TEHO appoints Hotel Okura as the hotel operator for its integrated development project, The Bay, in Phnom Penh, Cambodia

07 Aug 2015 04:00

  • Group signed MOU to appoint Hotel Okura to operate luxurious 5-star hotel, Okura Prestige
  • Hotel is part of the Group’s estimated US$0.5 billion integrated development project, The Bay, in Phnom Penh

Singapore, February 7, 2015 – Teho International Inc Ltd (“TEHO” or “the Group”), a diversified Group with interests in the Marine, Offshore Oil & Gas and Property industries, is pleased to announce that TEHO Development Cambodia Pte. Ltd. (“TEHO Cambodia”), a wholly-owned subsidiary of the Group, has entered into a memorandum of understanding (“MOU”) with Hotel Okura Co., Ltd. (“Okura”) today, for the proposed appointment of Okura as the operator of the hotel in TEHO Cambodia’s iconic and luxurious project, THE BAY. The hotel will bear the name, The Okura Prestige Phnom Penh, the 5-star luxury category of Hotel Okura.

The Bay is an integrated development project with an estimated gross development value of more than US$0.5 billion upon completion consisting of The Okura Prestige Phnom Penh, upscale residential condominiums and retail space. It is located in the prime peninsula of Chroy Changvar, known as “The City of the Future”, which is situated at the confluence of Tonle Sap River and Mekong River. The Bay, at 53 storeys, will be the tallest building in Phnom Penh, offering unparalleled views of the Cambodia’s capital. The Bay’s majestic and avant-garde design is the brainchild of ONG&ONG Pte Ltd, Singapore’s multiple award-winning international architect firm.

Hotel Okura is an established global hotel group founded in 1958, headquartered in Tokyo, Japan. It currently operates 72 hotels internationally under 3 hotel chains, namely Okura Hotels & Resorts, nikko hotels international and Hotel JAL City. The Okura Prestige Phnom Penh is the latest in the pipeline of Hotel Okura’s growth target of 100 hotels from the present 72.

Speaking on the pre-launch of the residences at THE BAY and on the partnership with Okura, Mr. Lim See Hoe, TEHO’s Executive Chairman and CEO said,

“The Bay is a major and important milestone for TEHO. We went through a very stringent selection process, and ultimately found a partner in Hotel Okura, renowned for its uncompromising quality and service, along with its sophisticated Japanese hospitality. The selection of the luxurious Okura Prestige brand accentuates the confidence that Hotel Okura and TEHO have in the potential of Phnom Penh, the prime location of Chroy Changvar, and the quality of this project. Together with the exquisite design from the reputable ONG&ONG, we are confident that not only the hotel, but the entire The Bay project is going to redefine the skyline of Phnom Penh to be its new iconic masterpiece.”

This press release is to be read in conjunction with the Company’s announcement posted on the SGXNET on 7 February 2015.

This press release has been prepared by the Company and its contents have been reviewed by the Company's Sponsor, SAC Capital Private Limited, for compliance with the relevant rules of the Singapore Exchange Securities Trading Limited (the “Exchange”). The Company's Sponsor has not independently verified the contents of this press release.

This press release has not been examined or approved by the Exchange and the Exchange assumes no responsibility for the contents of this press release, including the correctness of any of the statements or opinions made or reports contained in this press release.

The contact person for the Sponsor is Ms Alicia Kwan (Telephone: 65-6532 3829) at 1 Robinson Road, #21-02 AIA Tower, Singapore 048542.

We use cookies to operate this website and to improve its usability. Full details of what cookies are, why we use them and how you can manage them can be found by reading our Privacy & Cookies page. Please note that by using this site you are consenting to the use of cookies.