Morgan The Pure Bay, a multi-million dollar mixed-use development by a Chinese firm, broke ground on Wednesday in Sihanoukville, on the country’s coast.
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A project of Chinese-owned Morgan Group, the 38-storey building will occupy 3.2 hectares of land in Otres Beach.
It is Morgan Group’s second development in the Kingdom, following Morgan Tower in Phnom Penh’s Koch Pich, which is still under construction.
“The beautiful bay of Preah Sihanouk province impressed us and we decided to invest here,” said Ding Yongjun, managing director of Morgan Group.
“The project’s attractive design, duty-free shops, and luxury items will attract many tourists visiting the coast.”
Mr Ding did not disclose the amount invested in the project.
Preah Sihanouk Governor Kouch Chamroeun said Morgan Group’s presence in the province is the natural outcome of the current rise in tourists and will be an important contribution to Preah Sihanouk’s economy.
According to Mr Chamroeun, China continues to be the top investor in several industries in the province, including manufacturing, transportation and logistics, tourism, gambling and construction.
He said that 819 construction projects have been greenlighted since 2007 and hat the province now boasts 218 buildings higher than five storeys.
“We welcome Morgan Group’s mixed-use development project. Our province has been lucky to receive a lot of investment over the last few years, especially from China, that contributes to its development and improves people’s lives,” he said.
“This investment will contribute to the economic growth of Cambodia and create many jobs for our people, especially those living in Preah Sihanouk,” he added.
Minister of Land Management Chea Sophara, who presided over the groundbreaking, said the investment reflects the trust and confidence foreign investors have in the government’s investment policy.
“Why do we have so many development projects in Preah Sihanouk province? It is because we have political stability and impressive economic growth. If we didn’t enjoy a stable political situation and robust growth investors wouldn’t come,” he said.
In August last year, Morgan Group began the construction of Morgan Tower, a 210-metre building in the capital that will cost $160 million.
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