Filled-in Boeung (lake) Pong Peay to become the city’s second downtown.

LandMark Development of South Korea has purchased some of the land created by the filling of Boeung (lake) Pong Peay by tycoons Suon Kamnouen and Kok An. LandMark is hoping to turn it into a 120-hectare satellite city to Phnom Penh filled with commercial, residential and public offices, with an initial investment cost of $1 billion.

Questions remain as to how Boeng Pong Peay fell into private ownership. According to the 2001 Land Law, natural lakes are state public property and not to be sold. The two tycoons involved cannot be reached for comment. (Source: Cambodia Daily, September 28, 2005).