Logo of Phnom Penh Post newspaper Phnom Penh Post - 7NG courts Korean investors

7NG courts Korean investors

7NG courts Korean investors

091013_08
A bulldozer moves ground Monday as labourers build what 7NG says will be a car park at the Dey Krahorm site in central Phnom Penh.

Following evictions in January, local property developer 7NG says unnamed Korean investors may inject capital into site

CAMBODIAN property developer 7NG Group is in talks with potential South Korean investors to raise money for a commercial project on land at the centre of a major eviction controversy earlier this year.

7NG Managing Director Srey Chanthou did not name the investors considering jointly developing the 3.6-hectare Dey Krahorm site, located on prime real estate in Phnom Penh’s Chamkarmorn district, but said the project would be finalised next year.

“At the beginning of 2010, we will know clearly,” he said. “This is a big project; we need time to study more detail on this project.”

Construction work began at the site last week, but Srey Chanthou said workers were erecting a temporary car park to house the cars of 7NG staff, who work at a nearby office, until the final deal on the site goes through.

“We don’t know yet when we will start building or how much money we will use to invest in this business,” he added.
Tonle Bassac commune Chief Khat Narith said he did not know of any plans for the development of the land.

Kim Hyun-ki, a communications officer from the South Korean embassy in Jakarta, currently based at the embassy in Phnom Penh, said Korean officials based in the capital were not aware of a deal between 7NG and a Korean firm.

On January 24, more than 100 families were forcibly evicted from the Dey Krahorm site, an action Raquel Rolnik, the UN’s special rapporteur for adequate housing, described as a “grave breach” of human rights. At the time, 7NG Chairman Srey Sothea told the Post that the land would be used for a “modern commercial centre including hotels and supermarkets”.

ADDITIONAL REPORTING BY SEBASTIAN STRANGIO

MOST VIEWED

  • Diplomatic passports issued to foreigners to be annulled

    The Ministry of Foreign Affairs and International Cooperation will move to annul diplomatic passports issued to those not born in Cambodia. Analysts say the move may be in relation to reports that former Thai prime minister Yingluck Shinawatra used a Cambodian passport to register as

  • Hun Sen warns Irish MP of EBA ‘mistake’

    Prime Minister Hun Sen on Saturday told former Irish premier Enda Kenny, still a member of the EU nation’s parliament, that the 28-nation bloc should not make a “third mistake” regarding Cambodia by using the preferential Everything But Arms (EBA) agreement to “take 16 million

  • The hairy little heroes saving many lives in rural Cambodia

    IN RURAL Siem Reap province, rats dare to tread where no person will, as these hairy little heroes place their lives on the line each day for the good of the local community. The rodents are the most important members of a special team, leading

  • PM warns EU and opposition on 34th anniversary of his rule

    HUN Sen reached the milestone of 34 years as Cambodian prime minister on Monday and used the groundbreaking ceremony for a new ring road around Phnom Penh to tell the international community that putting sanctions on the Kingdom meant killing the opposition. “Please don’t forget