Thai Boon Roong Group (Star Bay Development Co Ltd)

1 development found

Showing page 1

About Thai Boon Roong Group (Star Bay Development Co Ltd)

Thai Boon Roong Group

Established Cambodian Conglomerate - Star Bay Coastal Development, Sihanoukville

3.5 Riel Property Rating

Thai Boon Roong Group is a long-established Cambodian conglomerate. Star Bay Development Co Ltd, under a Thai Boon Roong / Xinghui Property Group partnership, is behind Star Bay, a large-scale coastal mixed-use development in Sihanoukville. Knight Frank confirmed 3 of 10 buildings completed with approximately 1,800 units (H2 2021). Operating stock is visible with active guest reviews and short-stay inventory. Strata title for foreign buyers. Our developer rating: 3.5 / 5.0.

~1,800
Units (3 Buildings)
3/10
Buildings Done
Coastal
Sea-View Product
~10%
Deposit (Reported)

Developer Overview

Thai Boon Roong Group is unquestionably a major Cambodian name with a long-established corporate presence. Star Bay Development Co Ltd appears to sit under a Thai Boon Roong / Xinghui Property Group partnership structure, with Star Bay Development used in market-facing material. The group has a reputation for very ambitious, long-horizon projects.

Knight Frank's H2 2021 Cambodia report confirmed that Star Bay had completed 3 of its 10 buildings, comprising approximately 1,800 units. This is the strongest independent verification of delivery progress. There are live hotel/apartment review pages and current short-stay inventory for Star Bay Residence(s), which strongly suggests operating completed stock rather than a purely theoretical project.

The development is positioned as a large-scale coastal mixed-use scheme in Sihanoukville, offering sea-view residential units alongside commercial and hospitality components. The partially completed, multi-phase nature means investors need to understand which building/phase they are purchasing in and verify current construction status for remaining towers.

Partnership Structure: Thai Boon Roong, Xinghui and Star Bay

Thai Boon Roong Group is the established Cambodian conglomerate. Xinghui Property Group is referenced as a JV partner. Star Bay Development Co Ltd is the market-facing development entity. Verify which entity appears on your SPA and confirm the contractual relationship before purchase.

Sihanoukville Market Advisory. Sihanoukville experienced a significant boom-and-bust cycle following mass Chinese investment between 2016 and 2019, with many projects stalled or abandoned. The market is recovering - the Phnom Penh-Sihanoukville expressway opened in 2022, the Autonomous Port is expanding, and Kiripost reported approximately 4.77 million visitors in 2025. However, rental and resale markets remain cyclical and more volatile than Phnom Penh. Investors should carefully assess current conditions and exit options. See our best areas guide for comparative analysis.
Established conglomerate backing - Thai Boon Roong is a long-standing Cambodian corporate name
Knight Frank confirmed - 3 of 10 buildings completed, ~1,800 units (H2 2021 report)
Operating stock visible - active guest reviews and short-stay inventory online
Strata title (hard title) for foreign buyers above ground floor, subject to 70% quota
Coastal sea-view product genuinely differentiated from Phnom Penh urban condos
Sihanoukville market volatility - cyclical tourism dependence and post-boom recovery still ongoing
Multi-phase complexity - 7 of 10 buildings remain incomplete. Verify which phase you are purchasing
Did you know?

The Phnom Penh-Sihanoukville expressway opened in 2022, reducing travel time to under 3 hours. The Autonomous Port's container terminal expansion and Sihanouk International Airport's operating international flights support the medium-term investment case, though recovery is not linear. See our Cambodia investment comparison guide.

Developer Rating Breakdown

Overall: 3.5 / 5.0 Significant delivery evidence with Knight Frank confirmation and operating stock. The established conglomerate backing is a positive. However, multi-phase complexity and Sihanoukville market conditions add risk that Phnom Penh products avoid.

