Song Saa Island Resort is located on Koh Ouen and Koh Bong in the Koh Rong archipelago, a 30 minute boat ride from the Cambodian resort town of Sihanoukville. The resort comprises a total of 14 one and two-bedroom residential villas, in a private island setting with a starting price of USD 200,000 and a 10% guaranteed yield for three years. Resort facilities include a five-star over-water restaurant and bar, swimming pool, spa & wellness centre, yoga & meditation centre and a beachside water sports centre. Construction of the resort will begin next month with expected completion in Q2 2011. Song Saa's success marks the beginning of the international development of the Cambodian coastline and is the first project to target foreign buyers. The project offers a 99-year leasehold tenure, the best available ownership structure for foreigners compared to other resort markets in the region. The success also proves that there is a market of international investors who are attracted by quality design and operators in an emerging location. Pioneering investors who have invested in this new frontier expect to be rewarded by the significant upside in capital appreciation. The opening of Sihanoukville Airport will further push the development along the Cambodian coastline and surrounding islands. The airport construction is now complete and includes a runway expansion and terminal renovation. The airport is currently open for chartered flights and private jets. Flights from Phnom Penh and Siem Reap are expected to begin in the near future, with rumours of regional airlines also planning scheduled flights in 2010. The airport, once fully operational, will be the principal gateway to Cambodia's southern coast and a critical catalyst for the area's development. Transfer from the airport to Song Saa Island is approximately 30 minutes by boat. There are currently a limited number of resort developments in Sihanoukville such as the Sokha Hotel and Koh Puos (Snake Island), off the southern coast. A number of international investors have purchased beachfront land in the area and it is expected that the official opening of the Sihanoukville Airport will increase development activity, particularly for four and five star hotels. Song Saa Island Resort is the first project to reach the market. Song Saa Islands are nestled in the lee of Koh Rong, Cambodia's most important resort island, pitched to be a future Phuket. The entire island is owned by one of Cambodia's largest corporations, The Royal Group. Pre-development plans are now underway for the island and the aim is to position the island as Asia's first environmentally planned island development. With an unparalleled quality of water, beach and the environment, the Koh Rong archipelago and the Cambodian coastline has the potential to become the next Asian Riviera, comparable to established markets such as Phuket, Samui and Bali. "The launch of Song Saa Island Resort has certainly put Cambodia on the global map and has paved the way for future developments in the area. I believe the uniqueness of the product, the charm of the island and pricing have been the key factors for Song Saa's success" said Rory Hunter, Chairman, Brocon Investment Co., Ltd.