Logo of Phnom Penh Post newspaper Phnom Penh Post - JSM sells Siem Reap property to investor

JSM sells Siem Reap property to investor

JSM sells Siem Reap property to investor

Siem Reap province
HONGKONG Land (Singapore) Pte Ltd agreed to buy the leasehold for a prime block of land in downtown Siem Reap for US$2 million from property investor JSM Indochina Ltd.

The transaction is expected to be completed in the final quarter of this year, subject to the satisfaction of conditions including approval from Cambodian authorities, according to a statement released last Wednesday.

It follows a 7 April announcement that Hongkong Land would purchase JSM’s four Phnom Penh properties for $33.65 million.

The land measures approximately 31,041 square meters, and sits next to Raffles Grand Hotel d´Angkor in the heart of Siem Reap.

“We are very pleased to be able to announce the disposal of Siem Reap to Hongkong Land …” said JSM Indochina Chairman Scott Verges in the statement.

He added the move was in accordance with company’s investing policy to return value to shareholders.

CB Richard Ellis handled the sale of JSM’s properties in Cambodia.

The Siem Reap property has been earmarked for a mixed use development including a 16,200 square metre international shopping centre, a 313-room hotel, and other tourist-related infrastructure such as a spa, restaurants and conference centre.

The project is still in the pre-development stage. JSM received Council for the Development of Cambodia investment approval in March 2009.

No construction activity has commenced on the site.

Hongkong Land is a member of the Jardine Matheson Group of companies.

On April 7, the firm announced it would acquire four of JSM’s Phnom Penh properties – the Embassy Centre property near Wat Phnom, the two Colonial Mansion properties, and the JSM Ounalom property near the riverside.

Hongkong Land said it expected to have the four Phnom Penh purchases wrapped up in six months.

National Valuers’ Association of Cambodia President Sung Bonna had previously said the sale of the JSM properties represented the first large post-crisis real estate transaction.

MOST VIEWED

  • Ethnic group ‘disappointed’ to be denied French visas to attend court

    Eleven people at the centre of a case involving seven indigenous Bunong villages in Mondulkiri province pursuing legal action in France have expressed disappointment after the French embassy in Phnom Penh denied their visa applications to attend court. A press release said the 11 included a

  • Cambodia nabs 12th place in best retirement destinations

    Cambodia is an expatriate hotspot for those dreaming of living a more luxurious lifestyle at an affordable cost, according to International Living’s Annual Global Retirement Index 2019. For the fourth year in a row, Cambodia took the top spot in the Cost of Living category.

  • EU starts EBA withdrawal

    The EU on Monday announced that it has begun the 18-month process of withdrawing the Kingdom’s access to its preferential Everything But Arms (EBA) agreement over “a deterioration of democracy [and] respect for human rights”. However, the Garment Manufacturers Association of Cambodia (GMAC) said

  • PM: War result of foreign meddling

    Prime Minister Hun Sen said on Sunday that Cambodia’s recent history of conflict was caused by foreign interference. “The wars that happened were caused by provocation, incitement, support, smearing and interference from foreign powers, and the group of ignorant people who pushed Cambodia to