After weeks of uncertainty as Cambodia's opposition party CNRP, led by Sam Rainsy, made serious claims against CPP for electoral frauds, the country has moved toward the formation of a new parliament, and Hun Sen, age 61, was sworn in as the Prime Minister of the country, once again extending his reign. With the po
After weeks of uncertainty as Cambodia's opposition party CNRP, led by Sam Rainsy, made serious claims against CPP for electoral frauds, the country has moved toward the formation of a new parliament, and Hun Sen, age 61, was sworn in as the Prime Minister of the country, once again extending his reign.
With the politically volatile situation reaching an end, international eyes turn back to the country's economic and business prospects, and foreign investors are beginning to come back in to partake in various development projects across the land of the Ancient Khmer Empire.
Since the passing of the new land laws in Cambodia back in 2010, the country's stable economic growth and resilience in times of crisis have wooed many foreign property investors and developers to major cities like Phnom Penh, Siem Reap, Sihanoukville and Battambang, in search for low-price real estate with potential for significant appreciation.
In the land of Siem Reap, where more than 2 million overseas visitors hit the site yearly, and this number is growing at a rapid rate of more than 20% per annum, big brands have been entering the market in a coordinated fashion, to grow not just the tourism industry, but also the general infrastructure of the city.
In late August, Hong Kong company Cheung Sheng Global Holdings announced its latest plan to develop a mixed-use real-estate project close to the heart of Siem Reap, aptly named Siem Reap Metropolis, in hopes that this will become the first complete cosmopolitan establishment in the tourist-driven town. The metropolis, spreading over 22 hectares of land, comprises of an indoor theme park based around the history and heritage of the ancient Khmer Empire, two hotels, three shopping complexes and seven condominium projects.
With the continual support of foreign developers eyeing at more than immediate profits, Siem Reap may get an even better chance at development and growth structured for long-term social benefits, in contrast to the unplanned and disjointed growth of Phnom Penh. And with real investments into city infrastructure, accommodation and alternative attractions, the city is poised to attract secondary industries to jointly develop and grow the city's economy over the next decade.