US$4 Billion NAGA3 Set for Construction in September

• 25 July 2019
• Uncategorized
• 4632 Views

Hong Kong-listed NagaCorp Ltd has announced that construction on its third project on the White Building land of Phnom Penh will start in September 2019 while claiming that the project will attract more urban investment into the city.

Speaking in an interview with Bloomberg TV on 23 July, Mr Timothy McNally, chairman of NagaCorp Ltd said that construction of the Naga 3 integrated entertainment complex in Village 1, Sangkat Tonle Bassac, Khan Chamkar Morn, Phnom Penh is to begin soon.

“We have an EGM [extraordinary general meeting] on 8 August to brief and get the concurrence of our minority shareholders … from there we’re hoping to commence construction at the end of September or early October,” Mr McNally said.

Naga 3 is an integrated entertainment complex comprising of two 65-storey tower, two 45-storey towers, a condotel, a digital theme park, spa, nightclub, additional retail space, among other facilities using investment capital of between US$3.5 to US$4 billion. (Read more)

According to Mr McNally, 50% of the funding for this mega project will come from the company and 50% from the controlling shareholder.

While citing that the project will keep up with the tourism growth and demand, Mr McNally said that the project also helps attract more investment for the city.

“With the opening of Naga2 in 2017, that is really a transformer of an event, it attracts many high-end players from both around Southeast Asia as well as Macau,” he said, “the mass market continues to grow both from Southeast Asia…there are a lot more business invitations to Phnom Penh”.

“Now it is 2 million-plus and projected to grow to 3 million [Phnom Penh population], so I think our growth is in parallel with the nation, as well as contributing very much to the urban environment of Phnom Penh,” Mr McNally emphasised.

• Projects Development