China-based SRE Group has invested $100 million into a high-end commercial and residential project in Sen Sok district, with construction work beginning this week after a groundbreaking ceremony attended by the governor of Phnom Penh.
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The project, named Romduol City, marks SRE Group’s first investment in the Kingdom.
Speaking at the ceremony on Wednesday, Phnom Penh’s governor Khuon Sreng said the project is testimony to the government’s success attracting overseas investment and building investor confidence in the real estate sector.
The project also reflects an increase in incomes in the capital, which has contributed to national economic growth and development, he added.
“Phnom Penh is a political, economic, cultural and tourist centre, and is one of the fastest-growing cities in Asean and the fourth fastest-growing city in the world,” Mr Sreng said.
The project is located in Sen Sok district, a key area for the city’s development plans that boast scientific, educational, and health facilities, as well as plenty of entertainment options, he added.
The developers described Romduol City as “an international ecological community,” and said it will occupy 16,327 square metres, with four high-rise buildings, two shopping malls and two parking lots.
Liu Feng, SRE Group CEO, said the company’s investment in the Kingdom is part of China’s Belt and Road Initiative (BRI).
“At the same time, we wanted to invest because we see a lot of potential in Phnom Penh’s real estate market and in the rapidly growing Cambodian economy,” Mr Feng said.
“SRE Group seeks to meet demand for high quality housing. Romduol City benefits from the resources and experience in real estate development that our company has gained across the globe to fill the gap in luxury property projects in Phnom Penh,” he added.
Mr Feng said the project has been designed by renowned architect Matthew Hon, merging local and international motifs.
“Romduol City will be a large and environmentally friendly community, with a mixed East-Asian style,” Matthew Hon said.
“It will include children areas, swimming pools, spa centres, multi-purpose resorts, food courts, and anything else residents need. It will create a new lifestyle in Phnom Penh,” Mr Hon added.