[Under Construction] Diamond Island, Phnom Penh

Pic Source : Cambodge Soir Hebdo


19 Dec 2008
By Nhim Sophal
Cambodge Soir Hebdo

To attract new buyers, developers for the construction of the new Koh Pich (Diamond Island) city organized a sale promotion evening to try to sell apartments, buildings and villages. While the construction has not even started yet, lands and future buildings are already put to sale.

Koh Pich now covers 100 hectares. In 2006, the Khmer-Canadian OCIC (Oversea Cambodia Investment Company) company signed a $50 million 99-year lease with the city of Phnom Penh to develop and manage the island. The project was met with opposition from local inhabitants.

Now, with the mobilization of about 100 earth-moving equipments, grading works and the construction of a concrete river bank, as well as land filling up to an elevation of 11.75-meter (i.e. 0.7 meter higher than that of the city of Phnom Penh) have been completed.

Pung Sovan, OCIC director, announced to about one hundred participants at the Phnom Penh cultural center (Chenla Theater) that his company was looking for solutions and financing to undertake the development of this great ultra-modern city during a period of worldwide economic crisis.

“It is unfortunate that we did not launch the sale during a good period of economic growth,” Pung Sovan said while indicating the sales have started in December but they do not attract many buyers. The price of $1,500 per square-meter could be too high, OCIC has organized a new sale promotion with 35% price discount for its buyers. Another sale promotion to attract buyers: customers could pay the sale price during a 10-year period.