Sihanoukville, a fast-developing urban area that hosts Cambodia’s sole deep-water seaport, is experiencing a building boom rivalled only by touristy Siem Reap and the Kingdom’s capital city of Phnom Penh.
In the last 3 years, more than 200 residential, commercial, and mixed-use development projects went up in different parts of Sihanoukville.
Most of these projects were condominium/apartment complexes, hotels, resorts, and malls. In 2017 alone, the Sihanoukville Land Management Department approved 51 construction projects. These developments have transformed the once sleepy backpacker paradise into one of the most developed areas of the country.
This week, a topping–up ceremony will be held for the newly-completed D’Seaview, a major condominium complex in Sokha Beach. Developed by a Singaporean firm, HLH Group, D’Seaview is composed of 737 residential and 67 commercial units.
Ongoing projects include the SeaGate Suite, a $200 million mixed-use development by KHCN International Investment & Development that sits atop Victory Beach. There is also the $200 million, 38-storey Blue Bay Resort by Shu Jian Tian Yu Development along Independence Beach.
Sky View Investment also began construction in the city of the $109 million Sky Mountain Business Centre and Sky Mountain View Hotel. Major international hotel brands are also flocking to Sihanoukville. InterContinental, a major international hotel developer, is building a $77 million, 17-storey, hotel in Mitapheap District.
The globally-renowned Marriott Group is also developing a 58-storey hotel with 888 rooms in Treasure Island Beach. In Otres Beach, local developer Tang Kung Group recently broke the ground for its $25 million Jing Nan Hotel, another mixed-use development.
Around 10 hotel projects, with more than 1,000 rooms, are expected to be completed in Sihanoukville before the end of 2018. Sihanoukville and other parts of Preah Sihanouk Province have more than 80 hotels and 3,000 guesthouses. The hotels account for a combined 4,000 plus rooms. There are also many major development projects for Sihanoukville that are in the pipeline or on the drawing board.
Last week, Cambodia witnessed the groundbreaking for the $1 billion Wisney World resort project. A joint undertaking of China’s AMC International and Malaysia’s SV International, it will include water parks, hotels, and malls built over a 65-hectare lot in Sihanoukville. Prince Real Estate (Cambodia) Group, one of the most respected and successful property developers in Cambodia, is set to build the Prince Cullinan Bay and Prince City Centre.
Prince Cullinan Bay is chiefly a recreational complex along Victory Beach. Prince City Centre, meanwhile, will be an international-standard, mixed-use development built close to the Golden Lions Roundabout.
Deputy Prime Minister Men Sam An noted that Sihanoukville has become a magnet for foreign investors.“Currently, Sihanoukville is becoming a more popular tourist destination and attracting international investment,” Ms An stressed during the Wisney World groundbreaking ceremony.
Jose Rodriguez T. Senase is Writer & Editor @Realestate.com.kh