A South Korean-Cambodia joint venture launched the first phase of a $2 billion residential,

commercial and business development in Phnom Penh's Russei Keo district. The first

construction phase of the massive Camko City development is to be situated on a filled-in

portion of Pong Peay lake. Kim Duk-kon, executive director of South Korean firm World

City Co Ltd., told local media that the $65 million first phase would be completed

in two years. The first phase will include 1,009 residences - including 16-story

high apartment buildings, as well as villas and townhouses.