Shanghai-listed Guangzhou Yuetai Group Co Ltd’s sister company projects sales of $600 million for 2019 as it embarks on three mixed development projects in Phnom Penh and Kampong Cham this year.
For in depth analysis of Cambodian Business, visit Capital Cambodia
Yuetai International Group Co Ltd (YIGC) sold 813 units in the country with a total sales value of $120 million last year, said CEO Sam Yang during its group annual meeting on Friday.
Since its establishment in Cambodia eight years ago, YIGC has been actively involved in developing the real estate sector with the completion of its Norodom Boulevard projects – East View Residence and East One Residence – in the past two years.
The company, a subsidiary of Guangzhou Yuetai Holding Group Co Ltd, is currently developing Yuetai The Garden Residence on Veng Sreng Boulevard on a 4.2-acre plot close to Phnom Penh International Airport.
“It is the first intelligent international community in the city. The construction, which would take place on an 11-hectare site, started in October last year,” Mr Yang said.
The company will start construction this year on the Yuetai Phnom Penh Harbour project as well as a mixed development project in Kampong Cham known as Yuetai City, Mr Yang said, adding that a third project will break ground in Siem Reap in June.
“The City development will integrate high-end villas with commercial, industrial, tourism, educational and medical facilities,” he said.
The Harbour project along the Mekong River will meet the needs of the Phnom Penh Autonomous Port, with centres for financial, tourism and cultural activities, as well as leisure and shopping.
“We want to build a landmark development in Cambodia, not just a shopping centre. It will also house a five-star hotel – the White Swan, an iconic Chinese brand.
“Why the Swan? Because people always think that things from China are of bad quality. We want to break that stereotype and show that we are good,” he said.
The White Swan, a Guangzhou-based hotel chain, is mainland China’s first five-star hotel to host royalty and heads of government over an illustrious 30-odd year history.
At the staff dinner, which was attended by some 400 people, Mr Yang recollected YIGC’s journey eight years ago when it first arrived here and struggled to find its footing.
“We only had two projects then and 13 staff. Now, we have several projects and the number of employees has grown to 300. If we work harder we will be able to reap the benefit,” he added.
YIGC’s property management, which handles rental units, has managed to rent out 100 percent, said Mr Yang, adding that there are ‘no empty apartments’.
The group is also involved in corporate social responsibility activities where it helps young students prepare for examinations at its training centre above its Yuetai The Garden sales office.
“Now it is only a training school but in the future we hope to turn it into a higher education centre. We also plan to open an indoor zoo in The Garden,” he said.
The dinner featuring a sumptuous Chinese spread was peppered with presentations by the staff including song renditions, dances, lucky draws, and best performance awards.