Deputy Prime Minister Sok An and GS President Kevin Kim attend ground-breaking ceremonies for IFC Phnom Penh. Planned for 52 stories, IFC will be Phnom Penh's tallest building when its completed in 2012.

Construction is set to begin on Cambodia’s tallest building as officials broke ground on the 52-story International Finance Complex that will dominate the skyline of the Kingdom's low-slung capital after its completion in 2012.

The $1 billion IFC Phnom Penh project will include a main office tower surrounded by several smaller glass-and-steel structures, making it the latest in a string of mega-projects set to transform the city’s urban landscape in the next decade.

“The IFC Phnom Penh project [is] a symbol of Cambodia’s recent economic growth and will become a new landmark of Phnom Penh,” said Kevin Kim, CEO and President of GS Engineering & Construction, the project’s South Korean developer, at the June 18 groundbreaking ceremony at the building site on the Bassac River.

“Cambodia is the most dynamic and fastest growing country in Southeast Asia, and we want to participate in and contribute to that growth,” Kim said.

South Korean Ambassador to Cambodia Shin Hyun Suk added that the project was likely to further strengthen ties between Cambodia and South Korea, already the second leading source of foreign investment in the Kingdom after China.

“I am pleased to note that in Cambodia’s recent development, South Korea has been a key partner,” Shin told the ceremony, praising the government’s achievement in fostering political and economic stability. “The 52-story IFC building will stand as a symbol of the continuing progress in Cambodia.”

When completed, the IFC skyscraper will be the tallest building in Cambodia, eclipsing the 42-story Gold Tower 42 project, which is also Korean financed, as well as other residential and commercial towers currently planned or under construction around the capital.

In addition to offices, the IFC project will include 275 serviced apartments, long-term luxury housing, an international school and a convention center.