$1.8 Billion Tourism Oasis Unveiled for Sihanoukville

A consortium comprising local and international development powerhouses has unveiled an ambitious joint investment venture, christened the ‘Sihanoukville Royal Heritage Village.’ Set to grace the landscape of Bet Trang commune in Prey Nob district, Sihanoukville province, this tourism development plan marks a significant collaboration between five companies: Pitou and LJ from Cambodia, Amarta Pura from Indonesia, DCI from the Republic of Korea, and KWK from Singapore. The Memorandum of Understanding was officially inked in Phnom Penh on January 10.

Reports from local media indicate that the parties involved have committed to an in-depth study and eventual co-investment in the Sihanoukville luxury tourism city project.

Kheang Khemrin, a representative of the project, disclosed that the estimated value of the project stands at a staggering $1.8 billion, covering an expansive 22.5-hectare site in its initial phase.

“The project’s inception is planned on a 22.5-hectare area with the assistance of technical experts from Korea and Singapore. We envision expanding to 200 hectares in the future,” stated Kheang.

The comprehensive development, once finalized, is poised to integrate upscale amenities such as hotels, casinos, golf courses, supermarkets, international hospitals, universities, and sports tourism venues, with a keen focus on the luxury investment sector.

Kheang outlined the project timeline, revealing that the investment initiative is slated to kick off in mid-2024. The complete construction and infrastructure development necessary for the Sihanoukville Royal Heritage Village are anticipated to span a decade.

Post the recent signing of the MoU, the project partners are set to undertake master planning. Kheang emphasized the collaboration with relevant ministries to secure investment principles and adhere to regulations outlined in the Royal Government of Cambodia’s Sub-Decree No. 40, dated March 7, 2019.

“This development project aligns with the Royal Government’s decree, aiming to establish a Great Tourism Zone. It seeks to attract tourists from Malaysia, Indonesia, Korea, Japan, and China,” Kheang remarked.

Highlighting the meticulous groundwork, Kheang mentioned that the companies spent approximately a year and a half studying the project’s viability. They collaborated closely with investment partners boasting significant experience in large-scale project design across regional markets like Vietnam, Indonesia, Singapore, and Hong Kong.

“After the completion of the investment project, we anticipate contributing to Cambodia’s economy and tourism. We call upon all stakeholders, especially local authorities and relevant ministries, to collaborate, support, and promote the success of this investment for the nation’s benefit,” urged Kheang.

This announcement follows the inauguration of the Sihanoukville Tourism Port in July 2023, further instilling confidence in potential tourism operators. Operational since July 6, the port accommodates 20 small and large tourist boats simultaneously, with approximately 22,000 meters of portage.

Kouch Chamroeun, the provincial governor, lauded the new tourist port’s opening as a catalyst to attract national and international tourists to the province, fostering private tourism infrastructure developments.

Key Benefits

Economic Boost: The Sihanoukville Royal Heritage Village, with an estimated value of $1.8 billion, is poised to inject a substantial economic boost into the region, fostering job creation and economic growth.

Luxury Amenities: The comprehensive development is set to integrate upscale amenities, including hotels, casinos, golf courses, supermarkets, international hospitals, universities, and sports tourism venues, catering to the luxury investment sector.

Strategic Partnerships: The collaboration with technical experts from Korea and Singapore underscores strategic international partnerships, bringing diverse expertise to ensure the project’s success.

Tourism Magnet: Aligned with the Royal Government’s decree to establish a Great Tourism Zone, the project aims to attract tourists from key markets, including Malaysia, Indonesia, Korea, Japan, and China, turning Sihanoukville into a tourism magnet.

Extensive Planning: The meticulous year and a half spent on studying the project’s viability, coupled with collaboration with experienced partners, showcase a commitment to thorough planning and execution, ensuring long-term success.

Decade-Long Development: The ten-year timeline for construction and infrastructure development emphasizes a commitment to sustainable, well-thought-out growth rather than rapid but potentially unstable expansion.

Government Support: The project aligns with the Royal Government’s Sub-Decree No. 40, dated March 7, 2019, demonstrating a harmonious relationship with government regulations and an endorsement of the project’s adherence to established principles.

Post the recent signing of the MoU, the project partners are set to undertake master planning. Kheang emphasized the collaboration with relevant ministries to secure investment principles and adhere to regulations outlined in the Royal Government of Cambodia’s Sub-Decree No. 40, dated March 7, 2019.