Property News Roundup 8th July 2024
We’re delighted to share the weekly news highlights below.
- Cambodia Airport Investment Inks 12-Year Contract With Lagardère Travel Retail SAS to Manage Retail Operations at Techo International Airport
Cambodia Airport Investment (CAIC) has partnered with Lagardère Travel Retail SAS and HSC Group to manage retail operations at Techo International Airport (TIA). The 12-year contract covers duty-free shops, dining, and travel essentials. This collaboration aims to enhance the traveler experience with diverse offerings including Aelia Duty Free, EL&N Café, Le Connoisseur restaurant, and Marché Food Hall. The agreement features a unique profit-sharing model, fostering innovation and service quality. CAIC has invested over $1.1 billion in TIA, which is expected to open in early 2025 with a capacity of 13 million passengers annually. This partnership marks a significant step in TIA’s development as Cambodia’s new international gateway.
July 1st 2024 | Cambodia Investment Review | Link:t.ly/a6NwY
- Cambodia Launches Tourism Marketing, Promotion Board
Cambodia has established a Tourism Marketing and Promotion Board (CTB) to bolster its tourism sector on the global stage. Led by Tourism Minister Sok Soken, the CTB comprises representatives from public and private sectors, aiming to foster collaboration and enhance the country’s appeal as a leading tourist destination. This initiative is part of the government’s broader vision to promote Cambodia’s rich cultural heritage and diverse attractions to international travelers.
July 1st 2024 | Cambodianess | Link:t.ly/zhhrT
- TripAdvisor ranks 4 Cambodian attractions in Top 25 tourist attractions in Asia
TripAdvisor has recognized four Cambodian attractions in its Top 25 tourist attractions in Asia list for 2024. Angkor Wat secured the second spot in Asia and twelfth globally, solidifying its status as a world wonder. The Bayon Temple, Ta Prohm, and Tuol Sleng Genocide Museum also made the list, showcasing Cambodia’s rich cultural heritage and historical significance. This recognition is expected to boost tourism in the country, attracting more international visitors to explore its unique attractions.
July 1st 2024 | Khmer Times | Link:t.ly/fXG8G
- Funan Techo Canal Promotes National Solidarity for Cambodia
In a letter to the editor, the author expresses their support for the Funan Techo Canal project. The project aims to enhance Cambodia’s economic independence and reduce reliance on neighboring countries for water resources. The author believes that the canal will promote national solidarity and unity, as Cambodians come together to support a project that will benefit the entire nation. They also highlight the potential benefits of the canal for agriculture, industry, and tourism.
June 29th 2024 | Fresh New Asia | Link:t.ly/EXIsf
- Accor Expands Footprint in Phnom Penh with Novotel Debut in BKK1 in 2024
Accor hotels in Cambodia will launch the “Discover Cambodia” campaign throughout August 2024. The campaign will highlight Khmer culture, heritage, and hospitality with an array of special activities, meals, and discounts. Participating hotels include Raffles Hotel Le Royal and Raffles Grand Hotel d’Angkor, offering unique experiences like Khmer dinners, dance performances, themed cocktails, and special menus.
July 1st 2024 | BWHOTELIER | Link:t.ly/haHQV
- Lee Li Holdings Group is interested in investing in five potential sectors in Cambodia
The Lee Li Holdings Group, led by President & CEO Lee Q. Shim, has expressed interest in investing in five key sectors in Cambodia: oil and gas, health, export accreditation centers, food processing and logistics, and the automotive sector. This was revealed during a courtesy visit to the Prime Minister of Cambodia, Dr. Hun Manet. Dr. Manet welcomed the group’s interest and emphasized that Cambodia has established two representative offices of the Cambodian Chamber of Commerce in Canada to facilitate trade and export of products between the two countries. He reiterated the Royal Government of Cambodia’s commitment to supporting the private sector by providing incentives and facilitating successful investments. He also encouraged the company to continue discussions with relevant government ministries and institutions. This visit is expected to boost trade relations between Cambodia and Canada.
July 3rd 2024 | Khmer Times | Link:t.ly/3uRaJ
- Cambodia updates national accounts base year for enhanced economic accuracy
Cambodia has officially updated its national accounts base year from 2000 to 2014, aligning with international standards and improving the accuracy of economic data. This change was announced at a workshop attended by government officials and experts. Minister of Planning, Bin Trachhey, emphasized the importance of this update for reliable economic statistics and a clearer understanding of Cambodia’s economic landscape. The new base year utilizes the 2008 National Accounting Statistics System and the2008 Classification of Productive Activities, incorporating changes in the economy since 2000. This update is crucial for evidence-based decision-making and reflects Cambodia’s commitment to modernizing its national accounting system. The National Institute of Statistics plays a vital role in ensuring the quality and reliability of economic data, further enhancing Cambodia’s ability to monitor and manage its economic development effectively.
July 2nd 2024 | The Phnom Penh Post | Link:t.ly/hALcX
- Chinese Tourist Arrivals to Cambodia up 43.1 pct in First 5 Months
In the first five months of 2024, Cambodia saw a 43.1 percent increase in Chinese tourist arrivals compared to the same period in 2023, reaching 326,003 visitors. This significant rise accounted for 12.3 percent of the total international tourists to Cambodia. The Ministry of Tourism’s report highlights China as the third largest source of tourists, after Thailand and Vietnam. The surge in arrivals is attributed to the Cambodia-China People-to-People Exchange Year 2024 initiative launched in January. Tourism Minister Sok Soken expressed optimism about further increases in Chinese tourists throughout the year. The overall tourism sector in Cambodia has also experienced a 22 percent increase in the first five months of 2024, receiving a total of 2.64 million foreign visitors.
July 3rd 2024 | Cambodianes | Link:t.ly/BM0_d
- MESONG Designs Revamped and Construction Plan Upgraded for it to become a Top-Notch Condominium and Six-Star Condotel Complex
MESONG, a 71-story mixed-use development project in Phnom Penh, is set to undergo a significant transformation into a top-notch condominium and six-star condotel complex. CMAG FUNDS, a consortium led by global investors, has become a major shareholder and plans to renovate over 200 units in MESONG Tower 1. The revamped project will include serviced apartments, condominiums, and a five-story shopping mall, attracting high-net-worth individuals and top executives. The upgraded MESONG, standing tall at 252 meters, will become Cambodia’s tallest building, located in the prime area of Diamond Island, surrounded by Grade A offices, convention centers, and hotels. This strategic partnership with CMAG FUNDS marks a significant step for MESONG in shaping the future of Cambodia’s real estate market and solidifies its commitment to creating an ultra-high-end and luxurious living experience for its residents.
July 3rd 2024 | Khmer Times | Link:t.ly/FxtUa
- Lagardère Travel Retail to bring UK-based EL&N to Cambodia in 2025
Lagardère Travel Retail, in partnership with local franchisee HSC Group, will introduce EL&N, a UK-based café chain, to Cambodia in 2025. Three EL&N outlets will be opened at the new Phnom Penh International Airport, which is set to handle up to 15 million passengers annually. This move is part of a larger agreement where Lagardère will operate 34 retail and dining units at the airport, including brands like Marché, Aelia Duty Free, Relay, and Discover. This expansion into Cambodia marks a significant development for Lagardère’s operations in Asia and aims to elevate the retail and foodservice experience for both local and international travelers at the airport.
July 4th 2024 | worldcoffeeportal | Link:t.ly/-FGXe