Local company Overseas Cambodian Investment Corp Ltd (OCIC) on Monday announced plans to spend a total of $2.5 billion to develop the Koh Norea peninsula in southeastern Phnom Penh into a new satellite city.

The announcement comes as the firm broke ground on two monumental bridge projects – one connecting Koh Pich in Chamkarmon district’s Tonle Bassac commune to the Koh Norea Development Zone in Chbar Ampov district’s Niroth commune, and another linking Koh Norea to National Road 1.

Speaking at the bridges’ groundbreaking ceremony, OCIC chairman of the board of directors Pung Kheav Se said $550 million of the capital investment will be spent on infrastructure development in the satellite city.

Developed on 125ha, the project will be able to receive 50,000 residents upon completion, he said.

“I would like to take this opportunity to thank the Royal Government of Cambodia for its continued support of the company’s development projects, in particular, the Koh Norea investment development project, which is developed by the Cambodian government as a new satellite city in Chbar Ampov district, Phnom Penh.

“The Koh Norea development project will bring a lot of socio-economic benefits to our country.

“Cambodia is in need of many more investment projects to sustain and reinforce its economy, especially in the face of the difficult economic conditions amid the global health crisis,” he said.http://www.phnompenhpost.com/business/ocic-set-spend-25b-capitals-satellite-city