Editorial | Articles about Cambodia | Khmer

Thursday, February 18, 2010

The Stink of Corruption in Phnom Penh

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A lake development project is fueling thousands of forced evictions in the Cambodian capital.

A Phnom Penh family, finishes fishing and chores on the banks of the polluted Boeung Kak lake, currently under development. The mass of sand behind them used to line the Mekong River. (photo: Anne Elizabeth Moore)

Phnom Penh, Cambodia - There are plenty of guns in Cambodia, but I cannot get used to them being pointed at me, even in jest. After all, I'm just picking at my lunch, staring lazily at Phnom Penh's biggest lake, Boeung Kak, and the massive sandy beach across the water. Two years ago, the area was thriving with fishermen. Now, the beach is moving closer to the spot where I sit, minute by minute. Most of the fishermen are gone.

The man with the gun stands, gesturing for me to follow him. He jerks his chin upwards as he strides down the open deck of the bar and restaurant of a one-time popular guest house in the seedy backpacker area of the city. His ruddy face projects menace, but only in an act of self-protection. "Is not real," he asides of the rifle when we get to the edge of the water.

I look at the gun. It is carved from a solid piece of wood. It could kill someone, sure, but it cannot protect him from what is being stolen from him, even as we stand watching.

The capital city's largest remaining natural lake is being filled in with sand to make way for a residential and shopping district. It's sparked a wave of forced evictions known more commonly around the country as "landgrabbing," kicked off by the city's February 2007 agreement with Shukaku Inc., in which the company paid $79 million for a 99-year lease on the land.

That is, the land invisible under the water. To make it useful for the development project, of course, Shukaku Inc. had to devise a way ofgetting to that land. So in late August 2008, a massive drainage pipe began pumping sand into the water at a rate of around 25 square meters per hour. Residents fled. Many had not been notified in advance.

I asked the restaurant manager if tourism would soon be affected, and my armed companion scoffs. "Is already," he says in his rolling Khmer accent, waving the gun toward the sandy beach. As many Cambodians do, he declines to give his name to reporters out of fear of government retaliation.

The back door of artist Leang Seckon's studio overlooks Boeung Kak. Many lakeside residents are unsure when flooding, pollution, or landslides will force them to abandon their homes. (photo: Anne Elizabeth Moore)

This isn't an idle fear, either: According to the local human rights group Adhoc, the number of arrests of human rights activists in Cambodia rose by about 70% in 2009. Most arrests were of people speaking out about housing and land rights.

"Before, this was a beautiful lake and people came from the city to watch the sunset. Maybe a part of this is also the amount of tourists coming to Cambodia, I don't know. But now ..."

He turns back and looks at the paltry number of customers lunching at the establishment. Two men argue over coffee, a young woman shoots pool in the corner. This is high tourist season in Cambodia. Other proprietors I've spoken to, in other tourist areas of town, have seen business pick up again after the previous year's drop.

Part of the problem here could be the smell. Pollution was noticeable, but not overwhelming, when the lake was at its peak. Now, rising levels of rotting garbage, fish carcasses and raw sewage are plainly visible - and malodorous.

"... What to do?" The guest house manager finishes his thought.

In early February, 100 affected residents gathered at City Hall to protest the city's handling of drainage at the construction site. Wastewater was backing up, they complained. One woman's kitchen was entirely submerged, she told the Phnom Penh Post, and it was still the dry season. The city has so far failed to create an adequate drainage system for the construction sites.

In Cambodia, fetid water is not only unseemly. It's also a health risk in a country plagued by malaria and Dengue fever.

Of course, the development project also violates several federal laws. A 2009 report from the Centre on Housing Rights and Evictions (COHRE), an international human rights organization, finds multiple causes for concern. Among them, that leases for state public property cannot change the function of land nor last for longer than 15 years. And, land over which people already hold titles, which have not been bought out in advance of the agreement, cannot be leased by third parties. Additionally, the report charges, evictions are only legally allowable under certain circumstances that do not include private development projects. (Resultant evictions are also found in the report to be in violation of international human rights law obligations.)

