May 27, 2011

Cambodia plans 3 bln U.S.D new town in Phnom Penh's peninsula

PHNOM PENH, May 27, 2011 (Xinhua) -- A well-known local firm, Overseas Cambodia Investment Corporation (OCIC), said Friday the firm has received approval-in-principle from Prime Minister Hun Sen to develop a new satellite city in Phnom Penh's Chroy Changvar peninsula.
"Prime Minister Hun Sen has already given the green light for the OCIC to develop the new town, now we're working with the Phnom Penh municipality in order to reach an official agreement,"Pung Kheav Se, president of Canadia bank, the country's third largest bank, and chairman of OCIC, which is the developer of the current Diamond Island City.

The would-be new town dubbed the Chroy Changvar, or "City of the Future" project will cover the area of 387 hectares in Russei Keo district's Prek Leap area, just across Cambodia-Japan Friendship Bridge (Chroy Changvar Bridge) from the central Phnom Penh.

When this new mega-project comes online, it will be the fifth satellite city project in Phnom Penh. The other four developing satellite cities are Camko City, Grand Phnom Penh International City, Koh Pich or Diamond Island City, and Boeung Kak Town.

Pung Kheav Se said that the expected new city would consists of upscale development of residential units, condominiums, commercial venues, shopping malls, financial centers, hotels, recreational facilities, schools, hospitals, park, and a multi-purpose national stadium.

It will take from 10 to 15 years to complete with the estimated investment of 3 billion U.S. dollars.

He declined to disclose where the sources of the capital for the development come from.

The development of new towns is the government's strategy to meet the growing economy and the population growth.

Phnom Penh is currently residing with about 1.5 million people.

It is estimated that the growth is about 20 percent year on year, according to the city hall.

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