Continent Assets Management Co., Ltd, PLMP Venture Capital Co., Ltd and PropNex Cambodia Co., Ltd signed a memorandum of understanding (MOU) on November 17th 2021, to join strategic cooperation in designing new investment projects in Sihanoukville City under the honorable presence of Governor Koch Chamroem, following the government multipurpose SEZ masterplan announcement last month. Twenty years ago, Sihanoukville City was a sleepy fishing village, similar to the origins of Shenzhen. The real estate market took off from about 2015, which centers around casino, hotel and condominium complexes development. As a result, the current market's real estate stock has risen from about 200 projects in 2015 to about 1,580 in 2021. However, the Covid19 pandemic had impacted real estate industry affecting 75% of unfinished and slowdown in projects development. Also, the Cambodia government had issued strong mandate to ban online gaming that resulted in massive cleanup determine to rebuilding a cohesive and safe community for the Fintech Hub Initiatives to develop into multibillion investment opportunities for international investors. Thus, this MOU aims to launch the first Sihanoukville re-development project model and with Fintech platform to strengthen, diversify, and bring in new business income models alongside the government-led Sihanoukville master plan vision. The focus will be on restructuring the under-developed assets, which will create new markets to attract international talents encompassing world class lifestyle facilities, entrepreneurship clusters driven by financial and technology innovators attracting top educational facilities and vocational training institutes to develop into a vibrant e-community also provision to attract retirement village development and high yield property investment. Since the Sihanoukville city's location is the strategic corner of the Asia-Pacific region with deep sea port supporting sez developments and new economic thrust to support its growth, the group is expected to make the best out of this strategic location and timing to rebrand the city as the new important landmark that can live up with the upcoming demand of e-community in this digital age evolution. By seeing momentum in big-scale infrastructure projects into the city year over year with the right market conditions and strong support from the government for productive services and innovative products to scale, a fintech sandbox community and the elite club and innovative lifestyle services will formulate new project development modalities and at the same time, revitalize a good development image of the Sihanoukville City redevelopment master plan.
