Logo of Phnom Penh Post newspaper Phnom Penh Post - Japanese to build $2 million business center

Japanese to build $2 million business center

Japanese to build $2 million business center

T HE OWNER of the International Youth Club has flown into Phnom Penh with leading Japanese investors and announced new plans to build a $2 million dollar business complex at the sports center.

Junichi Murayama bought the former Cercle Sportif for $5 million in 1992, and renovated the establishment into a sports center with a swimming pool, tennis courts, and a weights room.

Speaking on behalf of Murayama the General Manager of the International Youth Club Norimitsu Ijichi said: "Mr Murayama would like to build a Business Center comprising office space and residential units which would then be sold to businessmen.

"The Center would be an eight-story complex built behind the tennis courts. We would have to get rid of three tennis courts."

Ijichi said it would cost $2 to $3 million to cover the building costs and the purpose of Murayama's trip to Phnom Penh was in part to attract the funds from Japanese businessman for the new investment.

Murayama flew into Phnom Penh on Aug 14 with Katsuhiko Ishii, president of the real estate company Sanki Co, and Y.Goto, a certified public accountant.

Ishii, a potential investor in the center, said he would be returning to Cambodia in October and it was highly likely that he would then give the go-ahead for his money to be used to build the new business complex.

He said it would then take about six months for construction work to commence, and Ijichi expects the project to take a further 12 months to complete.

Ijichi added that there are also plans afoot to investigate building a golf driving-range and possibly a nine-hole golf course, if a suitable location can be found.

Murayama is hoping to attract Japanese businessmen to the Center. His General manager said: "The greatest concern at the moment is about political stability.

"People in Japan do not consider Cambodia as a good place to invest for Japanese companies. Cambodia is designated as a dangerous zone and tourists are discouraged from visiting the country."

Goto is acting as a consultant to various Japanese companies interested in investing in Cambodia. Asked whether he would advise his clients to invest, he replied : "Maybe in December, [we will have] big happy news."

Ishii also wants to do some bridge-building' between the two countries. He said : "I have come on a fact-finding mission for Nihon University to find out about education facilities in Cambodia. I want to study the situation of the education system."

Ishii has an economics degree from Nihon University which is one of Japan's largest privately-run universities.

Both Ishii and Goto are first time visitors from Japan. Together with Murayama they spent four busy days in the country being briefed about the new investment law and tourism investment opportunities in Siem Reap and Sihanoukville.

Murayama has indicated that if the political situation were better he would invest elsewhere in the Kingdom.

Murayama started a company from scratch fifteen years ago which imported tea from China. The 41-year-old businessman next went into real estate deals in Hong Kong and now partly owns an industrial zone in China's Guangdong Province.

A police guard of honor welcomed the Japanese investors as they drove into the International Youth Club on Aug 14 with the announcement of the new investment plans.

Over 150 police officers stood to attention under the watchful eye of the general of the Phnom Penh police who then proceeded to introduce the Japanese visitors to his men.

During the four day visit the businessmen met Foreign Affairs Minister Prince Sirivudh; Chap Nharivoud, Vice-governor of Phnom Penh; Truong Mealy, Ambassador to Japan; Truon Chenda Sophea Sok, Under Secretary of State at the Ministry of Tourism; Tep Darong, Adviser to the ministry in charge of the office of the Council of Ministers; the Governor of Siem Reap and Commander of the fourth region, General Toan Chay and Suos Tek Ngeap, and economic and financial adviser to the government.

MOST VIEWED

  • Research key to Kanitha’s rep for expertise

    Sok Kanitha is used to weighing in on controversial issues using a confident approach that signals expertise and authority, and a recent video she made was no exception. Her “Episode 342: The History of NATO” video went live on January 16, 2023 and immediately shot to 30,000 likes and 3,500

  • Cambodia maintains 'Kun Khmer' stance despite Thailand’s boycott threat

    Cambodia has taken the position that it will use the term "Kun Khmer" to refer to the sport of kickboxing at the upcoming Southeast Asian (SEA) Games, and has removed the term Muay from all references to the sport. Despite strong reactions from the Thai

  • Knockout! Kun Khmer replaces ‘Muay’ for Phnom Penh Games

    Cambodia has decided to officially remove the word Muay from the programme of the 32nd Southeast Asian (SEA) Games 2023 in May. “Kun Khmer” will instead be used to represent the Southeast Asian sport of kickboxing, in accordance with the wishes of the Cambodian people. Vath

  • Artificial insemination takes herd from 7 to 700

    Some farms breed local cows or even import bulls from a broad for the purpose of breeding heavier livestock for meat production. One Tbong Khnum farmer has found a more efficient way. Hout Leang employs artificial insemination to fertilise local cows. Thanks to imported “straws”

  • Chinese group tours return to Cambodia starting Feb 6

    Cambodia is among 20 countries selected by Beijing for a pilot programme allowing travel agencies to provide international group tours as well as flight and hotel packages to Chinese citizens, following a three-year ban. As the days tick down until the programme kicks off on February 6,

  • Capital-Poipet express rail project making headway

    The preliminary results of a feasibility study to upgrade the Phnom Penh-Poipet railway into Cambodia’s first express railway indicate that the project would cost more than $4 billion and would take around four years to complete. The study was carried out by China Road and