With construction finished earlier this week, Prince Time Hotel, a boutique resort, will open at the end of September in Sihanoukville.
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The upcoming five-star hotel is owned by Chinese firm Princess Real Estate (Cambodia).
Built over 1.2 hectares near the seafront, the hotel occupies 29,000 square metres, and will offer 193 rooms, as well as swimming pools, gym, and even a helipad.
A company representative contacted by Khmer Times yesterday said he was unable to reveal details regarding the amount invested in the project.
Chrek Soknim, CEO of Century 21 Mekong, said Sihanoukville’s property sector is growing rapidly and represents a good investment.
“Investing in Preah Sihanouk province makes a lot of sense, particularly in the long term, because the province boasts a deep-sea port and a beautiful coast line. In the near future, the property sector here will be as vibrant as Phnom Penh’s,” he said.
He said prices in the local property sector are now on the rise, which is attracting investors from all over the world, but particularly from China and Japan. He explained, however, that the value of real estate in the province is still significantly lower than in other major cities in the region.
“Investors are confident in the local market because the country has peace and stability, particularly after the national election,” Mr Soknim said.
During the first half of the year, the Ministry of Land Management and Construction gave 1,643 construction licenses for projects across the country, totaling more than 5 million square metres, and representing a combined investment in excess of $2 billion.
The construction sector employs about 180,000 professionals and workers each day at construction sites across the country, who earn between $400 and $2,500 a month.