Despite a number of unfinished mega developments around the capital, the Ministry of Land Management approved plans for a $3-billion 133-story twin-tower skyscraper on May 2, the Cambodia Daily reported.
The megaproject will be developed by the Cambodian conglomerate Thai Boon Roong Group on a five hectares of land across from NagaWorld casino close to Riverside. The designers have planned a mixed-use building which will include a hotel, office, and condo space.
Developer Thai Boon Roong is owned by Cambodian businessman Teng Bunma, one of the wealthiest men in the country, and owner of the InterContinental Hotel in Phnom Penh.
If completed, the project would put Phnom Penh on the map as home to one of the world’s tallest buildings, with the likes of Shanghai, Seoul, Dubai and Hong Kong. Critics are concerned about occupancy however, as the Vattanac Capital tower, the capital’s reigning tallest building, was only at 30 percent occupancy in 2015.