Phnom Penh | Camko City | Expanding

[Montrealboy]

Inside a Camko condo :

[SeeMacau]

Thanks for the photos Montrealboy

How big is that apartment unit?

[mrfusion]

Originally Posted by StrongAngkor

will OCIC be able to continue Camko funding? The Project may be scale down? Then if OCIC could continue this project, Camko should change name to CAMOCIC. lol

so what is CAMOCIC going to stand for,

CAMbodia Overseas Cambodian Investment Corp?

[Asian]

Nice apartment. How many bedrooms are in there?

[Montrealboy]

Originally Posted by SeeMacau

Thanks for the photos Montrealboy

How big is that apartment unit?

It's a 3 bedrooms and it's worth 170 000 $

I can't afford it yet !

[SeeMacau]

Well, that's a reasonable price since Toul Kork is one of the fast growing suburbs in Phnom Penh. I believe they are targeting expat buyers and middle class young Cambodians prefering to live in a nice neighbourhood environment

[khmerpride]

Whats wrong with Camko City ?
I heard no news about it , is this project on hold ?

[SeeMacau]

Yes, it is on hold.

[topmodelhi5]

Camko is not doing well because there is no facility such as garden, gym or shopping. they only build condos and condos...sucks!

[SeeMacau]

I think this is not their concern since most buyers are made up of investors and speculators.

Another disadvantage is location, it is too far from the city center

[WimDog]

Originally Posted by topmodelhi5

Camko is not doing well because there is no facility such as garden, gym or shopping. they only build condos and condos...sucks!

In the townhouse development there is a gym, swimming pool, gardens and a children's playground.

I think the main reason they are not doing well is because their funding collapsed.

[SeeMacau]

and it is a bit expensive if you compare to the neighboring developments

[kimmy]

Cambodia-Linked Investors sentense in Seoul

The chief executives of the firms behind two large-scale real estate projects in Cambodia have been sentenced to jail in Seoul for obtaining illegal loans and using the money to finance fictitious companies abroad, according to a South Korean court official.

The two executives were among a long list of officials at the Busan Savings Bank that were sentenced last month in South Korea for their involvement in allocating illegal loans and paying government officials to cover it up.

Lee Sang-ho, CEO of World City Co Ltd—the firm behind the $2 billion CamKo City satellite city in Phnom Penh's Russei Keo district, which is currently stalled— was sentenced to five years in prison on Feb. 21, Cho Wonkyong, information officer at the Seoul Central District Court, said in an email on Wednesday.

The second man to be sentenced was Lee Taehwan, CEO of NSRIA Co Ltd, which is behind a $1 billion airport project in Siem Reap province, which has not yet broken ground, Mr. Cho said.

"[T]hey were punished for breach of trust in the process of getting a loan from Busan Savings Bank for Phnom Penh new city development project and Siem Reap new airport development project in Cambodia etc [sic]," he said.

Also among those to be arrested last month was Park Yeon-ho, the former chairman of Busan Savings Bank, who received a seven-year jail term, as well as Km Haesoo, who served as an aide for South Korean President Lee Myung-bakbetween 2008 and 2010.

In June, South Korean officials said prosecutors had widened their investigation from illegal loans at the bank to investments in Cambodia At that time, construction on the 120-hectare, 6,000-unit CamKo City had stopped. As of yesterday, there was still no construction work going on at the site in Russei Keo district.

Kheng Ser, assistant to World City's vice president, claimed he was unaware of the sentencing.

I do not know because this is in Korea We do not have any information here [in Cambodia]," he said, adding that the sentencing of World City's CEO would not affect progress of the CamKo City project.

Without the project's main investor, companies from Vietnam, China and Japan are now looking into taking over the CamKo project, said Sung Bonna, president of Bonna Realty, whose firm is involved in finding new capital for the venture.

'There are a lot of international parties interested in investing [and] who are waiting to takeover," he said.

The Siem Reap airport project by NSRIA has also ground to a halt; even though the firm had initially announced that it would break ground in mid-2011. The proposed mega project is supposed to include a special economic zone and a new city, and the airport would process up to 15 million passengers a year when completed.

Secretary of State at the Council of Ministers Tekreth Samrach, who leads a government steering committee on the proposed airport project, said he was not aware that NSRIA's CEO had been sentenced to jail in Korea, and added that the project would still go ahead.

'The problem of the company is not the problem of the project," Mr. Samrach said, adding mat construction would begin in April or May. "The company is dealing with financial problems. One bank [Busan] collapsed. They need to find another new bank."

Sunny Soo, country head of the global realtor Knight Frank, said the developments could survive the loss of the CEOs.

'It depends," he said. If it doesn't reach outside these two people, there can just be a change of management It doesn't mean the projects don't have a chance."

Still, Mr. Soo said that attracting new investors could prove tricky if information on the project's former investors proves hard to access.

"It could have some negative impact if it is in the case of receivership, when corporate transparency and image is important," he said

[kimmy]

Is it the end of the world for Camko city and Siem reap airport?

[StrongAngkor]

Anyway the developer of Gold tower 42 also from Yon woo company too right?? so don't wait Camko and Gold tower 42 to be resumed anytime soon unless any company come to make these project alive. so bad.

[SeeMacau]

These people are partially involve with the Gold tower 42 project

[hopeoneday]

Battle Over CamKo City Now in Court
March 22, 2012

A South Korean government agency and Korean investors in CamKo City are locked in an ownership dispute at the Phnom Penh Municipal Court over the half-built residential development project in Russei Keo district, according to court documents obtained yesterday.

Following the collapse of the Bunsan Saving Bank amid a fraud scandal just over a year ago, progress on two major developments in Cambodia that were funded by the bank-CamKo City and a proposed $1 billion Siem Reap airport project has halted. The CamKo project is still only partially built, although some residents have moved into its high-rise apartment blocks.

When Busan Saving Bank filed for bankruptcy, the Korea Deposit Insurance Corporation (KDIC), a government agency, bailed it out. The KDIC is now attempting to recoup money investment in Cambodia through fraudulent loans made by Busan.

Last month, Lee Sang-ho, CEO of World City Co, the firm behind the CamKo development, was sentenced to five years in jail in Seoul for fraudulently obtaining loans from the Busan Savings Bank. Although Mr. Lee is appealing his conviction and denies any wrongdoing in obtaining the loans for his project in Russei Keo, the future of CamKo and the matter of who will be the long-term owner of the project are now in doubt.

[StrongAngkor]

Yap ey yap yang nis, យ៉ាប់អីយ៉ាប់យ៉ាងនេះ​​​

[thainguu]

I hope this will bea second Phu My Hung (the best city in Vietnam)

[SeeMacau]

In fact this satellite city is the ''Phu My Hung'' of Phnom Penh