A groundbreaking joint venture investment in a colossal tourism project titled ‘Sihanoukville Royal Heritage Village’ has been announced by a consortium of local and international development companies. This ambitious venture is set to grace the picturesque Bet Trang commune in Prey Nob district, Sihanoukville province, marking a significant milestone in the region’s burgeoning tourism industry.
Comprising five companies, including Cambodian-based Pitou and LJ, in collaboration with Amarta Pura from Indonesia, DCI from the Republic of Korea, and KWK from Singapore, the Memorandum of Understanding (MoU) for this transformative project was inked in Phnom Penh on January 10.
With a staggering total value of $1.8 billion, the Sihanoukville Royal Heritage Village will span an initial 22.5-hectare site during its first phase. Kheang Khemrin, a representative of the project, emphasized that the development would benefit from the expertise of technical professionals from Korea and Singapore, with a vision to expand to a sprawling 200 hectares in the future.
Once completed, the project will encompass a luxurious array of amenities, including upscale hotels, casinos, golf courses, supermarkets, international hospitals, top-tier universities, and world-class sports tourism venues, firmly positioning it within the luxury investment sector.
The ambitious project is slated to commence in mid-2024, with a decade-long timeline set for comprehensive construction and infrastructure development. Following the recent MoU signing, project partners will embark on meticulous master planning, conducting workshops to present investment proposals to relevant ministries and seek approval for investment principles and regulatory guidelines from the Royal Government of Cambodia.
Kheang noted that this development project aligns with the Royal Government’s Sub-Decree No. 40, dated March 7, 2019, which establishes the Great Tourism Zone to attract tourists from key markets like Malaysia, Indonesia, Korea, Japan, and China.
Highlighting the extensive groundwork that preceded the MoU signing, Kheang emphasized that the consortium had dedicated a year and a half to studying the project’s overall viability, collaborating closely with experienced investment partners well-versed in grand project design across regional markets like Vietnam, Indonesia, Singapore, and Hong Kong.
“After the investment project is completed, we expect to significantly boost Cambodia’s economy and tourism. We call upon all stakeholders, especially local authorities and relevant ministries, to join forces, support, and promote this investment project for the benefit of our nation and its future prosperity,” said Kheang.
This monumental announcement comes on the heels of the inauguration of the Sihanoukville Tourism Port in July 2023, providing further impetus to prospective tourism operators. The newly operational port has the capacity to accommodate 20 small and large tourist boats simultaneously, with approximately 22,000 meters of portage.
Kouch Chamroeun, the Provincial governor, lauded the opening of the tourist port as a game-changer, poised to attract both national and international tourists to the province, along with fostering private tourism infrastructure developments. This new development is set to usher in a transformative era of prosperity and tourism growth in Sihanoukville, Cambodia.
Source: Khmer Times