Kingdom Economy - Sihanoukville Development

Surbana Jurong Group, a global urban, infrastructure, and managed services consultancy headquartered in Singapore, approved a masterplan for Ream City developed by Canopy Sands Development, a member of Prince Holding Group, one of Cambodia's largest and fastest growing conglomerates by Cambodia Chenzhi. The masterplan specifies a land use plan for the 834-hectare project, which will be developed on reclaimed land just 10 minutes from Sihanoukville International Airport and will require total investments of US$16 billion. Ream City will act as a catalyst for the entire Sihanoukville region's growth prospects, as the country's third-largest city and home to the country's deep-water port.

Sihanoukville will be transformed by Ream City, which will introduce a sustainable ecosystem of tourism, commercial, and residential activity with the capacity to house up to 130,000 people. The masterplan envisions the development of family attractions, condominiums, landed and beachfront homes, and affordable housing estates, as well as themed shopping malls, business hubs, beach resorts, hotels, condotels, and a yacht and marina club once completed. Ream City's masterplanning, urban design, and coastal engineering work will be handled by Surbana Jurong. Read more here

Cambodia, which is sandwiched between Thailand and Vietnam, has positioned itself as a desirable investment destination for ASEAN companies looking to expand.

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.”

Sihanoukville Province's economy is diversifying beyond tourism, with a growing base of entertainment, manufacturing, logistics, electricity production, and agriculture companies. 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.

Prince Group and Surbana Jurong are working together to bring a holistic and meticulously planned approach to coastal development that leverages 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 has invested over US$2 billion in local projects with the intention to “Build a Better Life” for Cambodians.