SINGAPORE (THE BUSINESS TIMES) - Surbana Jurong's sustainable development masterplan to develop an 834ha "Ream City" in Sihanoukville, Cambodia, has been approved by Canopy Sands Development, a member of Prince Holding Group.
The masterplan specifies a land use plan requiring total investments of about US$16 billion (S$21.3 billion), and will be developed on reclaimed land located within a 10-minute drive from Sihanoukville International Airport.
The Ream City project seeks to transform and catalyse the growth prospects of the entire Sihanoukville region by introducing an ecosystem of tourism, commercial and residential activity that could house up to 130,000 residents. Surbana Jurong has been appointed to undertake the masterplanning, urban design and coastal engineering works.
"Cambodia continues to attract a steady flow of foreign direct investments. With our partners, we see immense potential to drive growth in this key market through our participation in iconic infrastructure projects," said Mr Yeo Choon Chong, Surbana Jurong's Asean chief executive.
He added: "The proposal prioritises the integration of nature to enhance the built environment. A major part of the plan includes an extensive beachfront that stretches beyond 6km. This will support a wide range of waterfront activities and inject vibrancy to the community."
According to a joint statement on Monday (Feb 8) by Prince Group, Canopy Sands and Surbana Jurong, the plan also includes business hubs and hotels, as well as family attractions like themed shopping malls and beach resorts. A variety of housing options is planned, from condominiums and landed and beachfront homes to affordable housing estates.
Mr Yeo also said the plan includes civic and community facilities, like schools, parks and open spaces, sports complexes, polyclinics and neighbourhood-level amenities.
Canopy Sands managing director Khong Weng Fook said: "We have liaised with Surbana Jurong for more than a year and are very happy with the masterplan... proposed for Ream City."
Citing Surbana Jurong's extensive experience in urban development, its "deep and global" talent pool, and its masterplanning experience in more than 30 countries, Mr Khong added: "We are looking forward to working together to convert... proposed land use plan into reality and create a sustainable solution for living for the betterment of Sihanoukville and Cambodians."
Last year, the Cambodian government announced plans to develop a special tourism area in Sihanoukville province, with a similar area planned for Siem Reap province. The larger Sihanoukville tourism zone, in which Ream City will be located, will span 3,081ha.
As part of Cambodia's larger plans to grow and diversify its economy, the government has also designated Sihanoukville a special economic zone. To keep pace with developments, the Sihanoukville International Airport is undergoing expansion and will initially see its capacity increase to accommodate 3.6 million passengers annually, with plans for a potential passenger load of up to 10 million by 2030.
Correction note: This article earlier stated the land use plan for Ream City will require investments of about S$16 billion. This figure has been corrected to US$16 billion. We are sorry for the error.