Secondary affects of the development project also concern local organizations. In May of 2009, Prime Minister Hun Sen halted all dredging of sand from the Mekong for export purposes due to environmental concerns, yet dredging for domestic purposes continues. A site directly across the water from Phnom Penh's Royal Palace pipes sand into Boeung Kak. The Cambodia Daily reports that some dredging companies pull as much as 2,000 tons of sand from the riverbed daily, but no official records are maintained.

In residential areas near dredge sites, homeowners report riverbank landslides coinciding with sand pulls. Many have been forced to move from their traditional stilted homes, concerned their families will one day tumble into the water. (These figures are not counted in displacement statistics.)

The Ministry of Environment claims that the amount of removed sand is recovered annually. The landslides, it charges, are caused by natural erosion.

It's this kind of official response that has my friend with the wooden rifle frustrated. He's been to meeting after meeting, and signed petition upon petition. All to no satisfaction. "I wish I could go to the government," he says and he looks over at the encroaching sand.

Across from us, three of the last remaining handful of fisherman that work the lake shuffle something small from the water in their bamboo baskets, even as more land piles up behind them. Figures on how many people made their living selling fish from this lake are unavailable, as are the number of people who sustained themselves almost exclusively by eating their catch, or picking the vegetables that grow along the lakeside.

In 2007, city authorities claimed that only 600 people would be affected by the development project; that number has been surpassed. NGOs place the number of persons displaced at between 4,250 and 30,000 people. The city has offered some families three choices: move to the northeast corner of the city, into government-approved housing projects still under construction; take an $8000 lump payment in compensation, far lower than the market value of their property; or wait until alternative housing is built in the neighborhood.

Other families have simply seen their houses crumble, with no advance warning from construction crews or government officials.

Artist Leang Seckon hopes this doesn't happen to him. His studio opens onto the lake thousands of Cambodians have called home ever since the Khmer Rouge regime ended and people started moving back into the city 30 years ago. Born in the provinces, Seckon spent the first ten years of his life in the rice fields. His work often touches on the environmental issues that are close to his heart.

"I need nature, I need water, I need"-here he breathes deeply- "fresh air." He's excited that the government has made recent moves to cease illegal logging and halt some sand-dredging from the Mekong. But he's received no notice about when he's expected to vacate the space he's worked in for 18 years.

His studio sits north of the backpacker district, so he probably has a little more time. He just doesn't know how much. "Now the company buy the lake, and destroy the lake. Soon-I don't know when but soon-they build a city."

Land prices in Phnom Penh have increased tenfold in recent years. Prices are expected to rise even more as high-profile projects like the country's first-ever skyscraper, Gold Tower 42, are completed as soon as 2012. The country may be under development, and it's clear that some are seeing benefits from the boom. But others wonder who is paying the real price.

More upset at the loss of the city's natural resource than the loss of his studio, Seckon considers the matter. "I not feel happy at all," he declares.

Little is known about the company behind the development project, Shukaku Inc. Some press reports have linked it to Cambodian People's Party Senator Lau Meng Khin, also a close friend of Hun Sen. Chinese investment has been linked to the controversial project, but South Korea has denied any involvement. South Korean interests are behind many development projects in the city, including Gold Tower 42.

"It's got to be developed," my weaponed associate proclaims of the city from the deck of the guest house. He then outlines a plan where the lake is cleaned of pollution instead of filled, and the ramshackle guest houses in the rundown backpacker district are funded to make improvements. "It's good for tourism," he offers.

This should count for something. Alongside the construction/real estate sector, tourism is one of the fastest-growing industries in the country. It's the justification for a handful of new public works projects in the city, such as Watermusic, a light show and fountain timed to blaring pop songs that draws local-and tourist-crowds every weekend night.

The guest house proprietor's revitalization plan, he says, has been incorporated into various official proposals for years. Still, it's gotten nowhere. Rather, as my armed companion explains, the powers that be just don't like it.

"I'm sure the government don't think the same," he says, using the Khmer phrase more properly translated as, "agree with us."

