Cambodian conglomerate brings world-renowned expertise from Singapore to oversee 834-ha project, catalyzing growth in Cambodia’s 3rd largest city
HONG KONG SAR – 8 February 2021 – Canopy Sands Development, a member of Prince Holding Group, one of Cambodia’s largest and fastest growing conglomerates, approved a masterplan for Ream City developed by Surbana Jurong Group, a global urban, infrastructure and managed services consultancy headquartered in Singapore. The masterplan specifies a land use plan for the 834-hectare project requiring total investments estimated at US$16 billion, and will be developed on reclaimed land conveniently located within a 10 minutes’ drive from Sihanoukville International Airport. Ream City will act as a catalyst for the growth prospects of the entire Sihanoukville region, Cambodia’s third-largest city and home to the country’s deep-water port.
Ream City is set to transform Sihanoukville by introducing a sustainable ecosystem of tourism, commercial and residential activity that has the potential to house up to 130,000 residents. Upon completion, the masterplan envisions the construction of family attractions, condominiums, landed and beachfront homes and affordable housing estates, themed shopping malls, business hubs, beach resorts, hotels, condotels, yacht and marina club. Surbana Jurong was appointed to undertake the masterplanning, urban design and coastal engineering works for Ream City.
Cambodia is located between Thailand and Vietnam and has positioned itself to be an attractive investment destination for businesses looking to expand in the ASEAN region.
Mr Yeo Choon Chong, CEO, ASEAN, Surbana Jurong said, “Cambodia continues to attract a steady flow of foreign direct investments. With our partners, we see immense potential to drive growth in this key market through our participation in iconic infrastructure projects.”
“The proposal prioritises the integration of nature to enhance the built environment. A major part of the plan includes an extensive beachfront that stretches beyond 6km. This will support a wide range of waterfront activities and inject vibrancy to the community. The plan also includes infrastructure enhancements to the community to support civic and community facilities such as schools, parks and open spaces, sports complexes, polyclinics and neighbourhood-level amenities. Once fully developed, Ream City will be an exciting destination for dining, retail, work, recreation and living.”, Mr Yeo added.
“We have liaised with Surbana Jurong for more than a year and are very happy with the masterplan they have proposed for Ream City,” said Mr Khong Weng Fook, Managing Director of Canopy Sands Development. “Surbana Jurong has consistently impressed clients around the world and are well-known for their extensive experience in urban development, deep and global talent pool, and comprehensive global coverage as they have developed masterplans for a wide variety of projects in more than 30 countries.”
“We are looking forward to working together to convert their proposed land use plan into reality and create a sustainable solution for living for the betterment of Sihanoukville and Cambodians.”
Beyond tourism, Sihanoukville Province is also diversifying economically with a growing base of entertainment, manufacturing, logistics, electricity production and agriculture businesses. It is situated at the cross-roads of major infrastructure initiatives like the Belt and Road Initiative and the Greater Mekong Subregion Economic Corridors southern route. The airport is also undergoing expansion and will initially see its capacity increase to accommodate 3.6 million passengers annually with further plans expected to deal with a potential passenger load of 10 million by 2030.
Together, Prince Group, Chairman Chen Zhi and Surbana Jurong aim to bring a holistic and meticulously planned approach to the coastal development that leverages the strengths of both parties — Prince Group, which also counts Prince Real Estate Group, Prince Bank, Cambodia Airways and Prince Huan Yu Real Estate among its group of companies, has completed numerous projects in Phnom Penh and Sihanoukville and has invested more than US$2 billion in local projects with a view to “Build a Better Life” for Cambodians.