Friday, February 16, 2007

Malaysian firm to develop tourist resort in Ta Kiev Island

Ang Tong Nam (second from left) exchanging documents with Major General Ouk Kosa. The ceremony was witnessed by Cambodian officials and People’s Progressive Party vice-president Datuk Maglin D’Cruz (third from left)

Friday February 16, 2007
KSKW secures Cambodian project

The Star (Malaysia)

SEPANG: KSKW (Cambodia) Ltd, a majority Malaysian-owned company, has won the rights to develop a US$2bil to US$3bil integrated tourism project in Cambodia.

KSKW will carry out the construction within two years on Ta Kiev Island, a 1,600ha island located off Cambodia’s southern coastline in the Gulf of Thailand.

This private company is keen to find local partners for the project, which requires estimated investments of US$100mil in the next one to two years.

KSKW spokesman Eddy Chew said the project, which would have two phases, included the development of beach hotels, gaming resorts, an 18-hole golf course, and residential and high-end properties.

“We are currently doing a feasibility study to designate areas for development.

“We plan to develop 400ha, or about 30% to 40% of the island, in the first phase,” he told reporters after the signing of an agreement with Cambodian government officials on Wednesday.

The Cambodian delegation was led by Deputy Prime Minister and National Defence Minister adviser Major General Ouk Kosa.

KSKW, set up by several low profile investors, is led by Penang-based businessmen Ang Tong Nam and Thor Soon Lye, both of whom have investments in Cambodia, China and Indonesia.

Ang, who is KSKW chairman, is involved in an automotive parts business, and managing director Thor, in trading of household and electronic items.

Chew said KSKW was granted a 99-year-old lease for the development of this project, with an undisclosed stake held by the Cambodian government.

Among its strategic partners was China’s Zhong Rong Group, he said, adding that this was KSKW’s first venture in the construction sector.

He said the development of the first phase would span 10 years, but he expected to complete and open the island’s first resort within the next three to five years.

“This project has huge growth potential due to its strategic location and the opportunity for us to tap the Chinese and Thai markets,” he said.

Ta Kiev is an hour’s flight away from Sihanoukville, Cambodia’s second largest port and home to its new international airport.

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