But there is more than a difference of opinion at stake. He rests his prop gun against a table and refuses to comment on the friends and neighbors who have already been forced to move. Where they are, how they're adjusting, what businesses they've gone into: he doesn't want to say, for fear he'll be labeled a political agitator.

Or maybe his fear is more personal. Soon, he'll have to close down the guest house and join them, he says.

"We'll see," he says, when asked what he'll do next. "We'll see."

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Monday, February 15, 2010

Cambodian Addicts Abused in Detention, Rights Group Says

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By SETH MYDANS (The New York Times)
Published: February 15, 2010

In recent years, Cambodia has experienced a surge in the use of methamphetamines, known here and in Thailand as "crazy medicine." Apart from the 11 government-run centers, drug users in Cambodia have few places to turn for help with their addictions.Photo: Justin Mott for The New York Times - More photos

PHNOM PENH, Cambodia — Nguyen Minh Tam said he got used to the routine during three months in a government drug detention center, although he sometimes lost consciousness: three punches to the chest when he woke up in the morning and three more before he went to bed.

Another heroin addict said he was whipped until he passed out with a twisted metal wire as thick as his thumb. “They used a blanket to cover me, and they beat me,” said the detainee, who insisted that only his first name, Chandara, be used. “There were 10 of them beating me.”

Ban Sophea, on the other hand, an emaciated man who supports his heroin habit by collecting used cans and bottles, said things were quite different for him during a carefully monitored 10-day detention.

“They gave us medicine three times a day from a bottle that looked like a whiskey bottle,” he said. “The rest of the time we just wasted time and ate. They let us dance and eat cake. We were eating all the time.”

These treatments — both the physical abuse and the involuntary administration of an experimental drug — have stirred concern in Cambodia since they were documented recently by the New York-based monitoring group Human Rights Watch.

In a report last month, Human Rights Watch described in detail abuses in 11 government-run centers that included electric shocks, beatings, rapes, forced labor and forced donations of blood.

“Sadistic violence, experienced as spontaneous and capricious, is integral to the way in which these centers operate,” the report said. “Human Rights Watch found the practice of torture and inhuman treatment to be widely practiced throughout Cambodia’s drug detention centers.”

This description echoes a separate Human Rights Watch report, also issued in January, about compulsory drug detention centers in China that it said denied inmates treatment for drug dependence and “put them at risk of physical abuse and unpaid forced labor.”

In Cambodia, the government dismissed the report as being “without any valid grounds” but did not address most of its allegations.

“The centers are not detention or torture centers,” said Meas Virith, deputy secretary of the National Authority for Combating Drugs, at a news conference this month. “They are open to the public and are not secret centers.”

In December, the government tried another approach that also drew criticism from rights groups and health professionals: administration of an experimental herbal drug imported from Vietnam but not registered for use in Cambodia.

Twenty-one drug users were taken to one of the drug treatment centers and administered a potion called “bong sen” for 10 days before being released to their homes or to the streets. No systematic follow-up was done, and the national drug authority conceded that at least some of those treated returned to drug use.

“No information is known to exist as to the efficacy of this claimed medicine for the detoxification of opiate dependent people, nor to its side effects or interactions with other drugs,” said Graham Shaw, an expert on drug dependence and harm reduction with the World Health Organization in Phnom Penh, in a briefing note in early December.

Like its neighbors, Cambodia has experienced a surge in recent years in the use of methamphetamines, known here and in Thailand as “crazy medicine.” A smaller number of people are heroin users.

Vietnam has a network of drug treatment centers and is reported to be widely using the herbal drug in detoxification treatments. In 2003, Thailand embarked on a “war on drugs” in which an estimated 2,800 people suspected of being dealers were summarily shot and killed.

Apart from the 11 government-run centers, drug users in Cambodia have few places to turn for help with addictions. In some cases, desperate families commit their relatives to the centers, but most former detainees interviewed by Human Rights Watch said they had been locked up there against their will.

