US$ 700 Million Worth Project Emerges in Phnom Penh

AKP Phnom Penh, An investment of US$ 700 million from China will make an existence of a new building that houses a wide range of hospitality services, sport club, commercial building, supermarket and beyond in Phnom Penh in a near future.

Land Management, Urban Planning and Construction Secretary of State H.E. Pen Sophal joined the ground-breaking for the construction of the building located in Sangkat Chak Angre Leu of Khan Meanchey.

Official in charge of the project Mr. Yanli Lin � Director General of R&F Properties Cambodia � demonstrated his confidence on Cambodia's as well as Phnom Penh's investment potential, thanks to on-going economic growth and encouraging investment policies.

According to H.E. Pen Sophal, it is foreseen that between 2015 and 2030 the demand for housing in Phnom Penh is around 50,000 units per year.

The dwellers in the capital, which was about 4.5 million or 27.1 percent of the total population in 2014 will rise to 7.92 million or 44 percent of Cambodian population in 2030, he added.

The new building, added the director general, encompasses 7.7 hectares of land and enables a total of 560,000 square metre space.

Source: Agency Kampuchea Press