Showing posts with label 99-year lease. Show all posts
Showing posts with label 99-year lease. Show all posts
Monday, September 19, 2011
Monday, December 22, 2008
Sale promotion for Koh Pich prospective buyers [-Bad timing for ultra-modern city sale promotion in Koh Pich?]
New Koh Pich city scaled model, near Phnom Penh (Photo: Cambodge Soir Hebdo)19 Dec 2008
By Nhim Sophal
Cambodge Soir Hebdo
Translated from French by Luc Sâr
Click here to read the article in French
To attract new buyers, developers for the construction of the new Koh Pich (Diamond Island) city organized a sale promotion evening to try to sell apartments, buildings and villages. While the construction has not even started yet, lands and future buildings are already put to sale.
Koh Pich now covers 100 hectares. In 2006, the Khmer-Canadian OCIC (Oversea Cambodia Investment Company) company signed a $50 million 99-year lease with the city of Phnom Penh to develop and manage the island. The project was met with opposition from local inhabitants.
Now, with the mobilization of about 100 earth-moving equipments, grading works and the construction of a concrete river bank, as well as land filling up to an elevation of 11.75-meter (i.e. 0.7 meter higher than that of the city of Phnom Penh) have been completed.
Pung Sovan, OCIC director, announced to about one hundred participants at the Phnom Penh cultural center (Chenla Theater) that his company was looking for solutions and financing to undertake the development of this great ultra-modern city during a period of worldwide economic crisis.
“It is unfortunate that we did not launch the sale during a good period of economic growth,” Pung Sovan said while indicating the sales have started in December but they do not attract many buyers. The price of $1,500 per square-meter could be too high, OCIC has organized a new sale promotion with 35% price discount for its buyers. Another sale promotion to attract buyers: customers could pay the sale price during a 10-year period.
Koh Pich now covers 100 hectares. In 2006, the Khmer-Canadian OCIC (Oversea Cambodia Investment Company) company signed a $50 million 99-year lease with the city of Phnom Penh to develop and manage the island. The project was met with opposition from local inhabitants.
Now, with the mobilization of about 100 earth-moving equipments, grading works and the construction of a concrete river bank, as well as land filling up to an elevation of 11.75-meter (i.e. 0.7 meter higher than that of the city of Phnom Penh) have been completed.
Pung Sovan, OCIC director, announced to about one hundred participants at the Phnom Penh cultural center (Chenla Theater) that his company was looking for solutions and financing to undertake the development of this great ultra-modern city during a period of worldwide economic crisis.
“It is unfortunate that we did not launch the sale during a good period of economic growth,” Pung Sovan said while indicating the sales have started in December but they do not attract many buyers. The price of $1,500 per square-meter could be too high, OCIC has organized a new sale promotion with 35% price discount for its buyers. Another sale promotion to attract buyers: customers could pay the sale price during a 10-year period.
Friday, December 12, 2008
Ecotourism project looks to lure visitors to isolated Mondulkiri
2008-12-12
Source: Phnom Penh Post
Source: Phnom Penh Post
Local company plans to sink US$6 million into 100-hectare site around Bou Sra waterfall, but rights groups remain sceptical about its impact
A CAMBODIAN infrastructure group, Sar Lar Co, has plans to develop the area around Mondulkiri's Bou Sra waterfall in a bid to bring more tourists to the isolated province.
But while provincial officials are pleased with the influx of cash, others question whether local communities will benefit from the project.
"If the company has good policies to deal with the community, there will not be a problem; but if the company does not discuss the project with local people, they will not be happy," said Sam Sarun, deputy director of the provincial Department of Tourism, adding that whether local communities will gain from the development is the "big question" for them.
Sam Sarin, coordinator for Cambodian rights group Adhoc in Mondulkiri province, warned that residents there had been disappointed in the past when there were no employment opportunities for community members.
But company officials say the development will provide a huge boost for the area, tapping into the ecotourism potential of one of Cambodia's most wild areas.
"We will construct motels, restaurants, souvenir shops, cable cars, cottages," Ngin Sreoun, deputy director general of Sar Lar Co told the Post, adding that the company has received a 99-year lease from the government.
