Kampong Speu 500-hectare industrial zone to become economic catalyst after COVID-19 crisis

• 26 June 2020
• Local News
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Neak Oknha Pung Kheav Se’s 500-hectare industrial zone project located between National Roads 51 and 44, will become Cambodia’s economic catalyst after the COVID-19 crisis ends.

Chrek Soknim, President of the Cambodian Valuers and Estate Agents Association (CVEA) told Construction & Property Magazine on 25 June 2020 that the 500-hectare industrial park development project has good economic potential because it could move factories out of the city and will keep more space for high-rise commercial buildings in the city centre.

“This project can also provide the opportunity for expansion and development of Kampong Speu town in the area between National Roads 51 and 44, especially from the 500-hectare project, the 10,000-hectare project, and other projects that will be approved by the CDC, which will benefit factories and other enterprises in the area. It will be as important as the main economic zone like Veng Sreng Road in the last three to five years. So, slowly and slowly, it will grow bit by bit in all areas,” he explained.

In an interview with the Khmer Times, Oknha Pung Kheav Se, Chairman of the Board of Directors of Canadia Bank and Foreign Investment Company (OCIC), said the company is developing an industrial park project in Kampong Speu province along National Road 51. Now the company is seeking a partnership with a large Chinese company specialising in construction machinery to set up factories. The project is now in the process of negotiations.

He added that the company has spent about US$20 million on land and another US$10 million on primary works, such as filling the land and installing drainage systems, water and electricity etc. With a budget of US$30 million, the company expects to start the project as well as attract investors to invest in the industrial park.

Despite the difficulty in finding Chinese investors during the COVID-19 crisis, so far four to five foreign companies have already signed deals and bought land, but haven’t yet started construction.

Notably, major development projects are taking place in Kampong Speu, such as Cam MJ Development Park Co., Ltd. by major investment company Prince Real Estate Company on over 24 hectares of land (Read more) and a new US$2 million international standard stadium in Kampong Speu to prepare for the 2023 SEA Games. (Read more)

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