Overseas Cambodia Investment Corporation is preparing to submit its planned US$3-billion development on Chroy Changvar peninsula for Government approval, according to the firm’s Project Manager Touch Samnang.

The Chroy Changvar, or “City of the Future” project is slated to stand on more than 300 hectares of land, including a national standium and a 60-hectare park alongside housing and commercial buildings.

The firm is preparing to submit the required paperwork

to receive the Council for the Development of Cambodia’s green light, though it has already received an initial blessing from the government, he said.

“The plan is to start construction in 2011,” he said.

The project will build confidence for more investment,  [and] increase national economic potential

Work was slated to take 10 to 15 years to complete, and would employ between 5,000 and 10,000 workers, he said.

Sung Bonna, president of the National Valuers Association of Cambodia, welcomed the project, saying that it was likely the satellite city would be completed successfully, given the time and location were right and OCIC carried a strong reputation.

“The project will build confidence for more investment, increase national economic potential  and create more jobs for Cambodian people,” he said.

“It will also show the progress of [the real estate] sector.”

Phnom Penh municipal officials could not be reached for comment on the project.  

Meanwhile, Chroy Changvar is home to an increasing number of large-scale developments.

Construction is ongoing at the $100 million, 16-storey Sokha Phnom Penh Hotel project at the penninsula’s southern tip. The project is set for a launch in the beginning of 2012.

South Korean-owned Booyoung Khmer Company plans to construct a commercial development beside the Sokha Phnom Penh Hotel, though work has not yet begun, Chroy Changvar Commune Chief Pich Saroeun said earlier this month.