Local Company Granted Ministry Land Swap

More than 10 hectares of land hous­ing the transportation department and technical training school of the Ministry of Public Works and Trans­­portation on Russian Bou­l­­e­vard have been swapped for a 5 hec­tare plot of land in Russei Keo district, officials said Friday.

Local firm Phanimex was granted the land swap deal by the Council of Ministers on May 17, ac­cording to a copy of the ag­ree­ment obtained Friday.

“In the case of relocating the tech­nical training school and trans­por­t­ation department with the Pha­ni­mex company…the royal government has approved this proposal,” ac­­cording to the agreement.

The letter was also sent to the Min­ister of Finance Keat Chhon and Minister of Public Works Sun Chan­thol, seeking assistance in en­forcing the deal. Phanimex Chairperson Suy So­phan confirmed the deal on Friday stating that her company will spend several million dollars to con­struct new of­fices for the trans­por­tation de­partment.

The 10 hectare plot of land on Rus­sian Boulevard will be redeveloped as a luxury housing complex and supermarket.

“The new place will have glorious buildings,” she said. Soush Sa­roeun, Managing Di­rec­tor of Asia Real Property Co, es­ti­mated Fri­day that property in the vi­cinity of Russian Boulevard is valued at around $110 per square me­ter while property in Russei Keo dis­trict is worth in the region of $40 per square meter. Staff at the transportation de­part­ment said Friday that they received information about the deal on Thursday and were ex­pecting compensation from Phanimex. “I do not think they are going to give us much [compensation],” a staff member said.

 

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