PHNOM PENH, CAMBODIA: Construction of a building that will be Cambodia's tallest structure _ 52 stories _ began Wednesday (18 June), the project's developer said.
The International Finance Complex, worth about US$1 billion, will dramatically change Phnom Penh's skyline _ where the tallest building now is a 15-story hotel _ when construction is completed by 2012.
Covering an area of 737,000 square feet (68,461 square meters), the complex is to house serviced apartments, a convention center and an international school upon its completion, according to a statement by its South Korean developer, GS Engineering and Construction.
South Korean companies have become the leading investors in Cambodia following the resumption of diplomatic ties between the two countries in 1997. Investment and tourist arrivals from South Korea surged following a 2006 visit to Cambodia by former President Roh Moo-hyun.
Cambodian Deputy Prime Minister Sok An said at the ceremony to start the structure's construction that not only will it be the country's tallest building, but it is "also a symbol of economic development in Cambodia."
Sok An said the project is expected to provide hundreds of jobs to Cambodians.
In March, South Korean company Yon Woo Inc., started building 42-story luxury condominium twin towers worth about US$250 million in central Phnom Penh.
World City Co., of South Korea, is investing US$2 billion to build a "satellite" urban complex called Camko City on a 300-acre (121-hectare) area on the northwestern outskirts of Phnom Penh.
The project, the single biggest foreign direct investment in Cambodia to date, is to include residential, commercial and public facilities, including villas, condominiums, trade and financial centers, office buildings, shopping centers, hotels, schools and hospitals. (AP)
MySinchew 2008.06.19
I am so glad to see that modernization has began shaping in a country that can only remember by foreigners as a war torn and political turmoil for more than 3 decades ago. Now a day it is tougher to attract foreign investors into Cambodia but glad to see South Korea is committed to finish up Camko City. I can't wait to see when it's all done. I am confidence that in the future there will be more foreigners visiting and stay in Cambodia as it is an open society and it will be another international city just like Singapore. I think that SK has the right idea and they are the first there, when everyone else are trying to catch on.
ReplyDeleteI totally agree with you!
ReplyDeleteI'm glad that Cambodia is starting to peak interests of outside investors to this under developed country. Maybe this will bring in tourist money to stimulate the country to devlop some potential!
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