Kingsland Ventures, a wholly-owned subsidiary of ASX-listed Kingsland Global has entered into a joint venture agreement to develop 10,000 square metres of prime real estate in the new CBD of Phnom Penh, Cambodia.
The Phnom Penh City Centre (PPCC) is wholly owned by Shukaku Inc. a private Phnom Penh-based real estate developer headed by Senator Lao Meng Khin of Cambodia's People Party.
The agreement with Urban Global, a subsidiary of Shukaku Inc., will provide for the development of a one-stop business centre in Phnom Penh City Centre.
The project will provide a range of facilities and functions including office towers, restaurants, banking services, medical centres, a hotel and a convention centre.
PPCC's 111.6-hectare development was conceptualised to transform Phnom Penh’s city landscape into a modern, sustainable commercial hub with facilities purpose-built for both local and overseas businesses and investors.
By 2025, the new PPCC district will be home to over 56,000 residents and more than 190,000 daily visitors
An IT and media hub will also be developed to serve as a connecting point for businesses to enjoy enhanced communication while harnessing opportunities and improving productivity.
The mixed-used development will offer:
It is envisaged that Kingsland Venture will procure initial funding by way of issue of redeemable preference shares in Kingsland Ventures (the terms of which are to be determined) and subsequently through pre-sales.
Following the provision of the capital requirements to develop the project, Kingsland Ventures will have a 49% ownership stake while Urban Global will hold the remaining 51%.