Satellite city deal worth $1.6bn inked in capital
Construction of a US$1.6 billion satellite city on Phnom Penh’s Chroy Changvar peninsula will begin this year after officials inked a contract yesterday with local firm Overseas Cambodia Investment Corporation (OCIC). Dubbed “City of the Future”, the project would include a national stadium, a 60-hectare park, shopping malls, financial centres, hotels, schools and 40,000 residential units on a 387-hectare plot, Pung Kheav Se, president of Canadia Bank Plc and chairman of OCIC, said yesterday. The project is expected to take as long as 15 years to complete…
