Logo of Phnom Penh Post newspaper Phnom Penh Post - Angkor Landmark breaks ground by end-2021: CEO



Angkor Landmark breaks ground by end-2021: CEO

Content image - Phnom Penh Post
Angkor Landmark is set to cover 217ha in Khnar Sanday commune of Siem Reap province’s Banteay Srey district in its first phase. SUPPLIED

Angkor Landmark breaks ground by end-2021: CEO

Phase I of the Angkor Landmark development project about 15km northeast of Siem Reap town is scheduled to officially break ground at end-2021, according to the developer’s CEO Tous Saphoeun.

The project is set to cover 217ha in Khnar Sanday commune of Siem Reap province’s Banteay Srey district in its first phase. A site measuring over 500ha is reserved for the project.

In its first phase, the project is planned to include housing, entertainment venues and floating markets, which will reportedly be managed in collaboration with Thai investment firms.

Saphoeun told The Post on September 8 that after receiving approval from the government, the developer got started right away on preliminary works, as outlined in the master plan.

“We are currently building infrastructure and model houses, and we will officially start building the luxury homes of the Angkor Landmark project by the end of 2021,” he said, adding that the first phase, of five, would take about two years to complete.

He stressed that the project would create new jobs for locals and provide some support for the national economy.

He also promised a “beautiful and attractive place for tourists to relax” and a “prominent development” in the province that would increase the Kingdom’s attractiveness as a holiday option.

The project comes amid a raft of government investment projects and initiatives designed to unlock the untapped tourism potential of Siem Reap province.

Last year, the government allocated about $150 million to build and revamp 38 roads in the province with a total length of 108.74 km. This massive infrastructure undertaking is scheduled to be completed by end-2021.

Noun Rithy, president and CEO of real estate investment agency Khmer Foundation Appraisals Co Ltd, told The Post that the overall development and progress of these road works, real estate projects and the under-construction airport bode well for the property market and economic growth in the province.

He underscored that well-built roads make travel easy, which influences demand for residential real estate and places to do business. “The real estate sector in Siem Reap will recover soon, especially after tourism revives,” he said.

The Ministry and Tourism and the private sector have been actively working together to plan and launch a number of precautionary pandemic-related safeguards and other mitigation measures to prepare for reopening the tourism industry.

Ministry spokesman Top Sopheak told The Post last week that the ministry “has been working hard on this arrangement, which may materialise by the end of this year, maybe November-December”.

Key Real Estate Co Ltd recently reported that Covid-19 had reduced transaction volumes in Siem Reap town, and brought down land prices to an average of $1,520 per sqm as of end-2020, down by about 5.0 per cent year-on-year from $1,600.

MOST VIEWED

  • Omicron patients can stay home: PM

    The Ministry of Health has issued a directive on the treatment of people who have tested positive for the highly transmissible Omicron coronavirus variant, following a suggestion from Prime Minister Hun Sen on the night of January 21. The directive permits home quarantine for those who

  • The effects of the USD interest rate hike on Cambodian economy

    Experts weigh in on the effect of a potential interest rate expansion by the US Federal Reserve on a highly dollarised Cambodia Anticipation of the US Federal Reserve’s interest rate hike in March is putting developing economies on edge, a recent blog post by

  • Cambodia’s first ever anime festival kicks off Jan 22 at capital’s F3 centre

    Phnom Penh's first ever Anime Festival will bring together fans, artists, shops and other local businesses with ties to the Japanese animation style for cosplay competitions, online games, pop-up shops and more on January 22, with Friends Futures Factory (F3) hosting. F3 is a project that

  • Hun Sen gets 4th Covid shot, urges compatriots to follow

    Prime Minister Hun Sen and his wife Bun Rany on January 14 received their fourth dose of Covid-19 vaccine and called on compatriots to follow suit as the Omicron coronavirus variant continues to spread in the community. This marks the launch of Cambodia's fourth-dose vaccination campaign,

  • Fourth dose Covid booster drive jabs 43K in two days

    In the first two days of the fourth-dose Covid-19 vaccination campaign, more than 43,000 people volunteered to get the jabs, while over 4.6 million people have received a third shot. Health ministry spokeswoman Or Vandine said that fourth-dose vaccinations, which began on January 14 exclusively with the Pfizer

  • Singapore backs Cambodia's efforts on Myanmar

    Singaporean Prime Minister Lee Hsien Loong supports Cambodia in its efforts to seek a solution to the ongoing Myanmar crisis as the chair of ASEAN. Lee expressed his support during a meeting with Prime Minister Hun Sen via videoconference on January 14, with the talks focused