Surbana Jurong's Ream City to ramp up Cambodia tourism, economy

Singapore

REAM City in Sihanoukville, Cambodia, aims to be more than a typical satellite development, with hotels and restaurants dotted along a main street. Rather, it is the product of strategic economic policies, and hopes to be a model for future development projects across the country.

This is according to Khong Weng Fook, managing director of Canopy Sands Development, a member of Prince Holding Group. On Monday, Canopy Sands announced its approval of Singapore-headquartered Surbana Jurong's masterplan for the 834 ha development in Sihanoukville, Cambodia.

Ream City will be a mixed tourism, commercial and residential project sited on reclaimed land, within a 10 minute drive from Sihanoukville International Airport. The masterplan specifies a land use plan requiring total investments estimated at US$16 billion. Surbana Jurong will also undertake the urban design and coastal engineering works for the development.

"Ream City is a result of strategic economic development policies that will create long-term, sustainable economic improvements," Mr Khong told The Business Times.

"(These) will be borne out of investment from international global brands representing five-star hotels and resorts, destination shopping, international standards of healthcare and education, and infrastructure designed to support a thriving and growing community," he added. "Ream City will be a model for future developments across the country."

Ream City will be sited within a larger tourism and economic zone spanning 3,081 ha that will link Ream Bay, Otres Beach, Ochheuteal Beach, as well as the Sihanoukville International Airport. The airport is also being expanded, with a view to accommodate annual passenger traffic of up to 10 million by 2030 - up from 1.6 million in 2019.

These developments are part of Cambodia's strategic plans to diversify its economy beyond traditional industries, such as garment manufacturing. Last year, Cambodia's government cited Shenzhen, China as a model for Sihanoukville's development, reported The Khmer Times.

"In addition to government investment and tax policies that are friendly to foreign direct investments (FDI), the business climate is very friendly and welcoming," said Mr Khong. "Today, Cambodia is rapidly becoming a beacon of where to invest."

Yeo Choon Chong, Surbana Jurong's Asean chief executive, similarly sounded a bright note on the kingdom's prospects. "Cambodia continues to attract a steady flow of foreign direct investments," he said. "With our partners, we see immense potential to drive growth in this key market through our participation in iconic infrastructure projects."

Surbana Jurong and Canopy Sands have been in discussions for more than a year, with the latter "very happy" with the newly-approved masterplan, said Mr Khong. "We are looking forward to working together to convert their proposed land use plan into reality and create a sustainable solution for living for the betterment of Sihanoukville and Cambodians."

Ream City will include business hubs, hotels and condotels, beach resorts and family attractions such as themed shopping malls, and a yacht and marina club. There are also plans for a beachfront spanning more than 6 km, to support a range of waterfront activities.

Housing options are envisioned to range from landed and beachfront homes, to condominiums and more affordable housing estates. These will come equipped with civic and community facilities such as schools, parks, sports complexes and polyclinics. The project has the potential to house up to 130,000 residents.