Est. 1992Satellite City DeveloperOFAC Sanctioned

អិល.វ.ភី. គ្រុប / ក្រុមហ៊ុន លី យ៉ុងផាត់ គ្រុប

LYP Group / Garden City

Garden City — a 1,067-hectare satellite city in northern Phnom Penh, home to Garden City Olympic Villa, a water park and Safari World.

View ProjectsRead Risk Notice

Important risk notice — OFAC sanctioned & deregistered developer

L.Y.P. Group Co., Ltd. (real estate entity: Garden City Development Co., Ltd.) and its owner Ly Yong Phat were sanctioned by the US Department of Treasury (OFAC) in September 2024 under the Global Magnitsky Act. Both companies were deregistered from Cambodia's official business registry in December 2024. Buyers should exercise extreme caution. Independent legal and title verification (MLMUPC) is essential for any property associated with this developer.

About LYP Group / Garden City

L.Y.P. Group Co., Ltd. is a Cambodian conglomerate founded in 1992 by Senator Ly Yong Phat (the "King of Koh Kong"). Its real estate arm, Garden City Development Co., Ltd., developed the Garden City satellite city — a 1,067-hectare masterplan roughly 15km north of Phnom Penh in Chroy Changvar / Russei Keo, featuring Cambodia's largest water park ($44M, 2020), Phnom Penh Safari World ($10M, 2018), and the Garden City Olympic Villa residential borey (~535 units, $155,800–$894,800). In January 2018, the group broke ground on Pong Peay City, its first dedicated residential borey. On September 12, 2024, OFAC sanctioned the group; by December 2024 both entities had been deregistered from Cambodia's business registry.

  • 1,067-hectare Garden City satellite city masterplan ~15km north of Phnom Penh
  • Garden City Olympic Villa residential borey (~535 units)
  • Cambodia's largest water park ($44M, 8.6 ha, opened 2020)
  • Phnom Penh Safari World — Cambodia's first safari park ($10M, opened 2018)

Developer Style

Conglomerate satellite-city / mixed-use development — a single large masterplan blending residential boreys with entertainment and tourism infrastructure (water park, safari, golf, hotel), targeting all market segments from affordable to luxury.

Company Timeline

1992

L.Y.P. Group Founded

Ly Yong Phat founds the group, starting with border trading then expanding into hospitality, casinos and utilities.

2006

Elected to the Cambodian Senate

Ly Yong Phat elected CPP Senator; receives large land concessions the same year.

🏛️ Political
Feb 2011

Garden City Land Concession

Sub-decree grants 529+ ha in Phnom Penh and Kandal for the Garden City satellite city development.

📍 Land Concession

Featured Projects

Find Your Match

4+ projects available from LYP Group / Garden City.

Garden City Masterplan
satellite-cityCompleted

Garden City Masterplan

Prek Tasek, Chroy Changvar / Russei Keo

Partially completedSatellite-city
Garden City Olympic Villa
boreyCompleted

Garden City Olympic Villa

Preaek Tasek, Chroy Changvar

Hard TitleFrom $155,800Active resale marketBorey
Pong Peay City Borey
boreyActive

Pong Peay City Borey

Phnom Penh Thmey commune, NW Phnom Penh

Groundbreaking 2018Borey
Cambodia-China Friendship City
satellite-cityUpcoming

Cambodia-China Friendship City

Within Garden City masterplan · 550 ha

JV · likely stalledSatellite-city

Developer Coverage

Location & Districts

Projects by LYP Group / Garden City spread across multiple districts.

Garden City Masterplan

Prek Tasek, Chroy Changvar / Russei Keo — ~15km north of city centre

6 projects
Garden City Olympic VillaGarden City Water ParkPhnom Penh Safari WorldGarden City Resort / HotelGarden City Golf ClubCambodia-China Friendship City
CompletedUpcomingClick pill to open Maps

Pong Peay City

Phnom Penh Thmey commune — northwest Phnom Penh

2 projects
Pong Peay City BoreyPong Peay City Mall
ActiveClick pill to open Maps

Buyer pricing guidance

Public price signals

Olympic Villa (full range, 216–501 sqm)$155.8K – $894.8K
Olympic Villa (Queen / Corner Queen)Negotiable (resale)
Pong Peay City BoreyNot published
Market positioningMid to Luxury

Financing options

Title typeHard Title (verify per unit)
Developer entityDeregistered · Dec 2024
OFAC statusSanctioned · Sep 2024
Available channelResale only

Public information only. The developer entity has been deregistered — verify all pricing and title independently at MLMUPC before any transaction.

Community & Lifestyle Signals

Garden City Water Park — $44M, 8.6 ha, Cambodia's largest (opened 2020)

Phnom Penh Safari World — $10M, Cambodia's first safari park (opened 2018)

Garden City Resort / Hotel — luxury hotel within the masterplan

Garden City Golf Club — on-site golf course

Pong Peay City Shopping Mall — proposed, 151,000 sqm floor area

Cambodia-China Friendship City — 550 ha JV zone (status uncertain)

Near Morodok Techo National Stadium & National Road 6A

Chroy Changvar peninsula — growing northern Phnom Penh corridor

Recognition & Designations

Recognitions for LYP Group / Garden City.

2024

US OFAC Global Magnitsky Sanctions (CRITICAL — negative)

US Treasury sanctioned Ly Yong Phat, L.Y.P. Group and related businesses for serious human rights abuse (Sep 12, 2024).

US Treasury

2020

Cambodia's Largest Water Park — Garden City Water Park

8.6 ha, $44M, built to international standards (per Ly Yong Phat, 2020 soft launch).

2018

Thai Chamber of Commerce — "2nd Largest Family Group in Cambodia"

Described during a 2018 business tour visit to LYP Group offices and Garden City.

Thai Chamber of Commerce

Common buyer questions

Verify before purchase

  • Any engagement by US persons or US-linked entities is prohibited under OFAC sanctions (E.O. 13818).
  • Verify individual unit title at MLMUPC independently of the developer — do not rely on the deregistered entity.
  • Confirm whether units were transferred to Hard Title before the December 2024 deregistration.
  • For Pong Peay City: verify delivery and handover status — no public record exists.
  • Consult a Cambodia real estate lawyer before any transaction; payments to a deregistered entity may need escrow.
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