Ream City Cambodia - The New Shining City of Sihanoukville

Ream City is a proposed new urban development in Ream Bay, Sihanoukville Province, Cambodia. The project will span 834ha of reclaimed land in the bay and will cost an estimated US$16 billion in total investment.

Ream City is being built by Canopy Sands Development, a subsidiary of Prince Group (Cambodia), the homegrown conglomerate led by Cambodian billionaire Neak Oknha Chen Zhi, and designed by Singapore-based Surbana Jurong Group.

The concept for Ream City was just unveiled, and it appears to be on track to develop the region into an exciting destination. With a beachfront that stretches for more than 6 kilometers, this large-scale development will include a sustainable ecosystem of tourism, commercial, and residential activities that has the capacity to house up to 130,000 people.

The Ream City project is intended to be another famous landmark in Cambodia, with family attractions, condominiums, landed and beachfront residences and affordable housing estates, shopping malls, business hubs, beach resorts, hotels, condotels, yacht and marina club.

The completion of the masterplan by Singapore-based Surbana Jurong Group is a significant step toward making Ream City a reality.

“We are presently preparing for downstream developments, such as utilities and road infrastructure, as well as secondary developments. This would necessitate locating the right consultants to aid us in conceptualizing and designing what will be a landmark development. We will make announcements at a later date,” said Khong Weng Fook, managing director of Canopy Sands Development.

According to Mr. Khong, Ream City would be realised in 3 distinct phases over a period of more than 20 years.

Phase 1 – or the start-up phase – of a 50-ha project is expected to be finished in 2025. “It will include the main components of our Integrated Resort complex, such as MICE facilities and hotels. Residential constructions are also planned to meet the anticipated demand.”

Phase 2 is a 357-ha project that is projected to be completed in 2035, while Phase 3 is a 427-ha project that is scheduled to be completed in 2045.

Sustainable development that ‘benefits the local community'

Mr. Khong went on to say that Ream City will adhere to sustainable design principles such as environmental protection and resource recycling. “For example, among other green infrastructure measures, there will be spaces set up to absorb rainwater, ecological restoration and urban infill, and a transit-oriented development” (TOD).

“This will result in the establishment of sustainable, healthy, and economically vibrant neighborhoods in order to provide a good quality of life to inhabitants while also benefiting the environment, the economy, and the local community.”

“In our pre-qualification process for design consultants, we've placed an emphasis on their experience designing green projects, among other design-related aspects,” Mr Khong explained.

“Building orientation would take into account not just the views provided by the sea and golf course, but also the sun. The most acceptable material for the improvements would subsequently be proposed for ultimate usage during construction.”

Mr Khong went on to say that amenities would be developed within "convenient walking or cycling distances for each phase of development." Appropriately built tracks or footpaths are developed to encourage residents to use non-motorized modes of transportation. The use and promotion of environmentally friendly cars will also be considered.”

In the long run, the development of Ream City (Cambodia) is predicted to greatly benefit the local community of Sihanoukville. “The objective of our organization is to create long-term real estate projects that effectively and comprehensively satisfy the requirements of local communities.” Sihanoukville is one of the best examples of how we can stick to our mission,” Mr Khong said.

“Aside from infrastructure improvements, Ream City has the potential to be a major tourist attraction not only for locals but also for regional visitors and new residents from overseas, as one of the most important gateways into Cambodia, lined with pristine beaches and the heritage of Sihanoukville.

“The community will benefit as a result of the ripple effect. For example, given the near proximity to the airport, new hospitality training centers might be developed, providing the neighborhood with good jobs and opportunities.”

Strengthening Cambodia and ASEAN

Cambodia has recently emerged as an appealing location for commercial investments in the ASEAN area. The Regional Comprehensive Economic Partnership (RCEP), a free trade pact agreed by Asia Pacific countries in 2020, would make Cambodia even more accessible.

“In general, RCEP – which accounts for one-third of the world's population – seeks to encourage cross-border collaboration by increasing foreign investment in ASEAN's emerging economies, strengthening ASEAN's regional trade flow, and fostering stronger trade relations within ASEAN,” Mr Khong explained.

“Manufacturers in mature ASEAN countries are seeking ways to reduce production and manufacturing costs by outsourcing finishing work to ASEAN's emerging economies. We hope to see an increase in foreign direct investment and foreign participation in new and current businesses in Cambodia, which will boost the country's overall economic development and growth while enhancing the local population's disposable income.”

Mr Khong pointed out that supporting functions for such new and current sectors will necessitate both new and upgraded infrastructure in the country, as well as real estate such as special industrial zones, warehousing, logistics facilities, and housing, to name a few.

“As one of Cambodia's largest and fastest growing conglomerates, focusing on three core areas, namely real estate development, financial services, and consumer services, Prince Group believes that Cambodia will need to rely on the right local players who aim to be a force for good for Cambodian development.”

He revealed that Canopy Sands Development is currently looking into a variety of development projects in various parts of Cambodia. “At the appropriate time, we will make appropriate announcements.”

When asked about the company's plans to expand into neighboring countries, Mr Khong stated, "Rising foreign direct investments, free trade agreements with leading economic blocs, and future participation in the RCEP are expected to act as key drivers for neighboring countries such as Thailand, Vietnam, and Laos, supported by pro-industry policy initiatives."

“While different obstacles must be addressed, Thailand, Vietnam, and Laos are likely to rebound strongly,” according to the World Bank. Furthermore, by 2030, ASEAN will be the world's fourth-largest economic union.

“Strong companies with diverse revenue streams across industries will become appealing investment targets as they will serve as a gauge for broader economic performance.” We are committed to researching real estate prospects and are open to any type of expansion opportunity as long as the development plans meet our mission statement.”