"We aren't cutting down forests for the development; we are preserving the area as an ecological and charming attraction," he said, adding that the project would create about 100 jobs for ethnic minorities in the province.
Sam Sarun welcomed the investment plan as a way to draw attention to the province.
"It will be a modern tourism facility. ... The project development is very big so I hope that it will attract a lot of local and foreign tourists," he said.
Construction began Monday and is expected take up to five years to complete, company officials said.
A CAMBODIAN infrastructure group, Sar Lar Co, has plans to develop the area around Mondulkiri's Bou Sra waterfall in a bid to bring more tourists to the isolated province.
But while provincial officials are pleased with the influx of cash, others question whether local communities will benefit from the project.
"If the company has good policies to deal with the community, there will not be a problem; but if the company does not discuss the project with local people, they will not be happy," said Sam Sarun, deputy director of the provincial Department of Tourism, adding that whether local communities will gain from the development is the "big question" for them.
Sam Sarin, coordinator for Cambodian rights group Adhoc in Mondulkiri province, warned that residents there had been disappointed in the past when there were no employment opportunities for community members.
But company officials say the development will provide a huge boost for the area, tapping into the ecotourism potential of one of Cambodia's most wild areas.
"We will construct motels, restaurants, souvenir shops, cable cars, cottages," Ngin Sreoun, deputy director general of Sar Lar Co told the Post, adding that the company has received a 99-year lease from the government.
"We aren't cutting down forests for the development; we are preserving the area as an ecological and charming attraction," he said, adding that the project would create about 100 jobs for ethnic minorities in the province.
Sam Sarun welcomed the investment plan as a way to draw attention to the province.
"It will be a modern tourism facility. ... The project development is very big so I hope that it will attract a lot of local and foreign tourists," he said.
Construction began Monday and is expected take up to five years to complete, company officials said.
Saturday, September 06, 2008
City Official Defends Lake Development
By Sok Khemara, VOA Khmer
Washington
05 September 2008
Washington
05 September 2008
Responding to concerns that a lake development project could damage the environment of Phnom Penh, a senior municipal official said Thursday a 10-year study had taken place before the plan was approved.
The company developing the lake, Shukaku, Inc., began filling Boeung Kak lake last week, angering residents who say a government buy-out effort is too low and raising environmental concerns.
But a 10-year study has shown the lake is no longer a reservoir and is not an important part of the city's infrastructure, said Pa Socheartavong, deputy governor of Phnom Penh, as a guest on "Hello VOA."
The lake is not being used for agriculture and cannot produce clean water, he added.
"This lake is just like a polluted bomb in town," where residents drain their waste daily, he said. "It's a dead lake. That means no activity."
The city decided to privatize the lake, offering a 99-year lease to Shukaku, which will develop the area into a long-term recreational area and reservoir, as well as a site for residential and commercial property.
The development will force more than 4,000 families to move, and many of them have proven reluctant to do so. The city has offered $8,000 per household to help people move, but residents say they want to be paid current market prices.
Around 1,000 families are still protesting the move.
But not all residents there are legal, Pa Socheartavong said. Following the 1993 election, many people moved from border areas and settled around the lake on public land.
The city has offered three options to residents, he said. They can either take the buyout, be moved to housing in another area, or wait for housing in the same place they now occupy.
The lake issue became politicized ahead of July's general election, he added.
The company developing the lake, Shukaku, Inc., began filling Boeung Kak lake last week, angering residents who say a government buy-out effort is too low and raising environmental concerns.
But a 10-year study has shown the lake is no longer a reservoir and is not an important part of the city's infrastructure, said Pa Socheartavong, deputy governor of Phnom Penh, as a guest on "Hello VOA."
The lake is not being used for agriculture and cannot produce clean water, he added.
"This lake is just like a polluted bomb in town," where residents drain their waste daily, he said. "It's a dead lake. That means no activity."
The city decided to privatize the lake, offering a 99-year lease to Shukaku, which will develop the area into a long-term recreational area and reservoir, as well as a site for residential and commercial property.
The development will force more than 4,000 families to move, and many of them have proven reluctant to do so. The city has offered $8,000 per household to help people move, but residents say they want to be paid current market prices.
Around 1,000 families are still protesting the move.
