What is Ream City?
Ream City is a proposed new urban development in Ream Bay, Sihanoukville, Cambodia. Covering 834ha of reclaimed land in the bay, with an estimated US$16 billion in total investment, Ream City is expected to be a mega city that will contribute significantly to the economic development of the Sihanoukville province and Cambodia as a whole.
Ream City is a proposed new urban development in Sihanoukville Province, Cambodia, located on Ream Bay. The project encompasses 834 hectares of reclaimed land in the bay and is anticipated to cost US$16 billion in total.
Ream City is being developed by Canopy Sands Development, a subsidiary of Cambodia's Prince Group, a fast-growing conglomerate led by Cambodian businessman Neak Oknha Chen Zhi, and designed by Singapore's Surbana Jurong Group.
Recently unveiled, the vision for Ream City appears to be on track to develop the region into an intriguing destination. With a shoreline that extends beyond 6 kilometers, this massive development would contain a sustainable ecosystem of tourism, commercial, and residential activity capable of housing up to 130,000 people.
The Ream City project aims to become another iconic landmark in Cambodia, with family attractions, condominiums, landed and beachfront residences, and affordable housing estates, shopping malls, business hubs, beach resorts, hotels, condotels, and a yacht and marina club.
The completion of the masterplan – which was led by Singapore's Surbana Jurong Group – is a significant step toward bringing Ream City's vision to life.
“At the moment, we are preparing for downstream developments, such as utilities and road infrastructure, as well as secondary developments. This will necessitate identifying the appropriate consultants to assist us in conceptualizing and designing an iconic development. We will make other announcements at a later date,” Khong Weng Fook, managing director of Canopy Sands Development, stated.
According to Mr Khong, Ream City will be built in three phases over more than 20 years.
Phase 1 – or the start-up phase – is expected to be finished in 2025 and will consist of a 50-ha project. “It will house the majority of the components of our Integrated Resort complex, including MICE and hotel space. Additionally, residential constructions are planned to meet anticipated demand.”
Phase 2 is a 357-hectare project that is projected to be completed in 2035, while Phase 3 is a 427-hectare project that is scheduled to be completed in 2045.
Development that is sustainable and 'beneficial to the local community'
Mr Khong continued by stating that Ream City will adhere to sustainable design principles such as environmental protection and resource recycling. “For instance, rainwater harvesting zones will be established with other green infrastructure activities, ecological restoration and urban infill, as well as a transit-oriented development (TOD).
“This approach will result in the establishment of sustainable, healthy, and economically vibrant neighborhoods that will benefit inhabitants, the environment, and the local community.”
“In our pre-qualification process for design consultants, we placed a premium on their experience with green projects, among other things,” Mr Khong explained.
“Building orientation would take into account not only the sea and golf course vistas, but also the sun. The development's most suited material would subsequently be proposed for eventual usage throughout construction.”
Mr Khong stated that amenities would be constructed within "convenient walking or cycling distances" of each development phase. To encourage inhabitants to use non-motorized modes of transportation, specially built tracks or pathways are being created. Additionally, the use and promotion of environmentally friendly automobiles will be taken into account.”
In the long run, growth of Ream City (Cambodia) is predicted to help the Sihanoukville population significantly. “Our organization's purpose is to construct long-term, sustainable real estate projects that meet the demands of local communities effectively and holistically. Sihanoukville is one of the best instances of how we can uphold our mission,” Mr Khong explained.
“In addition to infrastructure improvements, as one of the most important gateways to Cambodia, lined with pristine beaches and the heritage of Sihanoukville, Ream City has the potential to become a major tourist attraction, not just for locals, but also for regional visitors and new residents from overseas.
“The community will benefit from the beneficial ripple effect. As an illustration, additional training centers for the hospitality sector may be developed – particularly given the proximity to the airport – providing the community with good jobs and opportunities.”
Rise of Cambodia and ASEAN
Cambodia has emerged as an attractive destination for commercial investment in the ASEAN area in recent years. Cambodia would become even more accessible with the signing of the Regional Comprehensive Economic Partnership (RCEP) - a free trade deal between Asia Pacific countries in 2020.
“In general, the RCEP – which encompasses a third of the world's population – aims to promote cross-border collaboration by increasing foreign investment into ASEAN's rising economies, enhancing ASEAN's regional trade flow, and promoting better ASEAN-ASEAN trade relations,” Mr Khong stated.
“Manufacturers in mature ASEAN economies are looking for ways to reduce production and manufacturing costs by outsourcing finishing work to ASEAN's emerging nations. We anticipate 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, as well as the local population's disposable income.”
Mr Khong noted that supporting functions for these new and current industries will necessitate the development of new and improved infrastructure, as well as real estate such as special economic zones, warehousing, logistics facilities, and housing, to name a few.
“As one of Cambodia's largest and fastest expanding conglomerates focused on three major areas, real estate development, financial services, and consumer services, Prince Group thinks that Cambodia will need to rely on the proper local actors committed to Cambodia's growth.”
He revealed that Canopy Sands Development is now evaluating a number of potential development projects in different parts of Cambodia. “We will make appropriate announcements at the appropriate time.”
When asked about the company's plans to expand into neighboring countries, Mr Khong stated, "Rising foreign direct investment, free trade agreements with major economic blocs, and future participation in the RCEP are expected to act as key drivers for neighboring countries such as Thailand, Vietnam, and Laos, backed up by pro-industry policy initiatives."
“While numerous issues must be addressed, Thailand, Vietnam, and Laos, according to the World Bank, are anticipated to rebound significantly. Additionally, ASEAN will grow to be the world's fourth-largest economic bloc by 2030.
“Strong companies with diverse revenue streams across industries will become appealing investment targets as a gauge for broader economic performance. We are committed to pursuing real estate development prospects and are open to any type of expansion as long as the development plans adhere to our mission statement.”
