Conglomerate Chip Mong acquires Grand Phnom Penh International City

One of Cambodia’s leading conglomerates Chip Mong Group has acquired the Grand Phnom Penh International City which is believed to be one of the largest property development projects in Phnom Penh.

Grand Phnom Penh International City is a huge development project spanning across 260 hectares of land in Kmounh commune of Sen Sok district featuring residential projects, a shopping centre, a water park, and more.

The project was a joint venture between local firm YLP Group and Ciputra Group of Indonesia using a US$600 million investment before being transferred to Chip Mong Land Co., Ltd, a subsidiary of Chip Mong Group.

According to an announcement by Grand Phnom Penh International City Co., Ltd dated 16 October, Chip Mong Land Co., Ltd will take over all assets and businesses of Grand Phnom Penh International City Co., Ltd.

“The company has sold all assets and businesses to Chip Mong Land Co., Ltd and we have prepared to transfer ownership to the new company Chip Mong Land Co., Ltd represented by Oknha Leang Khun and Oknha Leang Meng effective from the signing date onwards” the announcement reads.

Following the acquisition, Chip Mong Group’s corporate communications management told Construction & Property Magazine of the preliminary information the team can provide stating that the company will bring in newly-designed and high-quality houses and other projects to the market.

“The future plan [is] to bring in newly-designed and high-quality houses to meet the demand of our customers. We also plan to build malls and other commercial building to serve the rising economy of the country,” the communications management team said.

When asked about the existing projects, the team said Chip Mong Land Co., Ltd will improve the infrastructure and service using its strong and long-term experience in property development and management.

Chip Mong Land is well-known for its high-quality property projects, especially in the residential segment. The firm has developed many land property projects including Park Land Sen Sok, Park Land 598, Park Land TK among others. Recently, the firm has just launched its first condominium project Park Land Condo TK. (Read more)

Supplied by Chip Mong Group

 

​Feature photo by nextcity.org

- Video Advertisement -

Related Post

China’s Sailun Group Plans Expansion of Rubber Processing Investment in Cambodia

In a significant move to enhance its presence in Southeast Asia, Chinese tyre manufacturer Sailun Group has announced plans to increase its investment in rubber processing in Cambodia, where it currently operates a tyre factory in Svay Rieng province. The announcement occurred during a recent meeting between Yuan Zhongxue, Honorary Chairman of Sailun Group, and […]

Chinese Company to Establish Cashew Processing Plant in Cambodia

Shandong (Cambodia) Economic and Technological Development Zone, a Chinese company specializing in cassava and cashew cultivation, has announced plans to increase its capital to establish a cashew processing plant in Cambodia. This initiative was discussed during a recent meeting held on November 6, 2024, between His Excellency Hun Manet, the Prime Minister of Cambodia, and […]

Techo International Airport completed more than 90%, cost of USD1.3 billion

As of the first week of November 2024, the construction of Techo International Airport has achieved more than 90% with a cost of more than USD 1.3 billion. HE Sinn Chansery Vutha, Secretary of State and Spokesman for the Secretariat of State for Civil Aviation of Cambodia said on November 6 that the major construction […]

ADB Commits USD 400 Million Large-Scale Financing for Clean Water and Sanitation in Cambodia by 2025

The Asian Development Bank (ADB) has pledged a transformative USD 400 million Large-Scale Financing (MFF) project to advance clean water and sanitation infrastructure across Cambodia, targeting approval by the end of 2025. This announcement follows the success of an ongoing USD 119 million Provincial Water Supply and Sanitation Project currently active in the provinces of […]

China’s Sailun Group to Launch $110 Million SEZ in Kampot Province

Chinese tyre manufacturing giant Sailun Group has announced plans to develop an industrial park named the “Cambodia Kampot Special Economic Zone Project” (Kampot SEZ) in Cambodia, backed by an impressive $110 million investment. The new venture will be managed by a wholly-owned subsidiary, Kampot Bay Investment Co., Ltd., established specifically to implement the Kampot SEZ […]

Cambodia’s Construction Investments Struggle to Recover as 2024 Sees Significant Drop

Cambodia’s construction sector continues to face a challenging period, with approved investment projects in 2024 falling to about 2,190, valued at under $4 billion, a stark contrast to the nearly 4,841 projects worth approximately $12 billion in 2020. The latest report from the Ministry of Land Management and Urban Planning, presented by CBRE Research on […]