A New Phnom Penh

The masterplanned community is the new Chinese shop house.

A group of South Korean companies said it would spend US$2 billion (HK$15.6 billion) on building a new city in Cambodia, the biggest single investment in the impoverished country still recovering from decades of war.The residential, commercial, cultural and business complex would be built on 119 hectares on the northern edge of Phnom Penh, the group said Wednesday.

The group, which includes Busan Mutual Savings Bank and property development company Landmark Worldwide, had been wary of Cambodia because of the country’s violent recent history, marketing director Lee Yunyoung said.

“But actually when we came here we realized that it is really safe,” he said at the ground-breaking ceremony.

“So we want to start our project before others start.”