A proposal to develop and manage a theme park with a gross development value (GDV) of $5.1 million in Prey Veng province has fizzled after a memorandum of agreement to set up a joint venture between Cambodia Resort and Entertainment Co (CRE) and Malaysian-listed MQ Technology Bhd (MQTech)’s unit lapsed.
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“The MoA relating to a proposed JV between Star Acres Sdn Bhd, a wholly owned subsidiary of MQTech, and CRE to develop and manage a theme park in the Kingdom of Cambodia has not been extended as the parties have not been able to move the venture forward,” MQTech said in a filing with the Malaysian stock exchange, Bursa Malaysia, today.
The MoA signed on Dec 12, 2016, was extended by CRE nearly eight times with the last extension ending today.
Malaysia-based The Edge Financial Daily previously wrote that MQTech planned to develop a mixed resort development project made up of a theme park, hotel, casino, and apartments, with a GDV of $51.1 million in Cambodia over six years.
The report also said CRE owned 5.1 hectares of land in Prey Veng’s Bonteay Chakkrei, which included a casino, hotel, and a cockfighting arena.
It added that the renovation of the buildings already in the plot and the construction of the theme park made up Phase 1 of the development, while Phase 2 would have involved the construction of two blocks of serviced apartments.
CRE would have owned 30 percent of the project, with the remaining 70 percent belonging to MQTech.