Canopy Sands Development Co Ltd, a member of Prince Holding Group, one of Cambodia’s largest and fastest growing conglomerates, approved a master plan to develop Preah Sihanouk province’s Ream bay into the $16 billion Ream City.
The masterplan specifies a land use plan for the 834ha project, which will be developed on reclaimed land and conveniently located within a 10 minutes’ drive from Sihanouk International Airport, Canopy Sands Development said in a press release.
“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,” said the company, adding that the project will be developed by Surbana Jurong Group, a global urban, infrastructure and managed services consultancy headquartered in Singapore.
Surbana Jurong CEO for ASEAN Yeo Choon Chong noted that 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,” he said.
According to the release, 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.
In June, Preah Sihanouk Provincial Administration signed memorandums of understanding with 16 Chinese cities and provinces to promote investments in tourism, culture, education and sports between the province and China.
The government has also spent $300 million on a 34-road infrastructure project in the province, which recently completed initial construction of concrete roadways and drainage systems and is on schedule to be entirely finished in the first half of this year.
In October, Cambodia Airports said it completed a runway expansion and renovation project for Sihanouk International Airport, which enables it to accommodate larger Code E aircraft such as B-777-300ER or A-350-1000 that operate long-haul direct flights.
That month, provincial governor Kuoch Chamroeun said companies have developed 11,637ha of beaches and islands, with a total capital investment of $3.9 billion.