Logo of Phnom Penh Post newspaper Phnom Penh Post - ING signs cooperation agreement with Hong Kong Companies to develop Dragon City

ING signs cooperation agreement with Hong Kong Companies to develop Dragon City

Content image - Phnom Penh Post
The General overviews of Dragon City which will be developed by ING Holdings, Causeway Bay Group and SINO Bay Construction Investment in ING City, Phnom Penh.

ING signs cooperation agreement with Hong Kong Companies to develop Dragon City

Phnom Penh (August 26, 2019) - ING Holdings Co., Ltd, has signed a cooperation agreement to develop a modern commercial complex called Dragon City in ING City together with Causeway Bay Group and SINO BAY Construction Investment from Hong Kong.

ING City, where Dragon City will be located, is an advanced complex of business and commercial facilities, and residential neighbourhoods, in a self-contained, safe and enjoyable environment complemented by extensive green spaces in the south of Phnom Penh.

The Signing Ceremony was held at Sofitel Phnom Penh Phokeethra and was presided over by Deputy Governor of Phnom Penh H.E Koeut Chhe, Vice Chairmen of ING Holdings, Oknha Lim Rose and Oknha Lim Bunsour, Chairman of Causeway Bay Group Chen Zhi and John Zhuang, CEO of SINO Bay Construction Investment witnessing the agreement.

The Cooperation Agreement commits the Cambodian and Hong Kong companies to join forces and develop the Dragon City Project in Beong Cheung Ek and Tum Pun area on 5.4 hectares along Samdech Techo Hun Sen Boulevard starting in 2020. The project will later expand to up to 25 hectares.

Content image - Phnom Penh Post
Representatives from ING Holdings, Causeway Bay Group and SINO Bay Construction Investment after Signing Ceremony on Monday.

“ING Holdings has received approval from the Royal Government to develop this expansion of Southern Phnom Penh area, which is well-known as ING City. Our vision for Phnom Penh blends shopping, working and leisure in a convenient and environmentally conscious way. Having seen the success of Hong Kong Causeway Bay’s commercial developments in 109 locations across China and the rest of Asia, we are excited at the prospect of working with them to create something just as spectacular in ING City,” explained Chairman of ING Holdings, Oknha Ing Bun Hoaw.

Chen Zhi, Chairman of Causeway Bay Group from Hong Kong, said the agreement will contribute to building a new commercial complex in response to Cambodia’s developing economy and the increasing population of Phnom Penh.

“If one looks back to Dubai 20 years ago, the area was just a desert, but after development and investment, it became a global city and an important business hub in the Middle East, as well as one of the biggest cities in the world. So the agreement with ING Holdings will help us build a new commercial complex in Phnom Penh with a Mall, Automobile City, Building Material City, apartments, international food courts, family houses and other modern buildings with special designs,” said Chairman of Causeway Bay Group Mr. Chen Zhi.

Content image - Phnom Penh Post
(From left to right): Cambodian ING Vice Chairmen Oknha Lim Bunsour and Oknha Lim Rose, Deputy Governor of Phnom Penh H.E Koeut Chhe and Chairman of Causeway Bay Group Chen Zhi and John Zhuang, CEO of SINO Bay Construction Investment.

According to Mr. Zhuang Xiongming, CEO of SINO BAY Construction Investment Co., Ltd., the main contractor of the “Dragon City” project, Causeway Bay Dragon City is an important project jointly developed by ING Holdings, Causeway Bay Group and SINO BAY Construction Investment. The Causeway Bay Dragon City will have a global design concept and the Habitat-Building System was introduced to Cambodia to create a model of quality life that is full of sunshine, rain, warmth and happiness.

Development of ING City began in 2007 and Samdech Techo Hun Sen Boulevard, which stretches over 9.1 Kilometer, was opened for public access in April 2017.

The development of Beong Cheung Ek and Tum Pun area is in line with the long-term vision of Samdach Techo Hun Sen, Prime Minister of the Kingdom of Cambodia, who has guided Phnom Penh’s Southern expansion development strategy.

MOST VIEWED

  • Cambodia armed with money laundering laws

    Money laundering will now carry a penalty of up to five years in prison while those convicted of financing terrorists will be jailed for up to 20 years, according to new laws promulgated by King Norodom Sihamoni and seen by The Post on Thursday. Comprising nine

  • Schools to be reopened in ‘three stages’

    With guidance from Prime Minister Hun Sen, the Ministry of Education, Youth and Sport, is in the process of reopening schools in three stages. But no timeline has been set, ministry spokesperson Ros Soveacha said on Thursday. Soveacha said the first stage will be to

  • Thai border crossings eased

    The Cambodian Embassy in Thailand said in an announcement on Wednesday that Thailand’s government has allowed certain passengers from several countries to enter its borders. The visitors must go back to their country immediately after their duties in Thailand are fulfilled, the embassy said.

  • Gov’t says tourism recovers slightly despite pandemic

    The Ministry of Tourism and the Phnom Penh municipal administration have recognised 33 tourism businesses in the capital which have consistently implemented safety measures for tourists and adhered to the code of conduct issued by the ministry. Recently, the ministry announced that tourism businesses had to

  • Mull ASEAN border opening, PM urges

    Prime Minister Hun Sen has requested that ASEAN launch a scenario for gradually reopening cross-border travel and trade between countries in the region. He said ASEAN has had more success combating Covid-19 compared to other regions. The prime minister’s request was made at the

  • Ministry reports 11 new Covid-19 cases, reiterates vigilance

    Minister of Health Mam Bun Heng has urged people to continue practising virus prevention techniques after 11 people tested positive for Covid-19 within two days after arriving in the Kingdom. Speaking on Sunday, Bun Heng stressed the importance of washing hands, wearing masks or scarves when

  • Koh Rong land ‘belongs to firm’

    Preah Sihanouk Provincial Administration spokesperson Kheang Phearum told The Post on Sunday that the 35ha being bulldozed by Royal Group Co Ltd in Koh Rong belongs to it after it was leased to it for 99 years by the government in 2008. Phearum said the land does

  • Nine on Indonesia flight Covid-19 positive

    The Ministry of Health on Saturday confirmed nine more imported cases of Covid-19. The nine ‒ eight Cambodians and one Indonesian, aged 22 to 26 ‒ arrived in Cambodia on Thursday via a direct flight from Indonesia and are receiving treatment at the Khmer-Soviet Friendship Hostipal in Phnom Penh.

  • Kingdom’s financial sector healthy

    Cambodia's financial sector remains on a sustainable growth path despite the Covid-19 pandemic squeezing crucial industries, National Bank of Cambodia (NBC) governor Chea Chanto said. Tourism, garments and footwear have borne the brunt of the Covid-19 impact, he said, whereas the financial and agriculture sectors

  • Vietnam told to remove border tents

    Kandal provincial governor Kong Sophoan has ordered local authorities to prohibit the construction of buildings in areas bordering Cambodia and to report any irregularities immediately. Recently, Vietnamese officials removed another seven tents from the border area with Cambodia. His remarks were made on Wednesday afternoon