[Phnom Penh, Cambodia, 15 March 2024]– Singapore's The Ascott Limited (Ascott), the wholly-owned lodging business unit of CapitaLand Investment, has entered into a management agreement with Overseas Cambodian Investment Corporation (OCIC), for the management of Somerset Diamond Bay Garden Phnom Penh in Koh Pich.

The agreement wassigned by Ms. Serena Lim, Chief Growth Officer of The Ascott Limited and Dr.Lim Lina, Vice Chairwoman of the OCIC Group.

Somerset Diamond BayGarden Phnom Penh is part of Diamond Bay Garden, an upcoming 37 floors high-riseresidential development that overlooks the Mekong River. The property, developedby OCIC, has received the Award for Best Waterfront Condominium Asia-Pacific byPropertyGuru in 2023. Located on 10 of the higher floors, Somerset Diamond BayGarden is a strategic addition to Ascott, with the Somerset brand being thesecond largest in the hospitality company’s global portfolio.

This alliance reinforcesthe commitment of both Ascott and OCIC to improve the quality of hospitalityservices and lifestyle in Koh Pich, which is quickly becoming a growing CentralBusiness District (CBD) of Phnom Penh.

Mr. David Cumming, Regional General Manager of Vietnam, Cambodia & Myanmar, Ascott emphasised:"We are thrilled to collaborate with OCIC and anticipate Somerset DiamondBay Garden Phnom Penh to become a premier destination for both business and leisure travellers. This new agreement expands Ascott’s presence in Cambodia to6 properties spanning more than 1,200 units. Somerset Diamond Bay Garden PhnomPenh offers a diverse range of accommodations, from studios to 3-bedroom units,catering to short-stay and long-stay demands in the fast-growing Southeast part of Phnom Penh. We hope that this ground-breaking collaboration will set a positive precedent for future endeavours between Ascott and OCIC."

Koh Pich has been selected for its very central location, and its growing mix of commercial and residential neighbourhood.  The opportunity to provide an unparalleled river view of the Mekong, the Tonle Sap and the Tonle Bassac will enable residents to fully enjoy a strategic location and the benefits of upcoming parks, cafes, F&B options as well as the energy from the rising tech and start-ups ecosystem. The 15,000 residentsworking or living in Koh Pich have started to fully utilize the recently completed Riverwalk for either early morning run or exercises while others are simply appreciating the fresh breeze from the riverside.

Diamond Bay Garden is ideally situated at the heart of Koh Pich, accessible to various key landmarks such as the Independence Monument, the Royal Palace, the National Museum, the Riverside, Aeon Mall or Norea City all within a five-to-ten-minute drive. The convenience is enabling the residents to benefit from the local vibrancy while enjoying the panoramic views of the Mekong River and the Tonle Sap, as well as the Phnom Penh City’s skyline.