Canopy Sands launches USD 16 billion Bay of Lights in Sydney, Sept 2024

On September 18, 2024, Canopy Sands Development introduced the Bay of Lights township project during two significant industry events in Sydney, Australia. This USD 16 billion initiative aims to enhance Cambodia's status as a leading financial and tourism destination within the ASEAN region. The unveiling coincided with the Australia-ASEAN Business Forum, which celebrated 50 years of economic cooperation, highlighting the importance of regional partnerships. The Bay of Lights project is designed to attract international tourists and investors, facilitating urban development in Cambodia while fostering deeper economic ties between Cambodia, Australia, and the ASEAN bloc. Michael Truong, Head of Business Development at Canopy Sands, emphasized Cambodia's strategic position as a gateway connecting these regions, which is crucial for sustaining economic growth. The project includes a collaboration with Greg Norman Golf Course Design to create Cambodia's first USGA-standard 18+1-hole waterfront golf course. Additionally, major hospitality brands like The Ascott Limited, IHG, and Radisson are involved, aiming to transform the tourism landscape and provide cultural and economic benefits to both Cambodia and the broader ASEAN community. With Australia’s trade with ASEAN nations reaching USD 183.4 billion in 2023, the Bay of Lights is well-positioned to leverage existing trade agreements and regional dynamics. This initiative is expected to become a flagship destination for cultural tourism and international investment, significantly contributing to the economic development of Southeast Asia.