NagaCorp granted 50-year land lease in Cambodia

The company has been granted land in the south of the restricted zone of Angkor Wat in Siem Reap.

Japan.- The government of Cambodia has granted NagaCorp Global a fifty-year lease on a prime piece of development land in Cambodia.

The land occupies 75 hectares just 500 metres south of the outer restricted zone of Angkor Wat in Siem Reap. It is expected to be used for a major non-gaming development.

The company said in a statement: “The vision is principally aiming at promoting Angkor Wat Siem Reap and NagaWorld Phnom Penh as the twin tourism icons of Cambodia by leveraging on development of the land lease in Siem Reap into a comprehensive non-gaming integrated world-class resort so that overseas visitors to Cambodia can enjoy and experience the world famous ancient temples of Angkor Wat and the sophisticated NagaWorld complex at the same time with the most competitive price.”

Before the Covid-19 pandemic, Angkor Wat was drawing in about 5 million visitors on an annual basis, although the figure was declining.

NagaCorp anticipates that this number could be improved by improving the transportation infrastructure between Phnom Penh and Siem Reap by air, river, and road.

The anticipated non-gaming facilities at Siem Reap, provisionally named Angkor Lake of Wonder, is being planned by two architectural firms, US-based Steelman Partners and Gensler.

The project may include three hotels, the Naga Water World park, an indoor digital theme park, a non-motorised boating canal system, MICE facilities, and a “China Town” food street.

The firm believes it “can be viewed as a more holistic and comprehensive promoter of developing and building both gaming and non-gaming integrated resorts in order to help promote tourism to Cambodia.”