Delivery Track Record3 of 10 buildings done, Knight Frank confirmed
~1,800 units completed, 7 buildings remaining, long-horizon execution
3.5/ 5.0
Assessment

Knight Frank's H2 2021 report confirmed 3 of 10 buildings completed comprising approximately 1,800 units. This is significantly more verified delivery than many Sihanoukville developers. Operating stock is confirmed by live guest reviews and short-stay inventory. However, the group's long-horizon execution style and 7 remaining buildings means phase complexity is a real factor. The established Thai Boon Roong name provides more confidence than unknown developers, but remaining-phase timelines should be verified directly.

Knight Frank confirmed (H2 2021) ~1,800 units in 3 buildings Operating guest reviews 7 of 10 buildings remaining
Build QualityLarge-scale coastal, live occupancy, limited third-party evidence
Scale and live occupancy are good signals, inspect completed towers
3.5/ 5.0
Assessment

The scale of Star Bay and live occupancy are positive build quality signals. Guest reviews provide real-world quality feedback. However, we did not find hard third-party construction-quality evidence such as named international contractors or independent structural assessments. Physical inspection of completed towers is recommended.

Large-scale delivery Live guest reviews Operating stock confirmed No named contractor found
Payment Flexibility~10% deposit reported, most terms lightly verified
Deposit marketable but hard commercial terms weakly verified
3.0/ 5.0
Assessment

A deposit of approximately 10% has been referenced in public material. RP lists service charge as TBC. Most hard commercial terms (instalment schedules, financing options, GRR structures) remain lightly verified. For completed towers, purchases may be through resale or remaining developer stock. Confirm all payment terms in writing.

~10% deposit referenced Service charge TBC Terms lightly verified
Rental PerformanceOperating stock exists, Sihanoukville income cyclical
Real short-stay inventory, but tourism-dependent and seasonal
3.0/ 5.0
Assessment

There is real operating stock with active short-stay inventory and guest reviews. However, Sihanoukville rental income remains cyclical and more volatile than Phnom Penh. Tourism dependence, seasonal fluctuations and the post-2019 bust recovery trajectory all affect achievable returns. Kiripost reported approximately 4.77 million Sihanoukville visitors in 2025, but with a sharp drop in Chinese visitors. This supports a recovery narrative, but not a straight-line one.

Operating short-stay inventory 4.77M visitors (2025) Tourism-dependent income Post-boom recovery ongoing
Design & InnovationLarge-scale coastal mixed-use with sea-view product
Genuinely differentiated from Phnom Penh urban condos
4.0/ 5.0
Assessment

Star Bay's large-scale coastal mixed-use concept with sea-view residential product is genuinely differentiated from standard Phnom Penh urban condominiums. The 10-building masterplan integrates residential, commercial and hospitality components within a coastal setting. For investors seeking Cambodia exposure beyond Phnom Penh, this offers a product type not available in the capital.

Sea-view coastal product 10-building masterplan Mixed-use integration Unique in Cambodia market

Star Bay Projects

See Project

Star Bay

Sangkat Buon, Sihanoukville
3/10 Buildings Complete Foreign Ownership Eligible
~1,800 units (3 buildings) - 10-building masterplan - coastal mixed-use - sea views - strata title - from ~US$70,000
Star Bay is a partially completed multi-phase scheme. 3 of 10 buildings are complete with operating stock. Remaining 7 buildings are at various stages. Confirm which building/phase you are purchasing.
Interested in Sihanoukville coastal investment opportunities?
Enquire Now
Did you know?

Sihanoukville's Autonomous Port is undergoing a major container-terminal expansion, and the Phnom Penh-Sihanoukville expressway (opened 2022) has reduced travel time to under 3 hours. These infrastructure investments support the medium-term investment case alongside tourism recovery. See ownership costs breakdown.

Investment Suitability

Star Bay suits investors seeking higher-volatility coastal exposure who are comfortable with multi-phase ambiguity and do not need the cleaner absorption story of prime Phnom Penh.

