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Old May 17th, 2011, 03:44 AM   #3141
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''Miro'' - opening soon at Sihanouk Boulevard (between Axara Paris the Mango)

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Old May 17th, 2011, 03:52 AM   #3142
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I am sorry i can't take a picture but there is a big banner at that side SIS mean Singarpore International School
That's ok .. thanks anyway, because I want to put up a thread in our forum
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Old May 17th, 2011, 03:52 AM   #3143
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''Miro'' - opening soon at Sihanouk Boulevard (between Axara Paris the Mango)

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Old May 17th, 2011, 03:53 AM   #3144
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True Coffee from Thailand

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Old May 17th, 2011, 03:54 AM   #3145
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PTT Petrol Station at Monivong was demolished to make way for the Royal Tower??

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Old May 17th, 2011, 03:55 AM   #3146
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Old May 17th, 2011, 03:55 AM   #3147
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More shops are being demolished at Sihanouk Boulevard. I guess there will be more fashion boutiques coming up along the road

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Old May 17th, 2011, 06:01 PM   #3148
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PTT Petrol Station at Monivong was demolished to make way for the Royal Tower??

I thought Royal Tower was in front of this station, a car-sell place.
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Old May 21st, 2011, 08:35 AM   #3149
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Sofitel Phnom Penh

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Old May 23rd, 2011, 01:55 PM   #3150
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A megalomania project planned near Angkor Wat

May 22, 2011
By Luc Citrinot, eTN


PHNOM PENH (eTN) - To the tourists, Cambodia is mostly known for being home to the fabled city of Angkor Wat with its myriad of beautiful temples. At some point over the next twenty years, Cambodia might become famous for Angkor Hills. The project is the brainchild of Oknha Soth Sambath, a Cambodian businessman. The affable man is said to be very close to the top of Cambodia’s politics, which might explain the official endorsement of the government for his project. Just imagine a huge piece of land initially covering 361 hectares, located halfway between Thailand and Siem Reap where Angkor temples are located. The future integrated resort will be some 30 km away from the temples and 100 km from the Thai border at Popet/Sisophon. A highway is due to link both areas making the resort easily accessible for visitors.


Imagine then dozens of modern buildings emulating the stupas, the chedis, the bas-reliefs, and the shapes from Angkor Wat built surrounded by paddy fields and some forests. This is Angkor Hills City, a gigantic modern resort built around widening crescents in the middle of nowhere. The project was officially launched in July 2010, and according to Mr. Soth Sambath, it has so far generated a huge interest from investors from China, Macau, Qatar, Saudi Arabia, and the UAE. In fact, the development has been completed by Agostine & Raphael Group, an international development consulting firm based in Dubai.




This is not a coincidence. Angkor Hills City wants to obviously match Dubai’s megalomania. It will integrate in its final phase a giant convention center, residences, and condominiums; a dozen of deluxe hotels; a shopping mall; a golf course; a spa; and a meditation center; as well as private villas. Among the projects dreamed by its creators are the Buddha Hotel and Spa, a five-star property shaped like the Bayon Temples with its huge heads. The Heritage Hotel will emulate the old walled city surrounded by waterfalls and canals. It will look like a mix of Las Vegas and Disneyland, à la Cambodian.


“We will first start with the convention center, as well as two or three hotels. But ultimately, this city will have up to 20,000 inhabitants and act as a tourism magnet for the entire region, including neighboring Thailand,” explained Soth Sambath. Of course, Sambath Investments promise that the future development will strictly enforce environment codes. It would take 5 to 8 years to complete the entire project, according to Mr. Sambath, with first construction work starting before the end of the year.


Such an investment will, of course, help to alleviate poverty and certainly bring economic benefits to an impoverished region. Is a Las Vegas-style resort city really what the kingdom needs in terms of development? Audacious will say some observers, irrelevant will say some others. In a country where the average GDP per capita stood at US$800 in 2009, Angkor Hills City is likely to draw a visible border between the rags and the riches.
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Old May 27th, 2011, 02:55 PM   #3151
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Cambodia plans 3 bln U.S.D new town in Phnom Penh's peninsula

May 27, 2011


PHNOM PENH, May 27, 2011 (Xinhua via COMTEX) -- A well-known local firm, Overseas Cambodia Investment Corporation (OCIC), said Friday the firm has received approval-in-principle from Prime Minister Hun Sen to develop a new satellite city in Phnom Penh's Chroy Changvar peninsula.
"Prime Minister Hun Sen has already given the green light for the OCIC to develop the new town, now we're working with the Phnom Penh municipality in order to reach an official agreement,"Pung Kheav Se, president of Canadia bank, the country's third largest bank, and chairman of OCIC, which is the developer of the current Diamond Island City.

The would-be new town dubbed the Chroy Changvar, or "City of the Future" project will cover the area of 387 hectares in Russei Keo district's Prek Leap area, just across Cambodia-Japan Friendship Bridge (Chroy Changvar Bridge) from the central Phnom Penh.

When this new mega-project comes online, it will be the fifth satellite city project in Phnom Penh. The other four developing satellite cities are Camko City, Grand Phnom Penh International City, Koh Pich or Diamond Island City, and Boeung Kak Town.

Pung Kheav Se said that the expected new city would consists of upscale development of residential units, condominiums, commercial venues, shopping malls, financial centers, hotels, recreational facilities, schools, hospitals, park, and a multi-purpose national stadium.

