CBRE appointed Advisor and Agent for Developing New Cambodia Resort Destination

CB Richard Ellis, one of the world’s largest commercial real estate services firms, has been appointed by The Royal Group of Cambodia as exclusive advisor and sole agent to introduce investors in developing the island of Koh Rong, Cambodia for international tourism and real estate development. The Koh Rong archipelago is 30 minutes by boat from Cambodia’s main coastal town of Sihanoukville.

The Royal Group, renowned as one of Cambodia’s most dynamic and diversified business conglomerates, has been granted a 99-year lease by The Royal Government of Cambodia to develop Koh Rong, the largest private island in the region. The company is headed by Chairman & CEO Neak Oknha Kith Meng, one of Cambodia’s most prominent tycoons. The group has business interests in a wide range of industries such as telecommunication, media, banking (partner with ANZ Bank), insurance, education, trading, resorts and property, with interests extending to Cambodia’s railways with the subsidiary company Toll Holdings from Australia.

 The Koh Rong archipelago is 30 minutes by boat from Cambodia’s main coastal town of Sihanoukville. Koh Rong, Cambodia’s largest island covers 78 sqkm, about a third of the size of Thailand’s Koh Samui, with a local population of approximately 1382 people from 317 families living in small fishing villages. The island remains virtually untouched with its 28 white sand beaches stretching up to 6 kilometers.

“The Koh Rong story is similar to that of Samui and Phuket 20 to 30 years ago,” said David Simister, Chairman, CB Richard Ellis Thailand and Cambodia. “It is one of the last undiscovered paradises in South East Asia.”

Development opportunities are now opening up with a new international airport at nearby Sihanoukville, currently welcoming chartered flights and private jets. Flights from Phnom Penh and Siem Reap are expected to begin in the near future, with rumours of regional airlines also considering scheduled flights in 2010.

An environmental impact study is already underway for the development of Koh Rong as “Asia’s first environmentally planned island”. A team of international consultants is now on board including Scott Wilson Engineers to oversee the environmental aspects and MAP Architects Hong Kong to create the Master Plan to be rolled out over the next three months.

Tourism development of Phuket and Koh Samui over the past 20 years is being studied to shorten the process of developing high quality, sustainable tourism at Koh Rong, while avoiding the mistakes of previous developments.

Two to three golf courses can be accommodated on the island and new infrastructure will include plans for organic farming, waste management, improved education, jobs and medical care for the local population.

CBRE is also the sole agent for Song Saa Island Resort in the Koh Rong archipelago, the first international quality resort to be launched. Song Saa is an exclusive private island resort developed by Brocon Investment comprising 20 villas, of which only 14 are available for private ownership.

Song Saa has had an immediate success following an overseas launch in Phuket before Christmas. 85% of the units are booked by a global mix of investors including Norwegian, French, Hong Kong Chinese, Hong Kong expatriate, Japanese and British.

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