Hong Kong-listed Suncity Group has entered into a strategic partnership agreement with Cambodian firm Golden Sun Sky Entertainment in a project to build an integrated resort in Sihanoukville. Suncity said the capital investment for the project is $360 million.
A filing at the Stock Exchange of Hong Kong Limited (HKEX) on Wednesday said the partnership is aimed at providing consultancy and management services for the resort on 650,000 square metres. It aims to be completed by the end of next year.
“The directors believe that the partnership will expand our footprint in Cambodia, in addition to aiding integrated resort projects in Vietnam,” Suncity’s chairman Chau Cheok Wa said.
Last month, Suncity announced it had fully acquired Vietnamese resort developer Star Admiral Limited.
Golden Sun Sky was registered with the Kingdom’s Ministry of Commerce in March last year and works in the hotel and resort sector. According to registration documents, the firm operates out of Sihanoukville’s village 6.
The phone number given for Seng Thaileng, the firm’s chairman was not operating on Thursday when called by a reporter.
Preah Sihanouk provincial governor Yun Min said on Thursday that he knew about the project, but couldn’t give the exact location of where it would be built.
Min said there are currently 30 resorts and 40 casinos in the province, the majority of which are funded by Chinese investors. He said the recent interest in the province is bringing in new job opportunities and boosting business activities.
“More tourists and investors bring more money, but also more issues,” said Min, acknowledging that the inflow of Chinese tourists and investors has driven up land prices, accommodation costs, and is negatively affecting local tourists.
“We just hope that in the near future when more hotels and guesthouse are built to fit demand, it will help to bring down prices,” he said.