$4 billion Naga3 project announced in former White Building site
(Phnom Penh) “Money made from the society must be reinvested back to the society,” Founder Chen Lip Keong
In an announcement to the Stock Exchange of Hong Kong on 3rd April 2019 , NagaCorp Ltd ( HKSE 3918) released that it has appointed Morgan Stanley and Credit Suisse as its financial advisors.
In addition, Colliers International Hong Kong has also been appointed as its appraisers who has estimated an investment sum of up to US$4 billion to build a massive integrated resort complex in Phnom Penh called Naga3 consisting of two 66 levels and three 55 levels high rises with an expected 4,720 hotel rooms over 5 hotels as an example of an re-investment commitment in the economy of Cambodia.
Naga3, when completed, will boast of a whopping 544,000 square meters of built up area (almost the same size as Marina Bay Sands) upon full completion. Of this, up to 90 percent of this floor space shall constitute non-gaming area, a project that shall help boost tourism in a country which continues to enjoy growth as a result of increasing overseas visitation especially Chinese visitation which has increased 67% on year 2018 from the previous year of 2017.
NagaCorp’s Founder, Chen Lip Keong, the low-profiled Malaysian billionaire (USD5 billion, Forbes 2019 estimate) has said in the soft opening of Naga 2 on Nov 2017. “NagaCorp is committed to Cambodia and has great confidence in the continued political and economic growth of the country. The prosperity of Cambodia is the prosperity of NagaCorp. Money made from the society must be reinvested back to the society.”
Yesterday, Deputy Chairman of NagaCorp Mr Philip Lee said “NagaCorp has led by way of being the biggest taxpayer in the country. Today we lead again, to show investors how to help the host country by reinvesting its reserves back to the country.
“Our company has declared dividends exceeding USD1b. NagaCorp has not ascertained the definitive amount of the development costs of Naga3; if the amount is USD4b, this amount shall represent four times the amount of dividends declared by NagaCorp. We put the money where the mouth is. This is certainly an endorsement of our confidence in the economic climate of Cambodia .”
“Naga3 is the single biggest private sector investment so far in the country and may be for years to come. It is about the same size as Marina Bay Sands in Singapore which has a 580,000 square meters gross floor area and developed at a cost of USD5 billion on 2010 and is the most expensive entertainment complex in the world.”
Prime Minister Hun Sen and under its economic policy of ‘Hun Senism,’ a concept of politics and economy which has provided years of great political stability and emphasized on practicality and efficiency in the economic systems for the benefits of its people and the country.“
NagaCorp’s vision, said Mr Lee, is to build the biggest and most comprehensive riverine integrated resort in the world – a resort next to the beautiful and romantic Mekong River, one of the biggest rivers in Asia.
Naga3, he says, “Is being built to cater for the expected 5.5 million Chinese tourists who are expected to visit Cambodia by 2025.”
The complex will be located on the former grounds of the iconic white building which was collapsing and posed danger to hundreds of people who had resided there, compelling the Government to relocate the people and demolish the building.
“From the ashes of the demolition, NagaCorp will invest billions in Naga3 which will rise like a phoenix and become the single largest private sector investment in Cambodia ,”Mr Lee says, adding that the development will bring further modernization to Phnom Penh and Naga3 will be another landmark in the city of Phnom Penh The Tourism Ministry had recently announced that Phnom Penh would need more than 100,000 high class hotel rooms by 2028. Towards this end, Naga3 will help contribute a significant portion of these rooms, combined with Naga 1 and Naga 2. “In addition to these massive investments, our investment would lead to the creation of an estimated 18,000 employment opportunities. This means that NagaCorp will also contribute towards skills development for the hotel and entertainment industry as well as tax revenue to the government,” he says.
Naga3, says Mr Lee , shall build the country’s first High Tech Interactive Indoor Theme Park where adults and children can visit and enjoy the various family oriented facilities since more than 90 percent of the estimated 5444,000 sq m of built up space is non-gaming and is open to visitors and families.
“Our objective is also to promote Phnom Penh as a high quality MICE destination. The Lobby of Naga3 will boast a zip cord ride , the first of its kind in the region and will become a major attraction to tourists and visitors.
‘In addition to these, Naga3 will also house an outlet mall which will promote off season high quality internationally recognized names such as Gucci, Christian Dior, Louis Viton and other renown brands.”
The roof top swimming pool and sky lounge on the 55th floor of the tower will provide an exquisite and non-comparable panorama of Phnom Penh City and the mighty Mekong.