Logo of Phnom Penh Post newspaper Phnom Penh Post - Royal Tower set to begin 'very soon'

Royal Tower set to begin 'very soon'

Royal Tower set to begin 'very soon'

WORK on the long-awaited Royal Tower is set to begin “very soon”, according to Royal Group Chairman Kith Meng, after the multi-million-dollar project was approved by the Council for the Development of Cambodia.

The tower – planned to be 36-storeys high and located at the corners of Monivong and Russian Federation Boulevards in Phnom Penh – was part of US$245-million worth of schemes approved by the government in the first two months of this year, according to the CDC.

The project received formal approval last month and has total fixed assets of $90 million behind it, a list obtained by The Post stated.

It was described as “development of trade and retail centre, business centres, conference and exhibition centres as well as service suites and hotels”.

Construction is slated to be completed by mid-2013, according to information displayed on the Royal Group’s website yesterday.

When quizzed about the scheme yesterday, Royal Group Chairman Kith Meng commented only to say “it will begin very soon”.

Media reports in October said the conglomerate was still in negotiations with investors in order to complete funding for the project.

The $245.4 million worth of projects approved by the CDC in January and February was a large rise on the $89.6 million approved in the same period of 2010.

Yorn Heng, the director for the Department  of Assessment and Investment Projects at CDC,  said  yesterday: “We hope that investment money will continue growing in the future because we are recovering from the global economic crisis that affected Cambodia’s economic situation last year.”

Of the 12 projects approved in the first two months, seven schemes worth $25 million were related to the textile industry.

The schemes were backed by investors from Hong Kong, the United States, Taiwan and Korea. Van Sou Ieng, president of Garment Manufactures Association in Cambodia, said that the sector has been encouraged by the relaxation of taxes on European garment imports.

A rubber processing factory was also approved along with a $102 million scheme from Tower Master (Cambodia) Company Limited, which develops and maintains telecommunication towers in the Kingdom.

A $17 million Noth Korean project from Mansudae New Tech Corp Ltd, described only as a “panorama house” was also approved in January.  ADDITIONAL REPORTING ELLIE DYER

MOST VIEWED

  • Hungarian exposes 90 to Covid in Siem Reap

    The Ministry of Health has discovered 90 people who have been exposed directly or indirectly to a Hungarian man infected with Covid-19. They all are required to quarantine at home and the hospital. The ministry is searching for other affected people. Among the 90, one is the

  • PM warns of ‘new Cold War’

    Prime Minister Hun Sen said the possibility of a so-called new Cold War has become a significant concern and that all countries have to reject outright, any attempt to allow history to tragically repeat itself. He made the remarks in a speech during 75th Session

  • PM: West unfair to Cambodia

    Prime Minister Hun Sen released a message celebrating the International Day of Peace on Monday, saying that some major powers and western countries had been systemically cooperating to put political pressure on Cambodia as they did in the 1970s and 1980s. Hun Sen said pressuring

  • ‘Bad news is an investor’s best friend’ – unlocking investment potential in Cambodia

    It is time to shop. Economic woes provide good pickings for investors if they know where to look The poem If, written by English Nobel laureate poet and novelist Rudyard Kipling for his son circa 1895, is widely perceived as fatherly advice for John who would

  • PM requests Russia’s Covid vaccine

    Prime Minister Hun Sen has requested that Russia provide Cambodia with its Covid-19 vaccine after the former announced it planned on mass vaccinating its population next month. The request came on Thursday through the prime minister’s Facebook page as he met with Anatoly Borovik,

  • First ‘mobile kitchen’ in Cambodia enters service

    A catering company recently rolled out Cambodia’s first “mobile kitchen” – a $50,000 container capable of serving up to 200 people at a time. The kitchen is the brainchild of Seng Hok Heng Catering Services. At 4.4m-high, 6.8m-long and 2.4m-wide (expandable to 6.8m), the kitchen is equipped