Chip Mong Land on Monday officially resumed development of the Grand Phnom Penh City in pursuit of its vision to transform it into Cambodia’s most luxurious satellite town.
Formerly the Grand Phnom Penh International City, Chip Mong Land obtained full rights to the project after it acquired the previous developer Grand Phnom Penh International City Co Ltd for an undisclosed amount in October.
Grand Phnom Penh City is a large satellite town development located in northern Phnom Penh on 260ha in Sen Sok district’s Khmuonh commune.
Abandoned for years, 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 Land is a subsidiary of the conglomerate Chip Mong Group which operates in sectors such as brewery, cement manufacturing, construction equipment, commercial buildings and banking.
Chip Mong Land CEO Leang Henry on Monday said the company had had its hands full since October as it worked with teams of local and foreign engineers and architects to devise an innovative master plan, while developing new and upgrading existing infrastructure systems.
“The company intends to transform the Grand Phnom Penh satellite city into a first-tier green town with lively homes, and commercial and shopping centres.
“Grand Phnom Penh City will be like a mini city within the capital – a budding oasis in Phnom Penh,” said Henry.
Construction will be divided into phases, with the first phase being built on 50ha, he said without disclosing the cost of the development.
“Whatever the situation, we will continue to build the highest quality housing. We won’t take shortcuts to merely put up makeshift units for sale,” he said, noting that this is Chip Mong Land’s eighth project.
In a press release, Chip Mong Land said it will build an unprecedented new style of luxury housing to meet its clients’ needs.
The project will provide extensive amenities, including commercial centres, sports facilities and the Grand Phnom Penh Golf Course to promise its residents a comfortable lifestyle, it said.
Keller Williams (KW) Sen Sok regional operation principal and Sam Sn Realty Co Ltd president Sam Soknoeun told The Post that the project will gradually become Sen Sok district’s best real estate market.
He said improvement in infrastructure has led to a steady rise in property prices in the area. Land adjacent to Grant Phnom Penh City can cost between $350 and $800 per sqm.
“Grand Phnom Penh City has become the ideal location for luxury and high-end housing in Sen Sok district, and will offer a diverse range of services in the future,” said Soknoeun.
He said the site’s potential will translate into short-term success for the project, as Chip Mong Land plans to launch units for sale in July.