Chip Mong Group Co Ltd has acquired Grand Phnom Penh International City Co Ltd (GPPIC), the developer of the Grand Phnom Penh International City project, GPPIC said on Wednesday.

The announcement, which was signed by GPPIC management team member Mao Malay and obtained by The Post on Thursday said it had sold its assets and businesses to Chip Mong Land – a subsidiary of Chip Mong Group – at an undisclosed price.

“We have prepared to transfer ownership to the new company, Chip Mong Land, which is headed by Oknha Leang Khun and Leang Meng – effective from the date of signing,” said the announcement.

The Grand Phnom Penh International City project, which comprises residences and a water park, is located in the north of Phnom Penh, on 260ha of land in Sen Sok district’s Khmuonh commune.

The project was originally a joint venture between local firm YLP Group Co Ltd and Indonesia’s Ciputra Group with investment capital of $600 million.

Chip Mong Group’s public communications department told The Post on Thursday that after ownership transfer, Chip Mong Land will continue to develop the property – adding luxury residences, a shopping mall and other infrastructure to the existing project.

“The company will use its experience and professional skills in the property sector to develop high quality and modern housing to meet customers’ demands,” it said.

Chip Mong Group’s business operations cover the construction and materials, consumer goods, property development, food and beverage, hospitality and retail sectors.

Last year, it expanded into the financial sector with its newest venture – Chip Mong Commercial Bank Plc.