Local firm announces plans for new satellite city

Sum Manet / Khmer Times No Comments Share:
A view of Koh Pich from Koh Norea village. KT/Valinda Aim

The Overseas Cambodian Investment Corporation said it is preparing to request permission to build a 100-hectare satellite city in Kandal province.

For in depth analysis of Cambodian Business, visit Capital Cambodia
.

Touch Samnang, OCIC deputy director, said the development will span Kandal’s Koh Norea and Kien Svay districts.

“The project is happening. It will be the size of an actual city, covering over 100 hectares of land. Like Koh Pich, a bridge will be built to facilitate travel.

“To build the city, we will fill the river bank with sand, starting in Koh Norea and ending in Kien Svay,” he added.

Mr Samnang did not reveal the total investment for the project.

Chrek Soknim, CEO of Century 21 Mekong, told Khmer Times yesterday the ever-increasing population in Phnom Penh makes satellites city necessary.

“Phnom Penh is running out of space, with more people coming to the city to work every year. Satellite cities will play a vital role in solving this problem.

“We need more satellite cities to alleviate traffic congestion and promote social order,” he said, adding that satellite cities boast schools, hospitals, and shopping centres, among other facilities. “People are able to earn a living inside a satellite city and do not need to come to the capital.”

Dith Channa, CEO of Lucky Realty, said the project is likely to attract investors to the area.

“The project will benefit many people, from Phnom Penh to Koh Norea. The area has great connectivity as is situated near the river and near a national road,” he said, adding that he believes “the area is very attractive for investors.”

He said the area is likely to attract luxury residential projects.

Last year, the Ministry of Land Management reported a 19 percent drop in the number of approved construction projects, with only 2,867 projects being greenlighted, compared to 3,052 in 2017.

Total investment in construction projects in 2018 totalled $5.2 billion, down from 2017’s $6.4 billion.

According to the ministry, of the total number of approved projects, 245 (approximately $4.8 billion in investment) were registered with the ministry, while 2,622 ($400 million) were approved by provincial authorities.

Share and Like this post

Related Posts

Previous Article

Cambodia declared the cheapest country to retire

Next Article

Unido to join EU-led fishery project