Coastal Differentiation

Sea-view product not available in Phnom Penh. Unique Cambodia coastal exposure

Conglomerate Backing

Thai Boon Roong is a long-established Cambodian corporate name

Hard Title

Strata title for foreign buyers above ground floor (70% quota)

Capital Growth Play

Speculative upside as Sihanoukville recovers with infrastructure investment

Strengths & Considerations

Strengths
  • Established conglomerate - Thai Boon Roong is a major Cambodian corporate name
  • Knight Frank confirmed - 3/10 buildings, ~1,800 units (H2 2021)
  • Operating stock - live guest reviews and short-stay inventory confirm real activity
  • Sea-view coastal product genuinely differentiated from Phnom Penh urban condos
  • Infrastructure tailwinds - expressway (2022), port expansion, operating international airport
Considerations
  • Sihanoukville market volatility - post-boom recovery is ongoing, not complete Infrastructure investment supports medium-term case but recovery is not linear
  • 7 of 10 buildings remain incomplete - multi-phase delivery complexity Purchase in completed towers to eliminate construction risk
  • Tourism-dependent rental income is seasonal and cyclical Not suitable as a primary income-dependent investment
  • Potential oversupply in Sihanoukville's condo market Star Bay's coastal positioning differentiates from inland urban stock
  • Service charges, management company and GRR terms not verified Request all terms in writing before committing

Frequently Asked Questions

Is Thai Boon Roong Group a reliable developer?
Thai Boon Roong is a long-established Cambodian conglomerate. Star Bay has completed 3 of 10 buildings with ~1,800 units per Knight Frank. The developer is not small or unknown, but Sihanoukville market conditions and remaining-phase execution are factors to assess. See our developer verification guide.
Can foreigners buy at Star Bay?
Yes. Strata title (hard title) above ground floor on condominium units, subject to the 70% foreign ownership quota. See our strata title ownership guide.
Is Star Bay completed?
Partially. 3 of 10 buildings are complete with approximately 1,800 units (Knight Frank H2 2021). Operating stock is confirmed by guest reviews. The remaining 7 buildings are at various stages. Confirm which building/phase you are purchasing.
Is Sihanoukville a good investment location?
Sihanoukville offers speculative capital growth potential as the market recovers from the 2016-2019 boom-bust cycle. Infrastructure investments (expressway, port, airport) support the medium-term case. However, rental income is tourism-dependent and seasonal. This is a higher-risk, higher-potential-reward location compared to Phnom Penh. See our areas guide.
How does Riel Property rate developers?
We assess developers across five criteria. Thai Boon Roong / Star Bay scores 3.5/5.0. See all rated developers on our developer hub.

Investor Resources

After-Sales Support→ Cambodia Property Ownership Costs→ Buy Cambodia Property Remotely→ Investment Hub→

Top Developer Picks

Higher-rated developers on Riel Property for comparison.

Best overall track record The Flora Group 4.0 / 5.0 Delivery 4.0 | Build 4.5 | Payment 3.5 | Rental 4.0 | Design 4.5 View developer → Best build quality Global Titan Stone 4.0 / 5.0 Delivery 4.0 | Build 4.5 | Payment 3.5 | Rental 3.5 | Design 4.5 View developer → Most investor-friendly Wang Fu Guo Ji 4.0 / 5.0 Delivery 3.5 | Build 4.0 | Payment 4.0 | Rental 3.5 | Design 4.5 View developer →

Compare Other Projects

Time Square 11 BKK3, Phnom Penh View project → Le Conde 2 BKK1, Phnom Penh View project → Picasso 2 Sky Gemme BKK1, Phnom Penh View project →
Interested in Star Bay Sihanoukville?
Speak to our team about available units in completed towers, current pricing and market conditions.
Enquire Now

We provide after-sales support throughout your ownership. No obligation - all terms confirmed in writing.

Riel Property is not affiliated with Thai Boon Roong Group, Star Bay Development Co Ltd or Xinghui Property Group. Information compiled from publicly available sources including Knight Frank, Booking.com, Kiripost, RP project listings and Cambodian business media. Sihanoukville market conditions are more volatile than Phnom Penh. All data should be verified independently.

Our rating assesses developers on five criteria. Scores range from 3.0 (heightened due diligence recommended) to 5.0 (outstanding), awarded in half or full increments only.