China-based Jiangxi Haihui Utility Co., Ltd announced yesterday its intention to build a satellite city near Prey Veng City, 95 kilometres from Phnom Penh.
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One of the few details made public is that the proposed city will be built over 300 hectares in Prey Veng City, the capital of Prey Veng province. The firm did not say how much they will invest, or when construction will begin.
Yu Hui Hua, Jiangxi Haihui Utility’s president, announced the project during a meeting on Wednesday with Minister of Interior Sar Kheng.
Mr Hui Hua said the company’s goal is to revitalise Prey Veng’s economy. “We hope that through this project, the province will attract more investment.”
The city will feature residential and commercial areas, industrial zones and plenty of options for recreation, he said.
Mr Kheng said the project will not only help elevate living standards in Prey Veng province, but it will also boost the national economy.
“If the project is successful, the benefits to Cambodia will be manifold. It will create jobs in Prey Veng, and contribute to the development of the construction industry,” he said.
Pen Sophal, Secretary of State of the Ministry of Land Management, said last week that the rate of urban population growth is accelerating. In 2016, there were 4.5 million people living in cities across the nation, 24 percent of the total population, but by 2030, urban population will reach almost 8 million, 44 percent of all Cambodians.
“During the next 15 years, we will need to build 500,000 houses a year in the cities to keep up with this growth,” he said.