Logo of Phnom Penh Post newspaper Phnom Penh Post - Senserey, KX Group reinforce alliance




Senserey, KX Group reinforce alliance

Senserey, KX Group reinforce alliance

Local real estate developer Senserey Group on Friday signed a Memorandum of Understanding (MoU) to cooperate with Chinese-owned construction company KX Group.

Senserey Group managing director Ly Senserey said at the signing ceremony that the construction sector in Cambodia performed very well last year and will continue to thrive this year.

“The growth of the real estate and construction sectors underpins Cambodia’s fast economic growth. This growth shows the confidence of real estate developers as the government introduces new policies to regulate the sector.

“I hope the MoU between Senserey Group and KX Group will make it easier for the two companies to communicate and better understand each other.

“It shows the progress achieved in economic development and the good relations between Cambodia and China,” said Senserey.

Jackie Gao, a representative of KX Group, said the local real estate market is booming.

“After seeing the market opportunities in Cambodia, we decided to bring our excellent construction team here. We deeply value Senserey Group’s strategic cooperation.

“We will work hard in this beautiful country to achieve success. I believe that our strength will bring the two nations closer,” he said.

Founded in 1980, KX Group is headquartered in Jiangsu province’s Yancheng. The group’s activities include construction, municipal engineering, real estate development, capital market investment and research and development.

The companies did not announce any concrete plans for joint investments.

A report by the Ministry of Land Management, Urban Planning and Construction said the total value of construction investment in Cambodia last year was over $9.3 billion. Chinese companies are the biggest single investors in the industry, accounting for more than $2.8 billion.

MOST VIEWED

  • Without shoes or a helmet, a young cyclist steals the show

    Pech Theara gripped the curved handlebars of his rusty old bike, planted his bare feet on its pedals and stormed as fast as he could towards the finish line. The odds were against him as the 13-year-old faced off against kids with nicer bikes at

  • Phnom Penh-Sihanoukville expressway on schedule

    The construction of the more than $1.9 billion Phnom Penh-Sihanoukville Expressway has not been delayed despite the Covid-19 pandemic, with more than 26 per cent of the project completed and expected to finish in about two years, according to Ministry of Public Works and Transport secretary of

  • Singapore group seeks $14M in damages from PPSP over ‘breach of contract’

    Singapore-based Asiatic Group (Holdings) Ltd is seeking a minimum of $14.4 million relief from Cambodia Securities Exchange (CSX)-listed Phnom Penh Special Economic Zone Plc (PPSP) for allegedly breaching a power plant joint venture (JV) agreement. Asiatic Group’s wholly-owned Colben System Pte Ltd and 95 per

  • Over 110 garment factories close

    A government official said on November 22 that at least 110 garment factories had closed in the first nine months of the year and left more than 55,000 workers without jobs – but union leaders worry those numbers could be much higher. Ministry of Labour and Vocational Training undersecretary

  • PM dispels lockdown rumours, gifts masks

    Prime Minister Hun Sen on November 12 denied rumours that he will lock down the country in response to increased Covid-19 fears, referring to them as propaganda aimed at destabilising the country. In a Facebook post, he said some people had spread rumours that the government

  • SilkAir adds flight to Phnom Penh schedule

    Silkair (Singapore) Pte Ltd is increasing its flight frequency between Phnom Penh and Singapore with a third weekly flight on Saturdays, according to Cambodia Airports’ Facebook page. The other flights offered are on Tuesdays and Sundays, with an estimated Phnom Penh arrival time at 5:35pm