PHNOM PENH: The Overseas Investment Corporation of Cambodia (OCIC) has been pushing for the creation of The Norea City, a $2.5 billion satellite city that would eventually become a commercial and luxury residential center in Phnom Penh.
On June 13, 2022, the corporation revealed that the project would be a new commercial center as well as a luxury residential hub. Commercial and recreational spaces, luxury houses, schools, banks, medical centers, and other urban amenities will be included in the mixed-use development.
Oknha Pung Kheavse, CEO and Chairman of the Board of Directors of OCIC, previously stated that the investment to develop the new satellite city of Koh Norea will cost approximately $2.5 billion on an area of approximately 125 hectares, with more than $500 million spent on infrastructure development.
“There will be a lot of economic and social benefits from this investment,” he stated.
Duke Pung Kheavse further stated that the project has been divided into major, medium, and small commercial zones, theaters, public parks, residential buildings, banks, universities, and a polyclinic, with OCIC beginning construction since October 2018.
In addition, OCIC Company launched the building site of two large bridges on October 26, 2020: the bridge across the Bassac River connecting Koh Pich to Koh Norea and the bridge connecting Koh Norea to National Road No. 1.
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Business centers at the National Road 1 raise like city centers
PHNOM PENH: The presence of housing projects, shopping malls, and entertainment centers on National Road 1 is constantly expanding, transforming the area into a civilized and modern area comparable to the commercial centers in the city center.
National Road No. 1 is part of China’s One Belt One Road project and has revealed the presence of many commercial buildings and towns due to the area’s high potential and easy access to fresh air, which is desired by those looking for a place to live.
There are modern, civilized community markets such as The Park Community Mall, which is about 3 kilometers from the Chbar Ampov Bridge and contains a collection of modern restaurants, clothing stores, and other shops. Furthermore, the ECO Mall project, a large mixed-use mall covering an area of 6 hectares, adds wealth with a modern and popular lifestyle.
Another significant project that has increased the potential of this national highway area is the new satellite city project on the island of Nora, which is being redesigned by OCIC, a major Cambodian investment and development company.
Furthermore, the Prince Manor Resort project of Prince, a giant company that used to invest in condominiums, hotels, banks, and commercial buildings, has also invested in this entertainment center. On an area of more than 13 hectares, Koh Prak along the Mekong River is located in Dei Edth commune, Kien Svay district, Kandal province.
Major borey projects, such as Peng Huot Borey, KS Resident Borey, Heng Meanchey Borey, High Tech Borey, Sambath Mean Heng Borey, Lim Chheang Hak Borey, Mongkul Borey, Phnom Penh, and other residential buildings, are also emerging and transforming the area into a bustling area. Aside from those projects, there is an increase in the construction of commercial buildings, hotels, condominiums, banks, and small and large entertainment venues.
Dr. Kim Heang, Regional Operating Principal of Keller Williams Cambodia, recently stated that the eastern part of Phnom Penh, specifically the Chbar Ampov and Kien Svay districts, is a potential location for the development of residential and tourist areas because it is located along the river and has many trees with fresh air, making it ideal for living and entertaining.
According to Mr. MJ Cheng, Marketing and Sales Team Leader of the Borey Mongkul Phnom Penh Project, reported to PropertyArea, this area is a potential location because, first and foremost, National Road No. 1 is ASEAN’s international gateway to Bavet City. This road will be used for import and export between Cambodia and Vietnam by Phnom Penh-Bavet businessmen.
“Because it’s an international gateway, there are a lot of people coming and going,” he explained. “Living in this area is regarded as a convenient central location.” The second possibility is that it is close to the Second and Third Ring Roads, particularly the Second Ring Road.