Sihanoukville' $50M hotel will soon be able to attract more tourists and major international investors

Cambodia Compass report, 15th May - The provincial government and private sector in Sihanoukville have welcomed a $48.7 million investment in a new five-star hotel, which analysts believe would better prepare the province to serve visitor arrivals in the future.

The Council for the Development of Cambodia (CDC) has approved JinBei Palace Co Ltd's 195-room project in Commune IV of Sihanoukville.

Taing Sochet Kresna, director of the Provincial Department of Tourism, welcomed the initiative, saying that once Covid-19 is under power, the tourism situation in Preah Sihanouk would improve significantly, aided by what he described as the often thoroughly-researched locations of investment projects.

"I hope that with the investment of this five-star hotel, Sihanoukville will be able to draw more visitors and major international investors in the near future," he said, adding that JinBei Palace is currently investing in a number of hotels in the city.

As a driving force of the Preah Sihanouk market teeming with purchasing, selling, and renting activity, Oem Senghou, a branch manager at Century 21 Zillion Holding in Sihanoukville, a sub-franchise of real estate agency Century 21 Cambodia, said the investment would have a positive effect on the real estate sector.

According to him, the rise in investments in five-star hotels heralds the arrival of visitors and high-yield investors in the future. With the arrival of high-rolling visitors, the sector will receive a significant boost.

"JinBei Palace Co Ltd's investment in such a high-end hotel will attest to the overall strength of Sihanoukville's tourism and real estate markets," he said.

According to him, Sihanoukville's real estate market has been paralyzed since the population outbreak of the novel coronavirus on February 20. According to Senghou, land in the provincial capital's commercial areas was priced at $1,800-3,500 per square metre in the previous century, and $250-300 in suburban residential areas.

He estimated that land at the hotel's proposed location would cost about $2,000 per square foot.

According to Sochet Kresna, the province had 107 hotels until the government outlawed online and arcade gaming on January 1, 2020, with just around 30 remaining.

Source: Cambodia Compass comprehensive arrangement

Editor: Malinda         Chief Editor: Sunnie         General in Chief/Executive Producer: Nicole

Compass global site: Cambodia | Singapore | UAE | Thailand | Philippines | Myanmar | Laos