THE company behind a US$1 billion island development off Sihanoukville has pushed back the completion date of a multi-million-dollar bridge linking it to the mainland.
Citing the economic crisis as the cause for missing an earlier deadline, Koh Puos (Cambodia) Investment Group (KPIG) said it had received permission from the government to amend the schedule for its US$31 million bridge by a year to finish next June.
Andrew Halturin, project director and KPIG board member, said the bridge was already 70 percent complete.
“Unfortunately the difficult economic situation and financial crisis affected all businesses throughout the world. Real estate and construction industries became some of the worst victims of these events,” he said.
Otherwise, the “exclusive” development – planned since 2007 – is progressing on schedule, with phase one of villa construction set to begin this year. Hotels, a casino and other entertainment venues are to be developed from 2011 to 2016.
Halturin likened the Koh Puos development, which takes up the entire island and will be marketed as Morakot Island, to Sentosa Beach in Singapore.
“The purpose of the project is the creation of a world-class recreational resort,” and plans included residential accommodation, offices, shopping malls, a casino, a water park, sport facilities, museums and a convention centre, he said.
Phase one of construction, comprising 100,000 square metres of residential sea-front villas and low-rise apartment buildings, will begin in November along with utilities infrastructure and a ring road.
The company, backed by European and Russian investors, will open a sales office and showroom in Phnom Penh in October.