But not all residents there are legal, Pa Socheartavong said. Following the 1993 election, many people moved from border areas and settled around the lake on public land.
The city has offered three options to residents, he said. They can either take the buyout, be moved to housing in another area, or wait for housing in the same place they now occupy.
The lake issue became politicized ahead of July's general election, he added.
Monday, June 09, 2008
Australian company cements a place in Cambodia's island resort boom
Mon, 09 Jun 2008
DPA
DPA
Phnom Penh - Australia's Brocon Group Ltd cemented its place in the island development boom off Cambodia's coast, earning formal government approval for its planned 35-million dollar luxury resort, CEO Rory Hunter said Monday. "From July 2007 we had an in-principle agreement, but we have now received official approval on a 99-year non-renewable lease from Prime Minister Hun Sen and the Council for Development of Cambodia so we can go full steam ahead," Hunter said by telephone.
He said the company hopes to break ground this year, although it may be early next year, and completion is scheduled for 2010.
The development on the twin Song Saa, or Sweetheart Islands, 29 kilometres off the south-west coast of Cambodia, is being billed as a place for "well-heeled adventure travelers" and will feature a spa, restaurant, pool and luxury accommodation.
"We have interests in a few other areas, but this is our labour of love at the moment," Hunter said. Brocon also renovates French colonial era apartments in the capital, 240 kilometres away, for sale and rent.
Established in 2005, Brocon is a small company with just nine full-time staff in its Phnom Penh office but has been a success story in Cambodia's rapidly expanding real estate market.
Hunter said the coastal islands off Sihanoukville show tremendous tourism potential, claiming the atmosphere is reminiscent of Thailand's now world famous beach resorts 30 years ago.
He said the company hopes to break ground this year, although it may be early next year, and completion is scheduled for 2010.
The development on the twin Song Saa, or Sweetheart Islands, 29 kilometres off the south-west coast of Cambodia, is being billed as a place for "well-heeled adventure travelers" and will feature a spa, restaurant, pool and luxury accommodation.
"We have interests in a few other areas, but this is our labour of love at the moment," Hunter said. Brocon also renovates French colonial era apartments in the capital, 240 kilometres away, for sale and rent.
Established in 2005, Brocon is a small company with just nine full-time staff in its Phnom Penh office but has been a success story in Cambodia's rapidly expanding real estate market.
Hunter said the coastal islands off Sihanoukville show tremendous tourism potential, claiming the atmosphere is reminiscent of Thailand's now world famous beach resorts 30 years ago.
Wednesday, March 12, 2008
Thailand plans to build a new NIMBY coal-fired power plant in Pailin ... more land evictions ahead in Pailin?
D1 heads power plant investors
Wednesday March 12, 2008
NUNTAWUN POLKUAMDEE
Bangkok Post
D1 and 124 will take 20% each in the project, with the remaining 60% held by an international energy company.
The initial investment if the project is 2.8 billion baht, with revenues expected at seven billion baht per year. Power will be sold to the Electricity Generation Authority of Thailand under a 25-year contract.
Mr Jrarat said the Cambodian government would offer the consortium a 99-year lease for the project at a relatively low cost.
D1 will invest in the project through its new Dragon Power subsidiary. Mr Jrarat said D1 expected to receive steady revenues of 1.4 billion baht per year from the project.
He said D1 was also studying the possibility of setting up an industrial business zone in Pailin on some of the 10,000 rai of land to be leased from the Cambodian government for the power plant.
''Thai manufacturers who are looking to shift production plants to other countries should consider the Dragon Pailin [industrial zone] project, given that it is only 300 kilometres from Bangkok,'' Mr Jrarat said.
''The Cambodian government also currently offers better options for foreign investment than the Thai Board of Investment.''
Mr Jrarat said Dragon Pailin would require an initial investment of 500 million baht, and would leverage infrastructure to be built to support the Dragon Power plant.
Revenues could reach 10 billion baht per year for the industrial zone project within three years.
Mr Jrarat said that for holding company D1, revenues by 2010 would come equally from three segments: Dragon Power, Dragon Pailin and IT services.
D1 is projecting investment this year of 200 million baht, to be financed from rights offerings and warrants. Mr Jrarat is the largest single shareholder at 18%.
