Chip Mong Land, a subsidiary of Chip Mong Group Co Ltd, has acquired Grand Phnom Penh International City Co Ltd (GPPIC), the developer of the Grand Phnom Penh International City project, at an undisclosed price, according to GPPIC announcement on Wednesday. The Grand Phnom Penh International City project, which comprises of residences and a water park, is located in the north of Phnom Penh, on 260ha of land in Sen Sok district’s Khmuonh commune. It was originally a joint venture between local firm YLP Group Co Ltd and Indonesia’s Ciputra Group with investment capital of $600mn. Chip Mong Group’s public communications department said Chip Mong Land will continue to develop the property—adding luxury residences, a shopping mall and other infrastructure to the existing project. (Source: Phnom Penh Post)