11 February 2015
A Singapore-backed real estate developer
unveiled its plan yesterday to build a $500-million hotel and residential
project called The Bay in the capital’s Chroy Changvar peninsula.
TEHO holds a 49% stake in the ambitious
project, while Sok Bun will own the remaining 51% of the development, which is
to be located near the peninsula’s Sokha hotel. The project’s first phase
includes a 45-storey luxury hotel named the Okura Prestige Phnom Penh, expected
to cost around $50 million, and a 53-storey apartment building which aims to be
the tallest building in Phnom Penh. The construction was expected to begin by
the end of this year and will finish in late 2019 or early 2020.
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