Encouragement for foreign projects to push ahead

Encouragement for foreign projects to push ahead

090325_17p2.jpg
090325_17p2.jpg

Photo by: SOEUN SAY

Secretary of State for Ministry of Land Management Urban and Construction Phoeung Sophoan with Vice President of Camko City DK Kim.

Government officials have been visiting major foreign-funded construction sites in Phnom Penh over the last few weeks in order to persuade developers to push ahead with their plans despite the impact of the global financial crisis.

Ministry of Land Management Secretary of State Phoeung Sophoan visited the 119-hectare Camko City development on the outskirts of Phnom Penh on Thursday.

Owned by South Korea's World City, the development was initially slated to cost $2 billion and be finished in 2018, but concerns have risen that the developer may be considering scaling back its ambitious plans.

"Today, we came here to strengthen the relationship and persuade the Korean investors they should feel good about the prospects of their projects," Phoeung Sophoan told Prime Location Thursday.

Camko City Vice President DK Kim brushed aside concerns and said the second phase of the development would be launched as planned later this year when phase one was completed.

The US$109 million initial phase included 1,009 townhouses, villas and condominiums, 85 percent of which had already been bought, Kim said.

Kim denied rumours that the Ministry of Economy and Finance were considering moving its proposed stock exchange from Camko City to the still-under-construction Canadia Tower.

"I'm 100 percent sure the stock market will be housed here and not moved to another place," he said.

Phoeung Sophoan said the mission had also visited Yon Woo's Gold Tower 42 project, and would also visit GS Engineering and Construction's International Financial Complex and Ciputra's Grand Phnom Penh International City, among other large developments.

While he acknowledged the impact of the global financial crisis on Cambodia's construction sector, Phoeung Sophoan said many smaller developments were pushing ahead and around 20 new projects had received approval already in 2009.

Larger developments had slowed construction work, but were still committed to finishing their projects, while other projects were awaiting approval, he added.

"According to my inspection of the Camko City construction site today, I am confident the developer has sufficient budget to complete construction."

He said the development was creating jobs for 4,600 workers and that up to 10,000 workers could hope for employment if the pace of construction could be ramped up in the near future.   

MOST VIEWED

  • Hun Sen’s China visit ‘a good opportunity’

    Prime Minister Hun Sen’s visit to Beijing on Sunday to discuss economic and trade issues presents a good opportunity for the Kingdom to strengthen Chinese ties and counter punitive measures by the West, an analyst says. The prime minister’s four-day official visit to

  • Former chief bodyguard receives royal pardon

    The former chief bodyguard of late Senate president Chea Sim has received a royal pardon nearly eight years after he was sentenced to 15 years behind bars on several charges, according to a royal decree dated November 12, last year, and obtained by The Post on Wednesday.

  • Close to the edge: Hair raising pictures from Kulen Mountain

    A new hair raising attraction on Kulen Mountain has finally opened to the public, with people flocking to the protruding cliff edge overlooking green mountainous forests to take photographs. The giant overhanging rock is situated in an area known as Mahendraparvata – an ancient city of

  • US warned not to interfere despite successful meeting

    A senior Ministry of National Defence official said the Tuesday meeting between the US Deputy Assistant Secretary of Defence for South and Southeast Asia Joseph H Felter and General Neang Phat had helped strengthen relations between the two countries’ militaries. However, a senior Cambodian People’