The Overseas Cambodia Investment Corporation (OCIC) will spend $35 million to build a concrete bridge across the Tonle Sap River from the Sokimex gasoline station in Russey Keo district to the Prek Tasek commune in Chroy Changvar district.
Work on the bridge will start soon and it is aimed at cutting back on traffic congestion.
While the old Japan-Cambodia friendship bridge will be restored, the new concrete bridge is expected to reduce traffic congestion to the busy Chroy Changvar district, a senior official at the OCIC said.
Touch Samnang, the deputy director, said the OCIC planned to spend about $35 million from the Chroy Changvar satellite city project for the construction of the bridge across the Tonle Sap.
“This bridge connects the area near the Sokimex Gas Station in Russei Keo district to the Chroy Changvar Development Zone in Prek Tasek commune, Chroy Changvar district, for the citizens’ travel, reducing the traffic congestion that crosses the old Chroy Changvar Bridge,” Mr Samnang said.
“The groundbreaking ceremony for the new bridge will be held on the same day as the opening of another bridge, which will also be a $9 million construction site for people to cross the river, while the old Chroy Changvar Bridge will be completely closed for repairs after Pchum Ben,” Mr Samnang added.
The new bridge across the Tonle Sap River will be 20.5 metres wide and 500 metres long and will take about 28 months to complete, according to Mr Samnang. It will look like the Tsubasa Bridge, he said.
The OCIC also invested a total of $1.6 billion in the Chroy Changvar Satellite City project.
According to the master plan, the 285-hectare satellite city will have schools, sports centres and a stadium, government complexes, a riverfront esplanade and a clubhouse. Also included are power plants and around-the-clock security checkpoints.
The Chroy Changvar Satellite City includes three communes in Phnom Penh’s Russey Keo district – Chroy Changvar, Prek Leap and Prek Tasek.
Pressure from Phnom Penh’s burgeoning population is forcing real estate prices in the city to skyrocket, say analysts.
This, they say, is causing many to live in cramped conditions or move out to poorly developed urban areas where the fringe of the city meets rural areas.
Chrek Soknim, the CEO of Century 21 Mekong, said improving the infrastructure is one of the vital catalysts which automatically boosts property prices where there is development, while the increasing population in the city needs more property development out of the city.
“Phnom Penh is getting more crowded due to the increasing inflow of people who come to work in the city, so satellite cities will play a vital role to alleviate the problem,” Mr Soknim told Khmer Times.
Construction investment during the first half of the year reached $4.94 billion, up 27.44 percent on the same period last year, according to a recent report from the Ministry of Land Management.
Projects were approved in 14 satellite city locations and 43 high-rise buildings with five floors or more.