Phnom Penh (FN), August 27 - ING Holdings Co., Ltd, has signed a cooperation agreement to develop a modern commercial complex called Dragon City in ING City together with Causeway Bay Group and SINO BAY Construction Investment from Hong Kong.
ING City, where Dragon City will be located, is an advanced complex of business and commercial facilities, industrial spaces and residential neighbourhoods, in a self-contained, safe and enjoyable environment complemented by extensive green spaces in the south of Phnom Penh.
The Signing Ceremony was held at Sofitel Phnom Penh Phokeethra and was presided over by Deputy Governor of Phnom Penh H.E Koeut Chhe, Vice Chairmen of ING Holdings, Oknha Lim Rose and Oknha Lim Bunsour, Chairman of Causeway Bay Group Chen Zhi and John Zhuang, CEO of SINO Bay Construction Investment witnessing the agreement.
The Cooperation Agreement commits the Cambodian and Hong Kong companies to join forces and develop the Dragon City Project in Beong Cheung Ek and Tum Pun area on 5.4 hectares along Samdech Techo Hun Sen Boulevard starting in 2020. The project will later expand to up to 25 hectares.
“ING Holdings has received approval from the Royal Government to develop this expansion of southern Phnom Penh area, which is well-known as ING City. Our vision for Phnom Penh blends shopping, working and leisure in a convenient and environmentally conscious way. Having seen the success of Hong Kong Causeway Bay’s commercial developments in 109 locations across China and the rest of Asia, we are excited at the prospect of working with them to create something just as spectacular in ING City,” explained Chairman of ING Holdings, Oknha Ing Bun Hoaw.
Chen Zhi, Chairman of Causeway Bay Group from Hong Kong, said the agreement will contribute to building a new commercial complex in response to Cambodia’s developing economy and the increasing population of Phnom Penh.
“If one looks back to Dubai 20 years ago, the area was just a desert, but after development and investment, it became a global city and an important business hub in the Middle East, as well as one of the biggest cities in the world. So the agreement with ING Holdings will help us build a new commercial complex in Phnom Penh with a Mall, Automobile City, Building Material City, apartments, international food courts, family houses and other modern buildings with special designs,” said Chairman of Causeway Bay Group Mr. Chen Zhi.
According to Mr. Zhuang Xiongming, CEO of SINO BAY Construction Investment Co., Ltd., the main contractor of the “Dragon City” project, Causeway Bay Dragon City is an important project jointly developed by ING Holdings, Causeway Bay Group and SINO BAY Construction Investment. The Causeway Bay Dragon City will have a global design concept and the Habitat-Building System was introduced to Cambodia to create a model of quality life that is full of sunshine, rain, warmth and happiness.
Development of ING City began in 2007 and Samdech Techo Hun Sen Boulevard, which stretches over 9.1 Kilometer, was opened for public access in April 2017. The development of Beong Cheung Ek and Tum Pun area is in line with the long-term vision of Samdach Techo Hun Sen, Prime Minister of the Kingdom of Cambodia, who has guided Phnom Penh’s Southern expansion development strategy.