Naga Secures Former White Building Land for Its New Us$4 Billion Project

• 5 April 2019
• Local News
• 5080 Views

Hong Kong-based NagaCorp Ltd has announced plans for a Naga 3 Project after securing more than 16,000 square metres of land on the former location of the White Building, according to a shareholder announcement by the company on 03 April 2019.

According to the 29-page report, NagaCorp Ltd said that “the Group would expect to incur approximately US$3.8 billion to US$4.0 billion in capital expenditure for the development of the Naga 3 Project”.

The company claimed that in June 2018, the Cambodian government granted approval in principle for Naga 3 Company Limited to build the Naga 3 integrated entertainment complex comprising of four 42-storey buildings on the former White Building land comprising around 7,757 square metres in Village 1, Sangkat Tonle Bassac, Khan Chamkar Morn, Phnom Penh.

By 02 April 2019, the company had bought an additional 9,080 square meters of land sited boundary to boundary to the former White Building land (Village 15, Sangkat Tonle Bassac, Khan Chamkar Morn, Phnom Penh) bringing the total land for the project up to 16,837 square metres.

“Naga 3 is expected to comprise of two 66-storey hotels, two 53-storey hotels, one 55-storey condotel, one three-level basement and one 12-level multi-entertainment podium,” the report reads.

According to the company, upon completion of Naga 3, the ‘NagaWorld Complex’ comprises of Naga 1, 2, and 3, will become the ‘biggest Riverine Integrated Resort in the World’.

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