Conglomerate Chip Mong acquires Grand Phnom Penh International City

• 18 October 2019
• Property Focus
• 7769 Views

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)

 

​Feature photo by nextcity.org

• Projects Development