A US$2.5 million Canadia-bank financed residential and shopping development is set to be built in Banteay Meanchey province, its project manager has said.

Construction of Sisophorn Arcade City, in Serey Sophorn district, is due to begin in middle of this year, Canadia Bank project manager Sok Sambath told the Post on Tuesday.

“We have had our licence approved by the Ministry of Land Management and will complete the whole project in one and a half to two years. It will include 22 flats and 80 shops,” he said.

The development project lies on 5,720 square metres of land, situated about 100 kilometres from Siem Reap.

“According to our research, it is a good time to start investing in the property market. This is a new kind of project in this area,” said Sok Sambath, before stating that residents of the area earn a good living. “That's why we decided to develop this project.”

Lao Tip Seiha, director of the construction department at the Ministry of Land Management, Urban Planning and Construction, said that the ministry approved the new development project in January.