A local and Chinese joint-venture – Gold Coast International Development Co Ltd – plans to invest nearly $25 million in the construction of a mixed commercial centre in Kampot province, a coastal area with potential for tourism and real estate.
The project was unveiled at a meeting of the provincial investment subcommittee chaired by Kampot provincial governor Cheav Tay on Friday.
Tay said the company has proposed investment in the construction of a mixed-use commercial centre, including a four-star hotel, condominiums, shopping malls, entertainment centres and tourism services, with a capital investment of $24.8 million.
He said the project will be built on an area of 42ha located in Thkov village, Russey Srok Khang Koeut commune, Kampong Trach district, Kampot province.
The provincial administration has decided to set up a joint working group to conduct a detailed study at the actual site to assess the impact and geographical location.
“We recommend the company collaborates with provincial officials on technical, legal and relevant documents to request to the Council for the Development of Cambodia and the government to review and approve this investment project,” he said.
The Kampot provincial administration, including the municipal and district administrations, issued permitted letters for 238 construction projects with a total capital investment of more than $3.13 million in 2019, Tay said.
Cambodian Valuers and Estate Agents Association president Chrek Soknim told The Post on Monday the province is now attracting positive investment in real estate, especially condominium projects.
“Investors in Sihanoukville are turning to Kampot because the province has eco-tourism potential,” Soknim said.
Today, he said, land in the centre of Kampot town costs between $1,800 and $2,500 per square metre.
“If there is a real investment in this project it will help raise the image of the province and boost real estate prices,” he said.
According to a report by the Ministry of Land Management, Urban Planning and Construction, capital investment in Cambodia construction projects in the first half of this year was worth more than $3.84 billion, up 13.26 per cent from the first half of last year.
In the first half of this year, there were 2,522 applications for investment projects in the construction sector, an increase of 475 compared to 2,047 in the first half of last year, according to the report.
From 2000 to June this year, the ministry issued construction permits for 50,968 projects nationwide with a capital investment of around $57 billion, the report said.
Foreign investment data released by the Ministry of Commerce show that China has been the leading source of foreign direct investment in Cambodia for several consecutive years, mainly in the garment, construction, tourism and electricity sectors.