The Grand Phnom Penh City (formerly called Grand Phnom Penh International City), which has been in development for a number of years and was taken over by the Chip Mong Group in late 2019, has resumed construction outside of Phnom Penh.
Chip Mong Land obtained the rights to develop the huge satellite city project after it acquired the previous developer Grand Phnom Penh International City Co Ltd for an undisclosed amount in October 2019.
What is the Grand Phnom Penh City?
The Grand Phnom Penh City is a satellite town under development located 7 kilometres north-west of Cambodia’s capital of Phnom Penh, in Sen Sok district’s Khmuonh commune. The area of the project covers 260ha.
The original Grand Phnom Penh International City was a joint venture between local firm YLP Group Co Ltd and Indonesia’s Ciputra Group with investment capital of $600 million reports the Phnom Penh Post, and the project has been idle for years.
The development was set to “include an international standard school, world-class hospital, shopping centres, hotel, a waterpark, and a variety of residences”. In addition, it was to be home to a premier golf course designed by Nicklaus Design Company of USA and in total have 44,000 homes once totally completed.
When Chip Mong Group took ownership they said Chip Mong Land will “continue to develop the property – adding luxury residences, a shopping mall and other infrastructure to the existing project.”
Chip Mong Land CEO Leang Henry said “The company intends to transform the Grand Phnom Penh satellite city into a first-tier green town with lively homes, and commercial and shopping centres. Grand Phnom Penh City will be like a mini-city within the capital – a budding oasis in Phnom Penh.”
The project is not set to include “extensive amenities, including commercial centres, sports facilities and the Grand Phnom Penh Golf Course to promise its residents a comfortable lifestyle”.
Chip Mong – Cambodia
Chip Mong Group’s business operations cover several industries including construction and materials, consumer goods, property development, food and beverage, hospitality and retail sectors and banking.
Chip Mong Land plans to launch Grand Phnom Penh City units for sale in July 2020.
In 2019, the construction and real-estate sector in Cambodia yielded investment worth approximately $11.43 billion, a 90% rise from 2018.