Cambodians may not have enough to eat ... but Cambodia will soon have a 52-story tower

People pass a model of the International Finance Complex in Phnom Penh which will be Cambodia's highest building

Wednesday June 18, 2008
Cambodia breaks ground on its highest skyscraper

PHNOM PENH (AFP) — Cambodia on Wednesday broke ground for what will be the country's highest skycraper, a 52-storey tower slated to become the "landmark" of the low-rise capital Phnom Penh.

The one-billion-dollar International Finance Complex (IFC) is being backed by South Korea's GS E&C company and is expected to be completed in 2012.

The project is being hailed by Cambodia's leaders as a symbol of the country's galloping economy, which has averaged 11 percent growth over the past three years.

"IFC is the highest building in the history of Cambodia's capital and is a symbol of the economic growth in Cambodia," said Deputy Prime Minister Sok An.

Kevin K.R. Kim, the Korean firm's CEO, said the project will contribute to the development of Cambodia and become "the landmark of Phnom Penh city."

The site, located near the Tonle Bassac River, includes plans for offices, 275 serviced apartments, a convention centre, an international school and six-high-rise apartment buildings accommodating 1,064 units.

The Southeast Asian nation in March broke ground on the country's first skyscraper, a 42-storey tower.

Cambodia has climbed back from decades of civil unrest to emerge as one of the region's most vibrant economies, marked by an unprecedented building boom that is radically changing the face of this once-sleepy capital.

South Korean investor to build 52-story skyscraper in Phnom Penh

PHNOM PENH, Jun 12, 2008 (Xinhua) -- South Korean investors will hold ground-breaking ceremony here next week for its 52-story skyscraper, the tallest building currently designed for Cambodia, said English-Khmer language newspaper the Mekong Times Friday.

GS Engineering and Construction, the largest real estate developer in South Korea, will take four years to complete the project near the Tonle Bassac River, the paper quoted Mu Hion Woo, its chief of business division in Cambodia, as saying.

The project will include a 52-story office block, a 32-story residential block, an international school and a shopping mall, he said.

"Which country has the most experience in developing satellite cities? The answer is South Korea. There are probably four or five such cities near Seoul," he told the paper.

"But for us, it is business on one hand and a contribution to the development of Cambodia on the other. If you want to see the potential of Cambodia, you can see it in this project," he added.

Currently, a second South Korean real estate developer is constructing a 42-story skyscraper of comprehensive functions in downtown Phnom Penh and a third one developing a satellite city in the suburb.

When all South Korean projects were accomplished, the skyline of the capital would be totally renewed, as it is now dominated by buildings only four- or five-storey high.

S. Korean company to build skyscraper, new cities in Cambodia [on land grabbed from poor Cambodians who are relegated to areas devoid of services]

January 09, 2008

A South Korean construction company has unveiled plans to construct a skyscraper and new cities in Phnom Penh and Sihanoukville, local newspaper on Wednesday quoted an advisor to Prime Minister Hun Sen as saying.

Kevin Kab Ryal Kim, executive director of GS Engineering and Construction, told Hun Sen of the projects during a meeting in Phnom Penh on Tuesday at the premier's residence in Kandal province's Ta Khmao district, according to Cambodian-language newspaper the Kampuchea Thmey.

Sry Thamrong, advisor to Hun Sen, said that the firm will begin constructing a 53-storey international financial building in mid-2008 on nearly seven hectares of land near the Russian Embassy in Phnom Penh's Tonle Bassac commune and the construction is scheduled to be completed in 2012.

In the building, there will be supermarkets, shops, offices, schools, and apartments able to accommodate around 10,000 people, said the advisor, adding that the plan will create 3,000 jobs, reported another Cambodian-language newspaper the Rasmei Kampuchea.

Kevin Kab Ryal Kim said that his company also plans to construct a satellite city on 145 hectares of land on the outskirts on Phnom Penh alongside National Road 6, adding that another city with five-star hotels and an international airport will be built in Sihanoukville.

Hun Sen expressed support for the firm's projects and vowed to ask state institutions to ease the company's work, said the newspaper.

South Korea surpassed China in 2006 to become the largest foreign investor in Cambodia.

Source: Xinhua