South Korean group to build $2 billion city in Cambodia in spite of land-grabbing, land-eviction, land-confiscation

South Korean group to build $2 billion city in Cambodia in spite of land-grabbing, land-eviction, land  confiscation

31-May-07
Group to build US$2b city in
CambodiaThe Brunei Times

PHNOM PENH: A group of South Korean companies said yesterday it would spend US$2 billion on building a new city in Cambodia, the biggest single investment in the impoverished country still recovering from decades of war. The residential, commercial, cultural and business complex would be built on 119 hectares on the northern edge of Phnom Penh, the group said in a statement. The group, which includes Busan Mutual Savings Bank and property development company Landmark Worldwide Co, had been wary of Cambodia because of the country's violent recent history, marketing director Lee Yunyoung said. "But actually when we came here we realised that it is really safe," he told reporters at the ground-breaking ceremony. "So we want to start our project before others start."