PHNOM PENH, May 7 (Yonhap) -- Booyoung Co., a mid-sized South Korean conglomerate, said Tuesday that it broke ground for one of the largest housing projects in Cambodia, a project Cambodia hopes to spur foreign investments.
Booyoung said it will build 40 apartments and seven residential and commercial complexes on 2.7 square kilometers of land in downtown Phnom Penh.
The planned buildings could accommodate 17,760 households in a landmark project, called "Booyoung town," the company said, without giving any further details on financial costs and a completion date of the project.
"I hope that the Booyoung project will succeed and become a landmark in Phnom Penh," Booyoung Chairman Lee Joong-keun said in a ceremony that drew some 2,000 people, including Cambodian officials.
He also expressed hope that the project could serve as an exemplary case of foreign investment in the Southeast Asian country.
Booyoung said it will build 40 apartments and seven residential and commercial complexes on 2.7 square kilometers of land in downtown Phnom Penh.
The planned buildings could accommodate 17,760 households in a landmark project, called "Booyoung town," the company said, without giving any further details on financial costs and a completion date of the project.
"I hope that the Booyoung project will succeed and become a landmark in Phnom Penh," Booyoung Chairman Lee Joong-keun said in a ceremony that drew some 2,000 people, including Cambodian officials.
He also expressed hope that the project could serve as an exemplary case of foreign investment in the Southeast Asian country.
Im Chhun Lim, Cambodia's minister of land management, urban planning and construction, also said at the ceremony that the Booyoung project could become a catalyst in attracting foreign investment.
In terms of the cumulative foreign direct investments approved in the period of around 18 years ending at September 2011, the largest amount of US$8.9 billion came from China. The second biggest foreign direct investment provider is South Korea with $4 billion, according to data posted on the Web site of the Council for the Development of Cambodia.
Booyoung is South Korea's 29th-largest conglomerate with combined assets of 14.1 trillion won ($12.9 billion)
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