Logo of Phnom Penh Post newspaper Phnom Penh Post - Chip Mong acquires Grand Phnom Penh

Chip Mong acquires Grand Phnom Penh

Content image - Phnom Penh Post
The Grand Phnom Penh International City project is located in the north of Phnom Penh. Hong Menea

Chip Mong acquires Grand Phnom Penh

Chip Mong Group Co Ltd has acquired Grand Phnom Penh International City Co Ltd (GPPIC), the developer of the Grand Phnom Penh International City project, GPPIC said on Wednesday.

The announcement, which was signed by GPPIC management team member Mao Malay and obtained by The Post on Thursday said it had sold its assets and businesses to Chip Mong Land – a subsidiary of Chip Mong Group – at an undisclosed price.

“We have prepared to transfer ownership to the new company, Chip Mong Land, which is headed by Oknha Leang Khun and Leang Meng – effective from the date of signing,” said the announcement.

The Grand Phnom Penh International City project, which comprises residences and a water park, is located in the north of Phnom Penh, on 260ha of land in Sen Sok district’s Khmuonh commune.

The project was originally a joint venture between local firm YLP Group Co Ltd and Indonesia’s Ciputra Group with investment capital of $600 million.

Chip Mong Group’s public communications department told The Post on Thursday that after ownership transfer, Chip Mong Land will continue to develop the property – adding luxury residences, a shopping mall and other infrastructure to the existing project.

“The company will use its experience and professional skills in the property sector to develop high quality and modern housing to meet customers’ demands,” it said.

Chip Mong Group’s business operations cover the construction and materials, consumer goods, property development, food and beverage, hospitality and retail sectors.

Last year, it expanded into the financial sector with its newest venture – Chip Mong Commercial Bank Plc.

MOST VIEWED

  • Website advises travellers to stay clear of Angkor Wat

    An Australian website has advised travellers to avoid Angkor Wat during their trip to Southeast Asia because the ancient temple is showing signs of rapid erosion and faced water management issues. In a recent article entitled Best places to go in 2020: 12 destinations you should avoid

  • First deportees of the year touch down in Cambodia

    Twenty-five Cambodian-Americans landed in Phnom Penh on Wednesday, marking the first such deportations of the year. “On Wednesday, US law enforcement authorities deported 25 Cambodian nationals that immigration judges determined had no legal basis to remain in the US,” said Arend Zwartjes, spokesperson for the US

  • Passenger taxi boat ridership sinks despite free services

    Passenger taxi boat traffic has dropped by about five per cent compared to the same period last year, despite the government providing free service for garment workers until next year, Phnom Penh Autonomous Bus Transportation Authority director Ean Sokhim said on Monday. In 2018, the Phnom

  • Kingdom drafting new law to strengthen immigration

    The Ministry of Interior on Tuesday said it had formed a working group to draft amendments to the Law on Immigration. Its secretary of state Sok Phal told The Post that the amendments will strengthen the management of immigrants in line with the current situation.

  • Qatar Airways to connect Doha and Siem Reap town

    Qatar Airways Company QCSC has announced a new route connecting Qatar’s capital Doha with Siem Reap, a move hailed by local officials as a significant step to boost tourist numbers. A Qatar Airways representative, speaking at the Kuwait Aviation Show, announced on Thursday that

  • Jica seeks to turn PP, towns into smart cities

    Japanese International Cooperation Agency (Jica) representatives have sought support from Siem Reap’s Apsara National Authority (ANA) to transform the ancient capital into a smart city. The call was made in February last year after the government approved three cities to join the Asean Smart