Three Phnom Penh-based companies and Sihanoukville’s Ly Ly Kampong Seila Special Economic Zone Co Ltd have signed a memorandum of understanding (MoU) to design new investment projects in Sihanoukville Fintech Hub City.
Continent Asset Management Co Ltd, PLMP Venture Capital Co Ltd and PropNex Cambodia Co Ltd inked the MoU with Ly Ly on November 17 in the presence of Preah Sihanouk provincial governor Kuoch Chamroeun and Master Plan Project Director, Chea Kok Hong.
The development comes after last month’s government announcement of a multipurpose Special Economic Zone master plan.
Sihanoukville’s development took off around 2015 increasing the stock of real estate from around 200 projects to 1,580 this year. The industry slowed down during the Coronavirus pandemic and was also hit by last year’s government ban on online gambling.
“This MoU aims to launch the first Sihanoukville re-development projects cum Fintech Hub platform to strengthen, diversify, and bring in new business income models alongside the government-led Sihanoukville master plan vision,” PLMP said. “The focus will be on restructuring the under-developed assets, which will create new markets to attract international talent and entrepreneurship clusters driven by financial and technology innovators by promoting world class lifestyle facilities with top educational and vocational training institutes to develop Sihanoukville City into a vibrant e-community.”
The project aims to attract a high-end retirement village development, offering advanced health care support and tele-medicine.
“Since Sihanoukville city’s location is the strategic corner of the Asia-Pacific region with a deep sea port supporting SEZ developments and a new economic thrust to support its growth, the group is expected to make the best out of this strategic location and timing to rebrand the city as a new important landmark that can live up to the upcoming demand of e-community in this digital age evolution in line with Cambodia STI Roadmap 2030,” PLMP said.
The venture capital firm, a spinoff of Singapore’s PLMP Fintech, says the move into large-scale infrastructure projects in Sihanoukville, combined with improving market conditions and government support will help promote the image of the Sihanoukville City redevelopment master plan.
This article was first published in Khmer Times. All contents and images are copyright to their respective owners and sources.