The construction of the $1.5 billion first phase of the Techo International Airport (TIA) has entered the final stage and is 78 percent complete as of June 16. The airport will be ready for commencing operations by February end of next year.
The work progress of the TIA was shared yesterday by Pung Kheav Se, Chairman of the Cambodia Airport Investment Co., Ltd. (CAIC), while addressing a high-level delegation of banks accompanying Rath Sovannorak, Deputy Governor of the National Bank of Cambodia (NBC) during a visit to the airport.
Kheav Se, who is also the Chairman of Canadia Group, thanked the banks for supporting the venture through the subscription of the airport bond and requested their continued cooperation.
TIA is a greenfield airport with a total land area of 2,600 hectares, located 19 kilometres from Phnom Penh. It is classified as a 4F airport and is developed in three phases. The budget for Phase 1 is $1.5 billion excluding the airport lands.
“The construction is currently 78 percent complete with a total investment to-date of $1.13 billion of which $340.5 million was raised through the issuance of airport bonds to local financial institutions, insurance companies, corporates and individuals,” the Chairman said in his welcome speech.
Kheav Se emphasized the critical role that TIA will play as a new gateway to Cambodia. He also stated that CAIC looks forward to continued collaboration and welcomed new airport bond investments from different banks as the project is nearing completion.
Sovannorak highlighted NBC’s commitment to supporting the TIA project that drives growth and prosperity for Cambodia. He urged the banks who have subscribed to the bond to continue the support through extended investment and those banks who have not yet, to start subscribing soon.
Visitors had the opportunity to engage in an informative session about the airport’s future operations, ensuring that all stakeholders were well-informed about the project’s milestones and future prospects.
According to a press release, those who attended the event included prominent figures from Prince Bank, Foreign Trade Bank, ABA Bank, Acleda Bank, Taiwanese, Malaysian and Thai banks, and many others, underscoring the significance of this infrastructural project to Cambodia’s financial community.
The visit highlighted the strategic importance of TIA in Cambodia’s ongoing economic development and infrastructural advancement.
There are currently 16,000 people working on the TIA project with an average monthly investment of $50 million. The construction of TIA is now in the final phase, as the remaining investment of $300 million will be spent on the mechanical, electrical and plumbing (MEP) works, besides ICT and ID works, the special airport system installation, including security and baggage handling systems, airfield works including apron pavement, airfield lighting, the construction of the dyke, fencing and pump stations, testing and commissioning and ORAT.
The TIA project is also supported by world-class architects, consultants and contractors, such as Foster and Partners from the UK, who have integrated green infrastructure into their designs, Heerim Architects and Planners from South Korea as the Project Management Consultant, Changi Airport International as the consultant for the commercial planning and pre-operating phase including aerodrome certification and operational readiness and airport transfer (ORAT), RLB Singapore as the quantity surveyor, and China Construction Third Engineering Bureau Co., Ltd. as the main contractor for the construction of the passenger terminal building.
