Malaysian firm lands project in Cambodia<\/p>\n
KUALA LUMPUR (AFP): A Malaysian property firm yesterday signed
\na pact to develop the single largest infrastructure and tourism
\nproject to date in Cambodia in a deal worth more than US$1
\nbillion.<\/p>\n
Ariston Sdn. Bhd., whose only other venture is a 52-acre
\n(20.8-hectare) real estate project in Kuala Lumpur, sealed an
\nagreement with the Cambodian government to turn about 1,000
\nhectares of land in Sihanoukville into a commercial and
\nresidential township.<\/p>\n
\"The project will serve as a catalyst for the future
\ndevelopment of Cambodia,\" Ariston chief executive Chen Lip Keong
\nsaid.<\/p>\n
He made the statement after the contract's signing, which was
\nwitnessed by Cambodian co-prime ministers Norodom Ranariddh and
\nHun Sen, along with their Malaysian counterpart, Mahathir
\nMohamad.<\/p>\n
Sihanoukville, a southern province located 200 kilometers (125
\nmiles) from Phnom Penh, will have a new international airport,
\npower stations, water and sewage treatment plants,
\ntelecommunication networks and highway linkages under the
\nproposed development.<\/p>\n
The project includes industrial and housing areas, along with
\nsuch tourist facilities as a four-star hotel, golf course,
\nmarina, theme parks and cable car services, to be developed on
\nthe nearby Naga Island.<\/p>\n
Officials said the deal will account for more than half of the
\n$2 billion in investment approved by the Cambodian government so
\nfar.<\/p>\n
Ariston, capitalized at 56 million ringgit ($22.4 million), is
\na wholly-owned subsidiary of the Lipkland Group, which also owns
\ntwo publicly-listed firms in Malaysia -- First Allied
\nConstruction Bhd. and Kanzen Bhd.<\/p>\n
Chen said Ariston beat four or five companies from Singapore,
\nThailand and Australia that were shortlisted by the Cambodian
\ngovernment for the venture.<\/p>\n
Chen said Ariston hoped to complete the project in three
\nstages in 10 to 15 years and use mainly Malaysian companies to
\nprovide the required technology and services.<\/p>\n
\"Malaysian companies have experience in constructing airports,
\npower stations, water and sewage plants and resorts and we don't
\nenvisage any problems in finding management and technical
\nexpertise for this project,\" Chen said.<\/p>\n
Initial news reports last week said the project will include a
\ncasino, but Chen said only that it was a \"pretty sensitive\"
\nissue.<\/p>\n
Chen said Ariston will depend on internal funds for most of
\nthe works and might form equity alliances with Malaysian
\ncompanies where heavy financing was required.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/malaysian-firm-lands-project-in-cambodia-1447893297",
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"sponsor": "Okusi Associates",
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