Siem Reap poised to become an integrated tourism and services sector hub in the next decade

HONG KONG - After weeks of uncertainty as Cambodia's opposition party CNRP, led by Mr. Sam Rainsy made serious claims against CPP for electoral frauds, the country has moved towards the formation of the new parliament, and Hun Sen, age 61, has been 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 has wooed many foreign property investors and developers to major cities like Phnom Penh, Siem Reap, Sihanoukville and Battambang, in search for low-priced real estate with potential for significant appreciation.

With prices of property rising gradually after the dip in 2008, and land laws openly allowing foreigners to own freehold units which are situated above ground level (as only Cambodian citizens are allowed to own land, and ground level units are counted as "land"), the current prices of land present great margins for appreciation, given the future plans the country and foreign developers have in place.

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.

On 27th June this year, Cambodia's Apsara Authority and China Civil Engineering Construction Corporation signed a Memorandum of Understanding (MoU) on the project of sustainable management of the existing resources for conservation and sustainable development in Angkor World Heritage Site and Siem Reap region.

The deal was inked between Bun Narith, director general of Apsara Authority, which protects and manages Angkor Archeological Park, and Liu Zhiming, chairman of China Civil Engineering Construction Corporation, under the presence of Cambodian Deputy Prime Minister and Cabinet Minister Sok An.

"This partnership is very significant and timely as it responds to the contemporary issues of Angkor, which requires not only conservation, but also green and sustainable development," Sok An said at the signing ceremony.

In late August, Hong Kong based company Cheung Sheng Global Holdings announced its latest plan to develop a mixed-used real estate project close to the heart of Siem Reap, aptly named Siem Reap Metropolis, in hopes that this would become the first complete cosmopolitan establishment in the tourist driven town.

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 receive secondary industries to come in to jointly develop and grow the city's economy over the next decade.

Sourced: TravelDailyNews