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.