As Naga2 Holds Groundbreaking Ceremony, NagaWorld Seems to Take Shape in Phnom Penh
- Nov 15, 2012
Phnom Penh, Cambodia—A massive hospitality development recently held its groundbreaking ceremony in the city of Phnom Penh, as NagaCorp Ltd. has begun working on the largest integrated resort in Cambodia, and the first one to feature two luxury hotels and a podium block. Once Naga2, as it is dubbed, is finished and joins the nearby NagaWorld, it will mark the rise of Cambodia on the international hospitality scene, or so the company hopes.
The new development’s specs call for a sprawling 1.2 million square-foot resort that will include two five-star hotels linked together by a podium block. The first of the two is a 24-level, 1000-key venue, with a built-in rooftop pool, while the second is a 22-story tall structure featuring 50-VIP suites that are certain to catch any high roller’s fancy. The resort will also include a state-of-the-art gaming and entertainment complex, a theater, luxury retail space, and upscale dining venues at the time of its completion date, set for 2015.
The podium will host the 3,000-seat theater, a venue that was conceived in order to give the Cambodian capital its own world-class venue that would boost interest in the performing arts and also increase the appeal the city has for world-renowned shows. The retail component of the development will offer 200,000 square feet of space laid out between the Naga2 and the existing NagaWorld development. This part of the development is tentatively called the NagaCityWalk, and will focus on luxury retailers. Parking services will be ensured by a 532-space facility.
The Naga2 will be acquired by NagaCorp upon its completion, as per a measure approved by international shareholders earlier in 2012. The company acted thusly in order to ensure that a number of other projects that would see the NagaWorld complex expanded in the near future would be taken care of. The forthcoming projects would include more gaming facilities, as well as retail venues and hospitality developments.
Massive increases in the country’s tourism figures have seen the need for more entertainment and hospitality venues in Cambodia. In fact, according to figures provided by the Ministry of Tourism, the number of foreigners coming to Cambodia as tourists has seen a jump of 28 percent in the first nine months of 2012, when compared to that same timeframe for 2011.