China giant R&F pushing ‘Belt and Road’ initiative in Cambodia
China giant R&F pushing ‘Belt and Road’ initiative in Cambodia
ONE of the 10 biggest real estate investment companies in China, R&F Properties, is investing in a huge Cambodia project named R&F City, perched on a 7-hectare stretch of land along Samdech Decho Hun Sen Boulevard. Siv Meng, real estate correspondent for Post Property, met up with the company’s senior sales executive, who goes only by the single name Rayson, to find out more about the development.
When did R&F Properties first enter Cambodia?
R&F properties came into Cambodia as an investor in 2017. Cambodia is the second country in Southeast Asia that R&F properties invested in after Myanmar. The reason we decided to come to Cambodia is due to the “Belt and Road” initiative proposed by [China President] Xi Jinping, and Cambodia is in a position to receive a lot of benefit from this policy. We developed the project because we wish to provide a new lifestyle for Cambodian people and the Chinese community who came to this country to invest and to work.
When did the construction for R&F begin? When will it be completed? How much was the investment capital?
R&F City began construction in March this year and plans to finish everything by 2020. The project has an investment capital of more than $2 billion.
What are the special features of this project? When will it be open for sale?
This project has a total of 20 buildings with each boasting an impressive 33 floors. Furthermore, it has a total of 5,232 housing units, including a 3,200-square-metre gym, 38 shop houses and a spacious garden. This project is already open for sale, and we’re targeting the Chinese and Cambodian market especially. The structure and the design of the building is geared toward wealthy Chinese customers looking to get a taste of the luxury lifestyle abroad. We also focus on Cambodian customers because I think that in the future more Cambodian people will change their lifestyles and live in apartments or condominiums, because living in these spaces is more convenient and safe. The R&F City houses will sell from $1,900 per square metre.
There have been rumours that R&F has joined hands with the Royal Group on a luxury hotel in Sihanoukville. Is this true?
As of right now we are not working on any project nor have we partnered up with Royal Group, but we’re not sure what the future may hold. We are also not working on any project at present in Sihanoukville.
What are the factors that attract Chinese investors to Cambodia?
There are a few deciding factors. First, the region contains a silk road [good trade routes]; second, the Cambodian government has great diplomatic relations with China; third, Cambodia has strong economic growth; and fourth, there’s great political stability in Cambodia. Right now, there are many Chinese investors coming into Cambodia, and they are investing in various sectors and projects such as airports, highways, factories, enterprises and the electrical power industry. At present, the number of Chinese investors who want to invest outside of China is rising rapidly. Cambodia is a great market and very attractive to investors, especially in Phnom Penh.
What do you think about the market in Sihanoukville and Siem Reap?
Even though Sihanoukville and Siem Reap have great potential, these two provinces don’t have the infrastructure and services to offer comfortable living like Phnom Penh. Even I want to live in Phnom Penh – and I can always go to Sihanoukville or Siem Reap on weekends.
Why did the company choose the Samdech Techo Hun Sen Boulevard as the project’s development location?
The location and the land situation here boasts great prospects both in the present and the future. Moreover, it’s not very far from the airport.
Recently, R&F Properties put up another enormous sign on Monivong Boulevard. What is this project and when will it start?
Indeed, this is another one of our big new projects. However, we haven’t commenced construction as the company is currently doing market research, therefore, we can’t say for sure what this new location will become.
