Deal signed for ‘Dragon City’ development in the 2,500-hectare ING City

• 28 August 2019
• Property Focus
• 10497 Views

A deal between Cambodian and Hong Kong firms to develop ‘Dragon City’ was signed on 27 August, which will turn 5.4 hectares of land in ING City into a commercial complex, according to a press release.

Held at the Sofitel Phnom Penh Phokeethra, the deal was signed between Cambodian developer ING Holdings Co., Ltd and Hong Kong-based Causeway Bay Group together with SINO BAY Construction Investment.

The firms will join forces and develop a 5.4 hectare ‘Dragon City’ project in Beong Cheung Ek and Tum Pun area in the heart of the 2,572-hectare ING City, about 4 kilometres south from the centre of Phnom Penh. The project is expected to commence in 2020 and will later expand to up to 25 hectares.

“Our vision for Phnom Penh blends shopping, working and leisure in a convenient and environmentally conscious way. Having seen the success of Hong Kong Causeway Bay’s commercial developments in 109 locations across China and the rest of Asia, we are excited at the prospect of working with them to create something just as spectacular in ING City,” Oknha Ing Bun Hoaw, Chairman of ING Holdings, said in the press release.

Given that Cambodia’s economy is developing fast and the growth in population, Chen Zhi, Chairman of Causeway Bay Group said that the project would respond to this growth.

“The agreement with ING Holdings will help us build a new commercial complex in Phnom Penh with a mall, automobile city, building material city, apartments, international food courts, family houses and other modern buildings with special designs,” said Chairman of Causeway Bay Group, Mr Chen Zhi.

Mr Zhuang Xiongming, CEO of SINO BAY Construction Investment Co., Ltd., said that the ‘Dragon City’ project is an important joint project.

“The Causeway Bay Dragon City will have a global design concept, and the Habitat-Building System introduced to Cambodia to create a model of quality life that is full of sunshine, rain, warmth and happiness,” he said.

ING City is a 2,572-hectare development project comprising of residences, facilities, commercial and industry which stretches over 9.1 kilometres and was opened for public access in April 2017.