HLH Agriculture (Cambodia), the wholly-owned subsidiary of Mainboard-listed Hong Lai Huat, has obtained in-principle approval from the Royal Government of Cambodia for the mixed-use development to develop an agriculture eco city.
The city, which will be developed on HLH Agriculture’s land in Aoral District, Kampong Speu Province, includes an innovative mixed-use development, a state-of-the-art warehouse and logistic hub, as well as agriculture industry and community living concepts.
According to the group, the project is said to attract an estimated investment value of US$10 billion ($13.5 billion) and will attract strategic local, Singapore, as well as international investors.
The site is located some 100km away from Cambodia’s capital city of Phnom Penh, and in between the capital city and Sihanoukville, where the kingdom’s only deep water seaport is located.
SEE:Hong Lai Huat partners Danish-based Skiold on proposed Cambodia-Singapore Agriculture Special Economic Zone worth US$1 bil
The project will span an area of about 100,000 hectares of land and will be developed in stages according to the approved plan and discussions with the Cambodian government.
It is said to create over 500,000 direct and indirect job opportunities in the nation.
“In the current world that has been greatly affected by Covid-19 for more than a year, food security is a highly significant issue that all countries are looking into resolving. We believe that this project will allow us to contribute to Cambodia as well as Singapore,” says Ong Jia Jing, general manager and executive director of Hong Lai Huat.
Shares in Hong Lai Huat closed 0.3 cent higher or 3.3% up at 9.4 cents on March 9.
