Up All the Way for Preah Sihanouk
The skyline in Preah Sihanouk province is set to change soon. The coastal province is fast becoming the darling of developers and investors who are set to transform the real estate and tourism sectors.
Chrek Soknim, CEO of realtor Century 21 VTust, told Khmer Times yesterday that Preah Sihanouk province’s improved infrastructure and international airport were factors that attracted more foreign tourists to the province.
“As the tourism sector improves, businesses also take off and this in turn spurs investors to put their money in the province to develop real estate,” said Mr. Soknim.
“The property sector in the province has a bright future because it will be affordable in a business hub that is serviced by both air and sea transport,” he added.
Mr. Soknim was optimistic that the property sector would take off because prices are less expensive than similar coastal areas in neighboring countries.
“The scenery here is beautiful and there are holiday homes suitable for tourists, as well as for those who want a second home. With a growing number of tourists visiting coastal areas, I don’t think the sales of villas, residences or condo units in the province will be a problem,” he added.
The property sector in Preah Sihanouk province also seems to be booming due to a twinning program between China and Cambodia.
The government plans to build a strategic location to link the two countries in the “One Belt One Road” economic corridor and has chosen to link Preah Sihanouk province with China’s Zhencheng district in Guangdong province.
Since 2013, the “One Belt One Road” initiative has become the centerpiece of China’s economic diplomacy. The essence of the initiative is to promote regional and cross-continental connectivity between China and Eurasia.
The coastal province’s beauty is also attracting big investors with resort hotels on their minds.
Recently, a group of Chinese investors announced plans to establish a $3 billion international resort center in Preah Sihanouk province to tap into the Kingdom’s burgeoning tourism industry. The $3 billion investment comes from a China-based consortium in the Cambodia Golden Silver Gulf Resort project.
In August, a large US-based international hotel and resort group announced plans to invest close to $120 million in a multi-resort development project in the coastal province.
To make Preah Sihanouk province easily accessible, the Ministry of Public Works and Transport announced the building of a new highway from Phnom Penh to Sihanoukville which will cost $1.9 billion. The funds are from China’s concessional loan and the road construction is due to begin next year.
Dith Channa, managing director of Lucky Realty Co. Ltd., said all these projects and development will transform Preah Sihanouk province for the better.
“There is only one way for the province’s property sector, and it’s up all the way,” he said.
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