CDC approves two construction projects worth US$166 million​ in Phnom Penh and Kampot

• 9 August 2019
• Local News
• 3059 Views

The Council for the Development of Cambodia (CDC) on 07 August approved a total of US$165 million in investment in a hotel and a construction materials factory in Phnom Penh and Kampot.

According to the announcement, the hotel project is proposed by Royal Field Development Company Co., Ltd, a subsidiary of Chip Mong Group.

This project comprises of a 300-key 3-star hotel as well as a commercial centre, with an investment value of about US$134 million.

Located on a prime section of Russian Boulevard near the 5 January flyover in the heart of Phnom Penh, Fairfield by Marriott Phnom Penh is the first time the brand has launched in Cambodia and the facility is expected to open in 2022. (Read More)

Meanwhile, the second project is a construction material factory proposed by Cambodian Decorative Building Material Chakrey Ting Co., Ltd. Located in Teuk Chhou District, Kampot province, this project will be built with a total investment of US$30.5 million.

Both projects will help create jobs for up to 1,000 local people, according to the CDC.

The Council for the Development of Cambodia has recently been drafting a new and more competitive investment law in Cambodia to improve the investment climate to attract foreign investment.

• Economy and Finance