The Council for the Development of Cambodia (CDC) on September 30 announced that it had agreed to issue a final registration certificate to Try Pheap Koh Tunsay Resorts Co Ltd for a new island development project – this time on the 14ha Koh Tbal Island in Kep province.
The CDC, the government’s highest decision-making body for large-scale investments, remarked in a notice that the Koh Tbal Development Project has registered capital of $17 million and could add 105 new jobs.
Koh Tbal, which translates as Mortar Island, is located just 1.3km southeast of Koh Tonsay Island, both of which are officially part of Kep village, Kep commune, Kep town. Koh Tonsay, also known as Rabbit Island, is about 4.5km southeast from Kep town and renowned for its pristine white sand beaches, coral reef and vibrant marine life.
Try Pheap Koh Tunsay Resorts Co Ltd is also investing in a 144ha development project – with registered capital of about $130 million – on the 184ha Koh Tonsay, which broke ground on September 27, 2021.
Speaking to The Post on October 2, 2022, Kep provincial governor Som Piseth expressed enthusiasm that Try Pheap Koh Tunsay Resorts’ new venture would not only create jobs, but also generate incomes for locals and other stakeholders, and bring many other positive effects.
He shared that, although the government has approved a range of major projects for the province’s islands, the company’s Koh Tonsay development is the only one to have broken ground to date.
The remainder, he said, are in the process of either evaluating environmental and social impacts, or arranging preliminary meetings with the relevant ministries or institutions.
Nonetheless, Piseth said the stream of public and private investment projects starting up and making progress in Kep are expected to accelerate development in the coastal province. As an example, he mentioned a massive waterway link planned from the Bassac River in Kandal province to the sea in Kep.
“Direct investment helps draw in new companies to invest even more, and raise the profile of the province,” he said.
Global Real Estate Association president Sam Soknoeun commented on the long-term and costly nature of island development projects, opining that Kep would enjoy substantial gains should Try Pheap Koh Tunsay Resorts successfully forge ahead with the two ventures.
These projects will not only provide premium leisure travel options in the Kingdom, but also translate into more investment in the tourism and real estate markets, he said. “Each development increases incomes for the people and the national economy, and leads to a corresponding jump in real estate prices.”
The September 30 CDC notice showed that the council approved seven other projects, which represent total registered capital of $72 million and are expected to create 5,328 jobs. These comprised two hospitals, two garment factories and a food processing facility, along with cable harness and footwear material manufacturing plants.