PPPost, Written by Kay Kimsong and Chu Lap Yin Thursday, 17 July 2008
In a design conception, the proposed Pharos Mekong Towers sit along the Tonle Sap, opposite downtown Phnom Penh.
South Korea’s BK Global Co, Ltd, will invest $400 million to build five 25-storey residential towers on Phnom Penh’s Chroy Changva Peninsula, BK president and CEO Park Sung In told the Post on July 14.
“Many Korean investors see Cambodia as a place for potential investment,” said Park. “Cambodia is a land of opportunity.”
The so-called Pharos Mekong Towers, situated on a five-hectare site near the Four Faces Rivers project, would be slated for completion within 96 months, Park said, with the first phase of construction to begin in October and complete in about 32 months.
A model home would be opened in September, he said, with prices for condominiums set at $300-350,000. The target market would include foreign investors, overseas Cambodians and the growing domestic upper class.
“The unique location of Chroy Changva should attract many wealthy people to live there,” said Park.
“If you stay here, you can see the Royal Place, the Naga, getting fresh air and luxury accomodations along the Bassac River.” said BK Asia director Park Dong Chool.
“This will be a unique project for Cambodia,” added Park, with the development to include 1.5 hectares of open space, a healthcare centre, a spa, an international school, recreation areas, commercial and office space, restaurants and parking.
“We have designed it like Angkor Wat,” said Park.
Russei Keo district governor Khlaing Huot told the Post on July 15 that the company had already sought approvals for the construction from the district authority.
The development would not have a negative impact on current residents of Chroy Changva, Khlaing Huot said. “We have no plan to move anyone out,” he said.
South Korean embassy officials declined to comment on the project.
“Most Korean-invested real estate development projects succeed,” said Khlaing Huot.