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

  • Phnom Penh unveils rules for post-lockdown transition

    The Phnom Penh Municipal Administration issued a set of detailed guidelines for the seven days to May 12 after the capital emerges from lockdown at the onset of May 6. In the 14-page document signed by municipal governor Khuong Sreng released on the evening of May 5, the

  • SBI LY HOUR Bank Launches Cross Border Money Transfer Service between Cambodia and Vietnam on RippleNet, utilizing DLT

    SBI LY HOUR Bank Plc and Hanoi-based Tien Phong Commercial Joint Stock Bank (TPBank) on Friday launched the first Cambodia-Vietnam money transfer service in real currency via RippleNet, provided by SBI Ripple Asia Co Ltd to provide safe, fast and convenient services. SBI LY HOUR

  • Gov’t issues guidelines as lockdown nears end

    The government has issued a five-page set of instructions to be enforced when the three-week lockdown of Phnom Penh and adjacent Takmao town in Kandal province ends on May 6. According to an announcement signed by Prime Minister Hun Sen on May 4, the instructions cover a

  • Cambodia ready to exit LDC status

    Cambodia is well-prepared to minimise economic risks when it graduates from its Least Developed Countries status, according to a senior official at the Ministry of Commerce on May 7. Four LDCs – Cambodia, Laos, Bangladesh and Nepal – met at a virtual workshop last week to explore potential

  • Nine US franchises eye Cambodia debut

    Nine famous US franchising companies are looking for business opportunities and expansion into Cambodia to build a footstep for a strong foundation in Southeast Asia. The US embassy in Phnom Penh, in partnership with the US Foreign Commercial Service and with support from the American

  • Lost in translation: ‘Starvation’ in capital’s designated red zones

    “DACH bay” is a Khmer slang meaning a “loss of income”, that could also be literally translated to «deprived of rice”, which alludes to starvation. However, civil society organisation (CSO) officials have independently confirmed the government’s prior assertions that there are no cases of