New 1.25 dollar bn development project headed for Siem Reap

Construction of the Angkor New City development project in Siem Reap province’s Varin district will begin at the end of the year, according to an investor in the project, amid concerns from villagers about the compensation they will receive for being displaced.

Tea Kosol, CEO of the Cambodian company Banya Group, said investors would spend US$1.25 billion in the first phase of construction, which will include hotels, condominiums and a golf course.

He said that roughly 4,000 hectares of the 7,000-hectare site in Sre Noy and Lavea Kreaing communes would be developed. Tea Kosol said that about 200 families were still living on the project site, roughly 100 kilometres from Angkor Wat, and he blamed these families for slowing development.

But he said he was optimistic that the families would accept a compensation offer of US$200 per hectare following a meeting between investors, provincial officials and village representatives last week.

Families living on the land rejected this same offer early last year. Phoeung Tha, a villager in Sre Noy commune who will be affected by the development, said more than 300 families would be affected by the development plans. “I’m waiting to see them come to a settlement on this issue, but I am concerned about the policy of compensation,” he said.

Sourced=phnompenhpost