17th November 2021
FOUR COMPANIES JOIN FORCES TO REDEVELOP PREAH SIHANOUK CITY INTO A FINTECH HUB AND ELITE CLUB ATTRACTING INTERNATIONAL TALENT FOLLOWING MULTIPURPOSE SEZ MASTER PLAN ANNOUNCED
Continent Assets Management Co., Ltd, PLMP Venture Capital Co., Ltd, PropNex Cambodia Co., Ltd and Ly Ly Kampong Seila Special Economic Zone Co., Ltd signed a memorandum of understanding (MOU) on November 17th 2021, to join strategic cooperation in designing new investment projects in Sihanoukville City under the honorable presences of Governor Kuoch Chamroeun and Master Plan Project Director Chea Kok Hong, following the government multipurpose SEZ masterplan announcement last month.
Twenty years ago, Sihanoukville City was a sleepy fishing village, similar to the origins of Shenzhen. The real estate market took off from about 2015, which centres around casino, hotel and condominium complexes development. As a result, the current market’s real estate stock has risen from about 200 projects in 2015 to about 1,580 in 2021. However, the Covid-19 pandemic had impacted real estate industry affecting 75% of projects and slowdown in development. Also, the Cambodia government issued strong mandate last year to ban of online gaming that resulted in massive cleanup to rebuilding a cohesive and safe community for the new economic initiatives, such as Fintech Hub, representing multibillion of investment opportunities for international investment.
Thus, this MOU aims to launch the first Sihanoukville re-development project model and platform to strengthen, diversify, and bring in new business income models alongside the government-led Sihanoukville master plan vision. The focus will be on restructuring the under-developed assets, which will create new markets to attract international talents and entrepreneurship clusters driven by financial and technology innovators encouraging by top educational facilities, world class lifestyle facilities, and vocational training institutes to develop into a vibrant e-community, which is also a provision to attract retirement village development, high yield property investment and luxurious service project investment.
Since the Sihanoukville city’s location is the strategic corner of the Asia-Pacific region with deep sea port supporting sez developments and new economic thrust to support its growth, the group is expected to make the best out of this strategic location and timing to rebrand the city as the new important landmark that can live up with the upcoming demand of e-community in this digital age evolution.
By seeing momentum in big-scale infrastructure projects into the city year over year with the right market conditions and strong support from the government for productive services and innovative products to scale, a fintech sandbox community and the elite club and innovative lifestyle services will formulate new project development modalities and at the same time, revitalize a good development image of the Sihanoukville City redevelopment master plan.
Facebook Article from the Preah Sihanouk Provincial Administration:
On the morning of Wednesday, November 13, 2021, HE Kouch Chamroeun, Governor of Preah Sihanouk Province, and HE Chea Kok Hong, Deputy Director General of the General Department of Policy and Chairman The Technical Working Group of the General Secretariat of the Main Planning Coordination Committee presided over the signing ceremony of the Memorandum of Understanding (MoU) with the aim of attracting investment to contribute to the development of Sihanoukville.
HE Chea Kok Hong said that in order to develop Sihanoukville as a multi-purpose special economic model, four companies have initiated cooperation and joined the Royal Government in promoting the development of Sihanoukville. Starting from the master plan to develop Sihanoukville into a multi-purpose model special economic zone, a long-term vision to transform Sihanoukville into the development of industry, tourism, agriculture and finance using modern and intelligent technologies. Good public and green living. The plan is comprehensive, including defining clear development zones, formulating policies to support and strengthen the institutional capacity of the province to ensure the attraction of foreign and local investors with quality, sustainability and sustainability. The Royal Government has selected Shenzhen Institute of Urban Planning and Design as the leading institute for Shenzhen city development planning and has experienced approximately 5,800 projects worldwide.
On that occasion, HE Kouch Chamroeun, Governor of Preah Sihanouk Province, welcomed and witnessed the signing of 4 companies for the promotion of investors and development in Sihanoukville, as well as the launch of innovation projects. Recently, to contribute to the rehabilitation and socio-economic development of Sihanoukville, both now and in the future, because Sihanoukville is an important economic pole of the Kingdom of Cambodia. The Royal Government pays close attention to the plan to turn Sihanoukville into a multi-purpose model special economic zone and to make Sihanoukville an attractive financial market for foreign investors and to develop Sihanoukville.
HE Governor said that Samdech Techo saw the development of the private sector, the construction of high-rise buildings here, but the roads are difficult, Samdech also set out two policies for improving infrastructure in Sihanoukville, Preah Sihanouk Province. Sihanouk withdrew $ 100 million from the Royal Government’s budget to build a network of roads and canals. Second, to use the palm leaf policy to pack palm sugar to build 34 road infrastructure, and this achievement has been gradually put into use and will be officially inaugurated on December 2, 2021. Construction of 2 wastewater treatment plants has been commissioned, with the first station having a capacity of 5,200 cubic meters per day and the second station with a capacity of 7,200 cubic meters per day, and the construction of a treatment plant. The third wastewater treatment plant is capable of filtering 20,000 cubic meters of wastewater per day.