PHNOM PENH - Hundreds of construction workers are feverishly constructing residential area for the first phase in the satellite city "CAMKO City," which its top officer saidis the first global city in Cambodia's Phnom Penh.

The CAMKO City is situated in the land-refilled Pong Peay lake on the land of 119 hectares in Phnom Penh's Russei Keo district.

"It is the largest investment from the South Korea's World City Company in the investment value of $2.063 billion to build residential areas, markets, hospitals, sports facilities and schools," said K.C. Whang, its sales and marketing manager.

The construction has been launched in December 2005 and will be completed in 2018, divided into six phases.

"The period is possibly reduced five years depending on the market condition," . Whang said.

"So far, we have filled the land and foundation piling has been underway for residential area in the 1st phase," Whang said.

"We have 1,009 residential units in the first phase, more than half of high-rise condominiums have been sold out and 100 percent booking completion of town houses and villas," he said.

In regard to payment methods for premises purchase, he said, "basically, we have payment schedule as below: 30 percent of deposit on contract date, 60 percent of interim payment during construction period (divided into six to seven times based on construction duration), and 10 percent of balance payment on move-in date."

In regard to what the benefits the CAMKO City provides the Cambodian government and people, he said, "We are going to build an international standard city, even though many foreigners come to Cambodia for business, the environment for business in Cambodia is not perfect for foreigners and not even for Cambodian businessmen. We will provide global level of environment for business so that Cambodian economy will be accelerated with CAMKO City's infrastructures like 100 Mb internet, water supply, power line, roads and etc. And Cambodian life style will be changed quickly.”

"Abundant cultural, public facilities such as convention center, shopping center, hospital, fitness center, educational facilities and local government, etc., will help Cambodian people for better convenience living style," Whang said.

"The city hall is going to move into the area and secondly, the stock exchange that the government of Cambodia plans to establish in 2009 is also planned to open its headquarters inside the area because there has been close cooperation between South Korean Stock Exchange and the government of Cambodia," Whang said.

Since 2005, based on the urban sprawl strategy by the city hall to meet the increase of rapid growth of the population in the city, the government had approved four new towns with construction under way to private companies to invest in: the Camko City at Pong Peay lake, a 450 hectares of land at Russei Keo's Chroy Changva commune, a 40 hectares in Koh Pich in Chamkar Mon district and a 400 hectares in Boeng Snor in Meanchey district.

Sam Rainsy Party lawmaker H.E. Mr. Soy Chhay said the development of the Camko City causes flood, traffic congestion and environmental pollution in Phnom Penh.

"The development of the Camko City causes more floods into the city due to the re-filling land into the Pong Peay Lake; on the other hand, there will be crowded which leads to more traffic jams; what’s more, there will be environmentally polluted due to the re-filling of natural lake which usually brought fresh air," Son Chhay said. "The city hall and the government like modern and skyscraper buildings, they are likely not to think about these concerns."

By Sovan Nguon