The company reported 2007 net losses of 138 million baht on revenues of 430.77 million, down from profits of 59.84 million on revenues of 667.13 million the year before.
Shares of D1 closed yesterday on the SET at 0.68 baht, down three satang, in trade worth 4.63 million baht.
Wednesday March 12, 2008
NUNTAWUN POLKUAMDEE
Bangkok Post
"NIMBY is an acronym for Not In My Back Yard. The term is used to describe opposition to a new project by residents, even if they themselves and those around will benefit from the construction. Often, the new project being opposed is generally considered a benefit for many, but residents nearby the immediate location consider it undesirable and would generally prefer the building to be "elsewhere".A coalition led by Dragon One Plc (D1), 124 Communication and foreign investors expects to generate returns of seven billion baht over the next two years from its new coal-fired power plant in Pailin, Cambodia. Jrarat Pingclasai, the D1 chief executive, said the project, worth around $500 million or 20 billion baht, would produce 350 megawatts of coal-fired power.
Projects likely to be opposed include: incinerators, power plants, and prisons, but far more commonly the concept is associated with obstruction and objections to transportation improvements and mobile telephone network masts." - Wikipedia
D1 and 124 will take 20% each in the project, with the remaining 60% held by an international energy company.
The initial investment if the project is 2.8 billion baht, with revenues expected at seven billion baht per year. Power will be sold to the Electricity Generation Authority of Thailand under a 25-year contract.
Mr Jrarat said the Cambodian government would offer the consortium a 99-year lease for the project at a relatively low cost.
D1 will invest in the project through its new Dragon Power subsidiary. Mr Jrarat said D1 expected to receive steady revenues of 1.4 billion baht per year from the project.
He said D1 was also studying the possibility of setting up an industrial business zone in Pailin on some of the 10,000 rai of land to be leased from the Cambodian government for the power plant.
''Thai manufacturers who are looking to shift production plants to other countries should consider the Dragon Pailin [industrial zone] project, given that it is only 300 kilometres from Bangkok,'' Mr Jrarat said.
''The Cambodian government also currently offers better options for foreign investment than the Thai Board of Investment.''
Mr Jrarat said Dragon Pailin would require an initial investment of 500 million baht, and would leverage infrastructure to be built to support the Dragon Power plant.
Revenues could reach 10 billion baht per year for the industrial zone project within three years.
Mr Jrarat said that for holding company D1, revenues by 2010 would come equally from three segments: Dragon Power, Dragon Pailin and IT services.
D1 is projecting investment this year of 200 million baht, to be financed from rights offerings and warrants. Mr Jrarat is the largest single shareholder at 18%.
The company reported 2007 net losses of 138 million baht on revenues of 430.77 million, down from profits of 59.84 million on revenues of 667.13 million the year before.
Shares of D1 closed yesterday on the SET at 0.68 baht, down three satang, in trade worth 4.63 million baht.
Friday, February 01, 2008
Bokor handed to Sok Kong, Hun Sen crony, in a 99-year lease ... Next up, maybe a 99-year lease of the Royal Palace to Sokimex?
Sok Kong, Sokimex president and Hun Sen cronyBokor Mountain to be developed
Friday, February 01, 2008
eTravelBlackboardAsia
The historical Cambodian site of Bokor Mountain is to be expanded.
Cambodian petroleum giant Sokimex Group has signed a 99 year lease agreement with the Royal Government of Cambodia to develop the historic Bokor National Park.
The development of Road 32 will link National Road 3 to the peak of Bokor Mountain; also on the cards is the construction of schools, shopping centres and hotels, as well as road rehabilitation.
The process is expected to be finished within 15 years and the initial investment will be US $1 billion.
The official ceremony was held on January 19, attracting over 15 000 guests including government officials and residents.
Cambodian petroleum giant Sokimex Group has signed a 99 year lease agreement with the Royal Government of Cambodia to develop the historic Bokor National Park.
The development of Road 32 will link National Road 3 to the peak of Bokor Mountain; also on the cards is the construction of schools, shopping centres and hotels, as well as road rehabilitation.
The process is expected to be finished within 15 years and the initial investment will be US $1 billion.
The official ceremony was held on January 19, attracting over 15 000 guests including government officials and residents.
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