Chinese Company Buys Five Plots in Chroy Changvar for Future Projects

• 17 May 2018
• Local News
• 6017 Views

A Chinese firm, Jiayuan International Group, has recently entered into an agreement to acquire five plots of land in Chroy Changvar district at a cost of USD35.6 million for their future residential and commercial projects.

The combination of five plots comprises a total area of approximately 608,140 square metres, which could be expanded to 3.5 million square metres in the future.

The plots are located along National Highway 6, at Bak Kheng in Chroy Changvar district, which will be developed as a satellite city in anticipation of attracting a large population due to the increasing suburbanisation in Phnom Penh.

The purchase was completed through Gang Yuan Development, a local subsidiary of Jiayuan International Group, and it is part of the company’s strategy to develop quality projects in countries and regions along the route of the Belt and Road initiative, according to a statement by the company.

“We are determined to establish a good reputation in Cambodia and enhance brand awareness in the Southeast Asian market,” the company wrote.

The Chroy Chagva area has recently undergone a drastic development due to the expansion of Phnom Penh. It has attracted many boreys, commercial and residential projects and will be developed as a satellite city in the near future.