Phnom Penh: Three major Chinese companies have announced plans to build a satellite city worth millions of US dollars In Bavet town, Svay Rieng province, which will start in early 2019.
The satellite city covers an area of 803 hectares, and was announced at a press conference where signed agreements were made between major companies; Empire World City, Bauing and China’s CFMA to jointly build the OBC satellite city in Bavet.
A representative of Empire World City said the satellite city, OBC, will begin construction by the end of 2018, which will be divided into three phases. The first phase will be built on 50 hectares, including hotels, guesthouses, supermarkets and casinos.
The company said the project will last from five years to 15 years and cost millions of dollars. The satellite will provide thousands of Cambodian jobs and attract more international and national tourists.
Chea Vuthy, deputy secretary-general of the Council for the Development of Cambodia, congratulated the investment. The satellite city will promote economic growth and create jobs for people.
In the 2015-2025 industry development policy, Bavet is a special city for the development of industrial zones for investors.
President of Cambodian Association of Valuers and Real Estate Agents, Kim Heang, said that the city of Bavet has grown more and more. Last year, thanks to the growth of Chinese investors who turned the quiet city into a flourishing city, building a new satellite city will make the area more prosperous.
“The success of this project depends on the development plan and the marketing strategy of the investor itself, which is targeted at the customers, but believe the project will be of great interest. “