Hotel and entertainment complex Prince Tian Xi Wan broke ground on Thursday in Sihanoukville.
The company behind the project, Chinese property conglomerate Prince Real Estate Group, hailed the development as a “new landmark in the property sector in the coast.”
According to a company announcement, works on the project’s foundation began in August last year, with the main construction work starting last week.
“The foundation of the project has been laid, and now work is beginning on the main structure.
“The estimated date for completion is March 2023,” the company said.
“Prince Tian Xi Wan is a masterpiece of international coastal resort of 340,000 square metres in Sihanoukville,” the company said, adding that it is strategically located along Victory Beach adjacent to the provincial town.
The project, which will be developed by China Construction Fourth Engineering Division (Cambodia) Corp., Ltd, will comprise a five-star hotel, five-star standard serviced apartments, the largest duty-free shop in Sihanoukville, a luxury shopping walk, an IMAX cinema, a yacht dock, and beach bathing, Prince Real Estate Group said.
“As a leading enterprise in the Cambodian real estate industry, the Group owns a land reserve of over 12 million square metres, a reserve volume of development of more than 20 million square metres, and an investment capital exceeding $2 billion,” it added.
“The social and political stability and the firm economic growth over the years help to improve the standards of living of the people and made the construction and property sectors very attractive. These sectors now play an important role in contributing to national economic growth, increasing people’s incomes and creating jobs.”
Prince Real Estate worked with Sino Foundation Engineering (Cambodia) Co., Ltd to prepare the land and lay the foundation.
“Close attention will be paid to the detailed construction and engineering quality to make Prince Tian Xi Wan a model of engineering construction and an international landmark building in the Kingdom.
“The Group has chosen Sihanoukville as a strategic city for its developments, which is a sign of the city’s significance. In addition to Prince Tian Xi Wan, upcoming projects in the province include Prince IT building, Prince Times Hotel, Prince City Center, Prince Splendid New Town, Prince Treasure Island, and Prince Seashore No. 1.
“Soon, a large-scale industrial cluster covering leisure and entertainment, tourism and vacation, high-end hotels, international business, and quality residences will be built, making Sihanoukville into an international tourist attraction,” the company added.
Lao Tipseiha, secretary of state at the Ministry of Land Management, said at the 2019 Real Estate and Construction Forum last week that over the last four months, the government approved 1,420 projects worth a combined $2.7 billion. During the same period last year, just 1,171 projects, worth around $1.6 billion, were approved.
He said that the construction and property sectors continue to play an important role in the economic development of the country, with foreign direct investment into the sectors growing every year.