Local developer 5LH Lorn City Development Co Ltd’s (Lorn City Group) $100 million residential project broke ground on February 22 morning in Preah Sihanouk, to meet the growing housing demand in the coastal province, the provincial administration said in the press release.
Tol Lorn, founder of Borey Lorn City II Sihanoukville, said the project will be built on 66ha in Prey Nop district’s Bit Traing commune and comprises homes, apartments, borei gated communities and villas, as well as amenities such as schools, parks, petrol stations, restaurants and gyms.
“With peace, stability and national development, there are opportunities for investors to have the confidence to invest in projects,” he said.
Presiding over the groundbreaking ceremony, provincial governor Kuoch Chamroeun said the province has developed in all fields, spotlighting road infrastructure, street lighting and a panoramic view of small and large buildings in the provincial capital of Sihanoukville.
He also pointed out that the province is teeming with tourism resorts for visitors to stop over in and be merry.
“Although Cambodia – and the rest of the world – is on pins and needles over Covid-19, investment in real estate and the construction of apartments, villas, borei gated communities and housing in Cambodia – as well as in Preah Sihanouk province – remains constantly active,” Chamroeun said.
Speaking at a press conference on June 9, Chamroeun said the province has attracted nearly $4 billion in investment projects since 1994, with just 20 companies having developed projects on a cumulative 11,647ha on the province’s beaches and islands with total capital investment of $3.9 billion.
He said the government is striving to turn the province into a “smart city” and has built more than 30 roads to woo more tourists and investors.
“We are open to investments and want to draw in more foreign investors and tourists,” he said, adding that as of then, 60 companies had planned to invest a total of $10.74 billion in hotels and tourism.
During a visit to inspect infrastructure development in the province earlier in June, Prime Minister Hun Sen said the government had spent $300 million to build 34 roads and is further developing the province as a model of sustainable development for the Kingdom’s coastal areas and special economic zones.
“Under the aegis of development, this province is a modern centre blessed with some of the most stunning coastal resorts in the entire world and is a multi-purpose model special economic zone that will only allure more and more new tourists and investors from abroad as time goes by.
“The province will also serve as guidance to improving the livelihoods of all Cambodians,” he said.