It will take from 10 to 15 years to complete with the estimated investment of 3 billion U.S. dollars.

He declined to disclose where the sources of the capital for the development come from.

The development of new towns is the government's strategy to meet the growing economy and the population growth.

Phnom Penh is currently residing with about 1.5 million people.

It is estimated that the growth is about 20 percent year on year, according to the city hall.
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Old May 27th, 2011, 11:46 PM   #3152
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central market and vattanac


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Old May 28th, 2011, 07:51 AM   #3153
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Vattanac is rising fast
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Old June 7th, 2011, 03:56 PM   #3154
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Questions for Camko?

Tuesday, 07 June 2011 15:02 James O’Toole and Don Weinland ..


A foreign bank facing a massive corruption probe is the primary backer of Phnom Penh’s Camko City development, prosecutors in South Korea have reportedly said, raising questions about the future of the US$2 billion project.

South Korea’s Joong Ang Daily reported yesterday that prosecutors in the country had claimed that Busan Savings Bank, which faces a wide-ranging investigation that has ensnared its top executives, had set up a series of companies to fund the Camko City project. The Russei Keo district development is the planned home of the Cambodian stock exchange and is one of the largest foreign investments in the Kingdom to date.

Kheng Ser, assistant to the project management team of Camko City developer World City, said yesterday that Busan Savings Bank was “not related to our project”. The Joong Ang Daily reported, however, that South Korean prosecutors believe the bank has invested US$459 million in Camko City through nine different shell companies.

Park Hyeong-seon, the bank’s number-two shareholder and chairman of South Korea’s Haedong Construction, was arrested last month and is reportedly being questioned over whether he is the actual owner of the nine companies.

Nam Shik-kang, chairman of the Korean Chamber of Commerce in Cambodia, said yesterday that Busan was “the main bank financing the Camko City project”, and that he did not believe the development had the funding to continue construction.

“I gave my opinion to the Korean Embassy that the Korean government [should] take over this [project],” Nam said.

“The problem is a funding problem. Now the bank that is funding it is under investigation. Many of its officials have been arrested. No one can care or take responsibility for this project. No company can handle it – only the Korean government.”

The Camko City project broke ground in late 2005 and was slated to be finished by 2018. Housing, a hospital and a commercial area are planned there along with the stock exchange.

Eng Phal, an engineer with Camko City contractor Hanil Engineering and Construction, said yesterday, however, that construction at the site had been suspended since October because World City had not paid Hanil in full for its work.

Busan Savings Bank’s operations were frozen by the South Korean government in February due to a liquidity crisis. Allegations later emerged that major shareholders had used the bank’s deposits to give themselves loans to fund a variety of projects both inside and outside South Korea, and bank executives also stand accused of bribing government auditors to overlook financial irregularities.

Bank chairman Park Yeon-ho and several major shareholders were arrested in April, according to the Korea Herald, and government officials including Eun Jin-soo, a former state auditor and aide to President Lee Myung-bak, have been arrested for allegedly accepting bribes to help conceal the bank’s operations.

The fraud is alleged to have encompassed over US$4 billion, and depositors at the bank, South Korea’s largest savings institution, stand to lose roughly $100 million beyond what is insured by the government, the Joong Ang Daily says.

Officials at the South Korean embassy in Phnom Penh did not respond to a request for comment. Norng Piseth, chief of the real estate division at the Finance Ministry, said he was unaware of the issue.

The Busan scandal has drawn the attention of officials at the National Bank of Cambodia, however. The NBC’s financial intelligence unit is now investigating Camko Bank, of which Busan Savings Bank is a major shareholder, though the probe has yet to produce any irregularities, NBC director general Nguon Sokha said yesterday.

“If there is something that makes us concerned about the reputation of the banking sector, we will take action,” she said.

Camko Bank is set to downgrade from a commercial bank to a specialised bank next month due to an inability to meet the National Bank of Cambodia’s $37 million capital requirement. Specialised banks differ from commercial banks in that they cannot accept deposits.

Camko Bank representatives could not be reached for comment yesterday.

The proposed $1 billion Siem Reap Airport and satellite city announced last year is being developed by a joint venture whose main investors are South Korea’s Lees A&A Co Ltd and Camko Airport Co Ltd, though this latter firm is not connected with Busan, the Korean Chamber of Commerce’s Nam said.

South Korean firms have poured millions of dollars into construction projects in the Kingdom in the last few years, consistently ranking their country among Cambodia’s top foreign investors.

ADDITIONAL REPORTING BY SAM RITH
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Old June 8th, 2011, 08:59 PM   #3155
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Sofitel and Camko



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Old June 15th, 2011, 02:47 PM   #3156
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Sokha Phnom Penh Resort Development

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I dont think this project is on hold.

Pic is taken this morning
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Old June 15th, 2011, 02:47 PM   #3157
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Vattanac Capital Tower

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Old June 15th, 2011, 03:15 PM   #3158
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Raffle Montessori International School from Singapore

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New International School at Boeung Keng Kang

From Singapore

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Old June 15th, 2011, 03:16 PM   #3159
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Phnom Penh Tower

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2011/6/15

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Old June 15th, 2011, 03:17 PM   #3160
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Phnom Penh Tower

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The soon opening ''Coffee Beans and Tea Leaf''

2011/6/15

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