Ascending Economy - Sihanoukville Development

Canopy Sands Development, a subsidiary of Prince Holding Group, one of Cambodia's largest and fastest growing conglomerates, has approved a masterplan for Ream City developed by Surbana Jurong Group, a Singapore-headquartered global urban, infrastructure, and managed services consultancy. The masterplan establishes a land use strategy for the 834-hectare project, which will require an estimated US$16 billion in total investment and will be developed on reclaimed land just ten minutes from Sihanoukville International Airport. Ream City Cambodia will serve as a catalyst for the entire Sihanoukville region's growth prospects, as Cambodia's third largest city and home to the country's deep-water port.

Ream City is set to transform Sihanoukville by establishing a sustainable ecosystem of tourism, commercial, and residential activity capable of housing up to 130,000 people. The masterplan envisions the development of family attractions, condominiums, landed and beachfront homes, and affordable housing estates, themed shopping malls, business hubs, beach resorts, hotels, and condotels, as well as a yacht and marina club. Surbana Jurong has been tasked with the responsibility of masterplanning, urban design, and coastal engineering for Ream City.

Cambodia, sandwiched between Thailand and Vietnam, has established a reputation as 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 continued.

“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.”

Apart from tourism, Sihanoukville Province is diversifying its economy by expanding its entertainment, manufacturing, logistics, electricity production, and agriculture sectors. It is at the crossroads of major infrastructure initiatives such as the Belt and Road Initiative and the southern route of the Greater Mekong Subregion Economic Corridors. The airport is also undergoing expansion, with initial plans to increase capacity to 3.6 million passengers per year, with additional plans to handle a potential passenger load of 10 million by 2030. Read more here

Prince Group and Surbana Jurong intend to collaborate to bring a holistic and meticulously planned approach to coastal development that capitalises on both parties' strengths – Prince Group, which includes Prince Real Estate Group, Prince Bank, Cambodia Airways, and Prince Huan Yu Real Estate, has completed numerous projects in Phnom Penh and Sihanoukville and invested more than US$2 billion in local projects with the aim to "Build a Better Life" for Cambodians.