Prime Real Estate May Be Set for Development
A 5,000-square-meter plot of land owned by the local Sokimex Group on Phnom Penh’s Street 154, near Wat Ounalom and Kandal market, could be the site of a new, multi-story hotel, the conglomerate’s CEO said Tuesday. Sok Kong, Sokimex CEO, said Tuesday that construction of a hotel on the site, which sits adjacent to the Amanjaya Pancam Hotel and stretches a block, from Street 154 to Street 148, has been delayed because of the current political impasse. “The land belongs to me, and we planned to build a hotel, but we suspended the sale because we are worried about demonstrations” following July’s national election, Mr. Kong said. Mr. Kong said that before and after the election, representatives of a Korean company and a Japanese company talked with him about purchasing the land to construct a hotel, but they had not returned after initial talks. ... Daun Penh district governor Sok Sambath, however, said that Mr. Kong had already sold the land to a Korean company, which is planning to build a hotel and offices. “This land belonged to Okhna Sok Kong, but he sold it to the Korean company a few months ago,” Mr. Sambath said. “The company owner recently came to meet me and discussed about the construction plan for a high hotel and one building for company offices.” ...
Aun Pheap and Joshua Wilwohl
http://www.cambodiadaily.com/business/prime-real-estate-may-be-set-for-development-46269/
