The Phnom Penh Municipality is in talks with a foreign investment firm to develop a new market and underground carpark in Phnom Penh's Daun Penh district

http://www.phnompenhpost.com/index.php/2008120923110/Business/Chinese-firm-in-talks-to-build-market-in-capital.html

Chinese firm in talks to build market in capital
Written by May Kunmakara
Tuesday, 09 December 2008

The proposed US$81 million development would be built at Phsar Chas
park by Overseas Cambodian Investment Corp and Canadia Bank


THE Phnom Penh Municipality is in talks with a foreign investment firm
to develop a new market and underground carpark in Phnom Penh's Daun
Penh district, a municipal official told the Post Sunday.

Municipal Deputy Governor Pa Socheatvong said the Overseas Cambodian
Investment Corp Ltd (OCIC), a Chinese investment group, in partnership
with Canadia Bank, proposed the US$81 million project on a five-
hectare section of Phsar Chas park.

"I have already met with OCIC representatives to discuss the project
and to assess the possible impacts and benefits for local residents,"
he said, adding that the new market and parking structure was expected
to ease traffic in the area.

The proposed market coincides with development projects in the area by
the Japanese International Cooperation Agency to upgrade drainage
throughout the city, and in particular at Phsar Chas.

"The existing municipal park and nearby night market will be
unaffected because the company will be simply digging into the
ground," Pa Socheatvong said.

"The project is new, and we will need time to study it before seeking
permission from the government and the [Council for the Development of
Cambodia]," he said.

Rein Samrith, an investment official at OCIC, said his working group
submitted project plans to the municipality on Friday in a preliminary
move to acquire official permission.

"We plan to build a two-storey building nine metres high and partially
underground. The first floor will house sellers, and the ground floor
will feature an underground carpark, which is our main construction
project," Rein Samrith said.

He added that construction of the new market would come alongside
ongoing efforts to upgrade Kandal market, which he said was contracted
to a French firm that has, to date, produced no results.

Vendors at Kandal will be relocated to the new market upon completion,
allowing for Kandal market stalls to be renovated, Rein Samrith said.
He added that vendors would be given the option to stay at the new
market or return to Kandal once renovations are complete.

"If we get permission from the government and related ministries, our
development plans will take about four or five years to complete," he
said.

Im Chamrong, director general for the Construction Department at the
Ministry of Land Management, Urban Planning and Construction, said the
government was proceeding with caution.

"This is a very new development for our country, so our ministry will
spend considerable time studying the project plans," Im Chamrong said.
.

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