A part of Phnom Penh Autonomous Port (PPAP) compound � located along the capital's riverside from Chroy Changvar Bridge to Night Market � will soon be developed into a multi-purposed commercial centre.
The announcement from PPAP was released following an inked 50-year agreement of the Royal Government of Cambodia to rent the area to a Chinese company called Chean Chhoeng Thai Group Co., Ltd. for US$16.5 million.
In addition to the rent amount, the Chinese firm will also construct a new PPAP's administrative building costing about US$11 million and two new multi-purposed port parks valued at US$30 million.
In terms of the multi-purposed commercial centre development project branded as 'the City Gate', it will include commercial office buildings, arts centre, public parks and gardens, floating markets, five-star hotel, exhibition hall, intangible heritage, handicraft and religious centres, and beyond.
The rent period of the PPAP to the Chinese company will last from June 29, 2018 to June 28, 2068.
Source: Agency Kampuchea Press