Prince Group Unveils Ream City Sustainable Development Masterplan

Canopy Sands Development, a member of Prince Holding Group, one of Cambodia's largest and fastest growing conglomerates, approved a masterplan for Ream City developed by Surbana Jurong Group, a global urban, infrastructure and managed services consultancy headquartere

BY Realty Plus
Published - Tuesday, 09 Feb, 2021

Prince Group Unveils Ream City Sustainable Development Masterplan

Canopy Sands Development, a member of Prince Holding Group, one of Cambodia's largest and fastest growing conglomerates, approved a masterplan for Ream City developed by Surbana Jurong Group, a global urban, infrastructure and managed services consultancy headquartered in Singapore. The masterplan specifies a land use plan for the 834-hectare project requiring total investments estimated at US$16 billion, and will be developed on reclaimed land conveniently located within a 10 minutes' drive from Sihanoukville International Airport. Ream City will act as a catalyst for the growth prospects of the entire Sihanoukville region, Cambodia's third-largest city and home to the country's deep-water port. Ream City is set to transform Sihanoukville by introducing a sustainable ecosystem of tourism, commercial and residential activity that has the potential to house up to 130,000 residents. Upon completion, the masterplan envisions the construction of family attractions, condominiums, landed and beachfront homes and affordable housing estates, themed shopping malls, business hubs, beach resorts, hotels, condotels, yacht and marina club. Surbana Jurong was appointed to undertake the masterplanning, urban design and coastal engineering works for Ream City. Cambodia is located between Thailand and Vietnam and has positioned itself to be an attractive investment destination for businesses looking to expand in the ASEAN region. Beyond tourism, Sihanoukville Province is also diversifying economically with a growing base of entertainment, manufacturing, logistics, electricity production and agriculture businesses. It is situated at the cross-roads of major infrastructure initiatives like the Belt and Road Initiative and the Greater Mekong Subregion Economic Corridors southern route. The airport is also undergoing expansion and will initially see its capacity increase to accommodate 3.6 million passengers annually with further plans expected to deal with a potential passenger load of 10 million by 2030. Together, Prince Group and Surbana Jurong aim to bring a holistic and meticulously planned approach to the coastal development that leverages the strengths of both parties -- Prince Group, which also counts Prince Real Estate Group, Prince Bank, Cambodia Airways and Prince Huan Yu Real Estate among its group of companies, has completed numerous projects in Phnom Penh and Sihanoukville and has invested more than US$2 billion in local projects with a view to "Build a Better Life" for Cambodians.