Property developer and marine firm Teho International has appointed a prominent Cambodian as the new director of its joint venture in the country.
Mrs Yim Chhay Line, the daughter of Cambodian Deputy Prime Minister Yim Chhay Ly, will take on the role at Teho-SBG Development. The position had been vacated by local real estate tycoon Sok Bun following allegations that he attacked a former television presenter in Cambodia. On July 10, Mr Bun, citing “personal reasons”, resigned as director of both Teho-SBG and ECG Cambodia, the lead marketing agency for the group’s flagship project.
He still owns a 51 per cent stake in the joint venture as foreigners are not allowed to own more than 49 per cent of property under a partnership structure in Cambodia.
The Phnom Penh Post newspaper said a warrant has been issued for Mr Bun to appear in the Phnom Penh Municipal Court, with the police seeking his arrest. Media reports in the country also said that he has fled to Singapore.
Catalist-listed Teho International said in its statement to the Singapore Exchange early yesterday that Mrs Yim will be a “key local partner” for the group’s upcoming mixed-use development, The Bay, in Phnom Penh.
The statement also noted that Mrs Yim, who holds several positions in business and philanthropic organisations in Cambodia, is “passionate about improving the lives of her fellow citizens”.
“The appointment of Mrs Yim… will be a tremendous asset for Teho International and to The Bay project,” said executive chairman and chief executive Lim See Hoe.
He added that she will be an “integral part” of the group’s strategy as it continues to invest in Cambodia. Mrs Yim said: “This is indeed a wonderful opportunity not just for me, but for the whole of Cambodia, as we re-introduce our country to be the new investment hot spot in Asia.”
The Bay – Teho International’s flagship development in the fast-emerging market – was launched on July 29.
It is in the prime peninsula of Chroy Changvar and will comprise apartments, retail space and a 250-room hotel.
The project will be one of the tallest buildings in Cambodia, offering views of the royal palace, the Tonle Sap and Mekong River.
Mr Lim told The Straits Times that The Bay will be a “transformational” project for the city, as it will offer local and foreign investors the opportunity to buy into a growing real estate market.
The development is aimed at local buyers and those from the region. Unit prices are expected to range from US$150,000 (S$208,000) to US$250,000.
“Cambodia is at a key moment in the country’s history, in which its economy, demographics and political system bode very well collectively for growth, both for domestic and for foreign investors,” said Mr Lim.
He noted the country is developing infrastructure to meet the demands of the growing middle class and the high urbanisation rate in Phnom Penh – a move which spells opportunities for Teho International as a developer there.