A South Korean-Cambodia joint venture launched the first phase of a $2-billion planned residential community in Phnom Penh’s Russei Keo district at an onsite ceremony Wednesday morning.
The first construction phase of the massive Camko City development, to be situated on a filled-in portion of Pong Peay lake in Tuol Sangke commune, will be completed in about two years, said Kim Duk-kon, executive director of South Korean firm World City Co Ltd.
The initial $65 million construction cost will be financed by South Korea’s Shinhan Bank, Kim Duk-kon said, adding that phase one will include 1,009 residences—including 16-story high-rise condominiums, villas, and townhouses.
Selling prices would begin at around $120,000, and the entire Camko City development would be completed within 11 to 15 years, he said.
Government officials attending the groundbreaking ceremony praised the development for boosting Phnom Penh’s already red-hot real estate sector.
“Camko City builds infrastructure and makes Phnom Penh’s reputation bright and people’s living healthy,” Cabinet Minister Sok An said at the ceremony.
South Korean Ambassador Shin Hyun-suk said that he applauded the ambitious scope of the project.
“I hope that Camko City will resolve the housing shortage in Phnom Penh and upgrade the housing and business standards in Cambodia,” he said at the ceremony.
In terms of economic development, the luxury accommodations at Camko City are not as important as the job opportunities they could create, said Kang Chandararot, executive director of the Cambodia Institute for Development Study.
SRP lawmaker Son Chhay expressed skepticism about the prospect of bringing high-rise developments to Phnom Penh and said he was concerned about the effect of Camko’s sewage system on Pong Peay lake, which was partly filled in for the project.
Kim Duk-kon said the development would have an advanced sewage system to avoid future problems.