In a highly anticipated project expected to patch the gap in the supply of essential oils and perfumes, Ultimus Asia announced this week its investment into Bai Yu Feng Sandal Wood for the creation of a 3,500-hectare plantation in Phnom Penh.
Ultimus Asia is a private equity investment fund working on four main industries – agriculture, property, international trade and travel.
“The fund aims to harness the last round of wealth in Asia by investing in long term growth capital with a primary focus on the needs of the middle class in Asia,” a recently released company statement said.
Bai Yu Feng Sandal Wood is a grower, processor and producer of Indian sandalwood products, one of the world’s most valuable tropical hardwoods, now nearing extinction in the wild.
“The project is located in Phnom Penh, Cambodia and covers an area of 3,500 hectares. The plan is to grow three million sandalwood trees and build a world-class sandalwood eco-garden complete with tourism, leisure and health facilities,” the statement said.
“This is an interesting project. Apart from the valuable sandalwood oil, what attracts us is the concept behind this project. This is not entirely an agricultural project,” said Dan Logan, Ultimus Asia’s chairman.“With the completion of the sandalwood eco-garden in five years’ time, we will be looking at a world-class tourism attraction complete with world-class accommodations and leisure facilities in a scenic setting.
“We are also honoured that Bai Yu Feng is supported by both the Cambodia Agriculture Ministry and the China Academy of Science,” Mr Logan said.
The group said it will continue to expand its portfolio and confirmed that is considering more investment projects.