Wednesday, November 4, 2009

GMG Spends US$1,000 M to Build Satellite City in Kandal Province

BY BUTH REAKSMEY KONGKEA

With financial support from the Gree Gold Holding Limited (G.G.H), the Korean Global Digital Media Co., Ltd (GDM) plans to construct a satellite city called “U-City” in Takhmau district, Kandal province, aiming to develop Cambodia to be an industrial country and to become a center of the Southeast Asia in the future.

The GDM’s Satellite construction agreement was signed between Ms. Yoo-Ri Na, Director General of the Global Digital Media Co., Ltd and Mr. Michael Cheong, Director General of the Gree Gold Holding Limited on October 21 at the Inter-continental Hotel in Phnom Penh.

According to GMG’s contract, the Global Digital Media Limited planed to spend a total of US$1,000 million investment to construct a Satellite City on the size of land covering a total of 2,890 hectares of land in Takhmau district, Kandal province.

The Director General said that the construction of the setline city “U-City” aimed to promote development and release the crowd of people surrounding Phnom Penh city in accordance with the growth of people in future. She said that the construction is also aiming to attract people to pay visit the areas surrounding the Phnom Penh city, and generate the jobs for the people in Cambodia.

“This construction will become the most modernized and technological city in Cambodia. It will become a second spot of tourism after Angkor Wat and it will be the city of education. It will also help strengthen the role of Phnom Penh city to be more important,” she said after the signing agreement.

She continued to say that besides the “U-City” construction, her company planed also to build the Korean Global Media Center in Kandal province in which it will bring the most digital media development to use in Cambodia; and construct the Angkor Arts University which will provide all types of artistic skills for Cambodian students in Cambodia.

The construction of the satellite city “U-City” will begin in early march 2010 and will complete in 2023, according to GMG’s plan.

“We hope that with this investment project, it will help generate more jobs for Cambodians and we are also confident that after the construction has done Cambodia will become the modernized and industrial country at the center of Southeast Asia in the future,” she said.

Michael Cheong, GGH’s Director General, said that the Gree Gold Holding Limited is a French company and active in construction worldwide. He said that G.G.H decided to finance a total of US$ 1,000 millions for GMG’s setline city construction project in Cambodia because Cambodia now is politically stable and a future strong economy. Cambodia is developing all sectors and will see a strong economic growth in the future.


Relating to the GGH’s financial support, he confirmed that this amount of US$1,000 millions will be used for the constructions of the “U-City”, the Global Media Center, and the Angkor Arts University in Takhmau district of Kandal province.

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