Royal Group announces $285M investment world-class resort project in Cambodia
Kith Meng, Royal Group president, announces the huge investment to develop a world-class resort on Koh Rong. CNC. Sketched by the Pan Pacific Agency.
PHNOM PENH, Dec 30, 2019, The Khmer Times. The Royal Group, one of the largest investment companies in Cambodia, has announced a $285 million investment project in Preah Sihanouk, intending to making Koh Rong into a world-class resort, The Khmer Times reported.
The announcement was made iat an event of Koh Rong Royal Silver Beach Recreation Area Project Launch Conference on Dec 28 at Preah Sihanouk province, according to CNC television station, a Royal Group subsidiary firm.
The investment project is a joint venture between Royal Group and Chinese-owned Royal Galaxy Group to build a resort located on Koh Rong Island, 25 kilometres offshore from Preah Sihanouk mainland province.
The joint venture investment is to build a five-star hotel, international conventional centre, resorts, duty-free shops, supermarkets and 600 units of a villa-style resort.
Royal Group president Kith Meng said the new investment decision was made after the Royal Group put into operation its five-star hotel, The Royal Sand Koh Rong, which was launched in April 2019.
“In its next step, the company will continue to build international class hotels and restaurants as well as casinos to develop Koh Rong island become a model island for Cambodia,” Meng was quoted as saying.
The Royal Group was granted in 2008 a concessional contract by the Cambodian government to develop the island.
Under the concessional contract, Mr Meng said the company also was granted approval to build an airport and solar energy station on the island.
Sin Chansereyvutha, spokesman at the Secretary of States of Civil Aviation, confirmed on Sunday that the airport construction project had completed its study.
“The airport project on Koh Rong has been approved for a long time…The licensed company has finished studying the project, but construction has not been started,” Mr Chansereyvutha said. “It depends on the company, whether construction will take place or not, partly based on market potential.”
Currently, Sihanoukville International Airport hit a record high of passenger traffic, figures from Cambodia Airports stated, citing the growth of 170 percent in the first eleven months this year, compared with the same period last year, of 1.5 million.
Preah Sihanouk provincial governor Kuoch Chamroeun said the investment made by local and foreigners in the Preah Sihanouk province show the confidence of investors in the government, as he welcomed the joint venture investment of Royal Group and Royal Galaxy Group.
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