The centers appear to be used not only for drug users but also as a means to clear the streets of vagrants, beggars, prostitutes and the mentally ill, according to Human Rights Watch and the reports of other former detainees.

Government figures for drug use in Cambodia are unreliable and range from about 6,000 to 20,000. The United Nations has estimated that as many as half a million people in Cambodia may be drug users.

In 2008, the National Authority for Combating Drugs reported that 2,382 people were detained in government drug detention centers, almost all of them involuntarily. Some families, with no other recourse, pay the centers to take in relatives for what they hope will be a cold-turkey cure.

“If Cambodian authorities think they are reducing drug dependency through the policy of compulsory detention at these centers, they are wrong,” said the report by Human Rights Watch. “There is no evidence that forced physical exercise, forced labor and forced military drills have any therapeutic benefit whatsoever.”

Like other former detainees, Mr. Tam, 25, an ethnic Vietnamese, said he was committed involuntarily along with other drug users and street people. He confirmed allegations in the report that a number of the detainees were children.

He described what he called the “eight punishments” — painful and humiliating exercises that included rolling shirtless on the ground, running into walls and a series of physical contortions with names like leopard crawl, hopping like a frog, vampire jumping and shooting Rambo.

“I think this is not treatment,” he said. “This is torture.”

As soon as he was released, he said, he resumed his heroin habit.

“Inside, you are thinking of drugs all the time,” he said. “When you come out, you are free to use again.”

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Friday, September 05, 2008

Openness to Trade Is Transforming Cambodia's Capital

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A street scene in the city center of Phnom Penh in Cambodia. (Gavin Hellier and Robert Harding/drr.net)

Openness to Trade Is Transforming Cambodia's Capital

By Sonia Kolesnikov-Jessop
Thursday, September 4, 2008 (the International Herald Tribune)

PHNOM PENH: The three-story showroom for Gold Tower 42 is as imposing as the gold-tinted residential structure that, once it is completed, will dominate Phnom Penh's skyline.

A security guard greets a visitor's car and ushers the guest into a large reception area, worthy of a nice hotel. Before going up the carpeted grand staircase, the guest is politely asked to take off his shoes and don a pair of comfortable slippers.

Once upstairs, a saleswoman stands in front of a large scale model and talks with animation about the features of Cambodia's first residential tower, including the golf practice range, the karaoke lounge and the library, before leading the visitor through the three model apartments on the third floor.

It looks as if no expense has been spared on the showroom - but then the developer, Yon Woo of South Korea, is selling a luxury dream to the few members of the local elite and foreign community eager to test the waters of a property market that appears to be doing surprisingly well, despite the ever-present reminders of Cambodia's Third World poverty.

Commercial spots, available on YouTube, have been stressing the luxury of the project. Agents say buyers have been attracted by features like the high-tech security system, home automation technology, walk-in closets and fully fitted kitchen. And while the apartments would not quite match up to high-end places in Singapore or Hong Kong, they are luxurious by Cambodian standards.

But then they are not as expensive as apartments in those Asian cities either. Unit size varies from 153 square meters, or 1,647 square feet, for a three-bedroom apartment to 336 square meters for a five-bedroom, with prices ranging from $460,000 to $1.6 million. (Cambodia's official currency is the riel but the U.S. dollar is widely accepted and real estate is routinely valued in dollars.)

Nov Ratana, a sales manager for Yon Woo Cambodia, says 60 percent of the Gold Tower 42's 360 residential units have been sold, many of them to foreigners, mainly Koreans and Chinese.

When the $240 million, 42-story development is completed in 2011, it will offer sweeping views of Phnom Penh toward the capital's bustling riverfront. But it will not stand out as the city's only skyscraper; several other high-rise developments also are planned or already are being built.

In mid-June, ground-breaking began on an even taller building, the 52-story International Finance Complex. This $1 billion, 737,000-square-meter project will include a main office tower surrounded by several smaller glass-and-steel structures housing 275 serviced apartments, 1,064 apartments and even a small international school.

Other projects being developed include the 33-story De Castle Royal Condominium, the 31-story River Palace 31 and the Phnom Penh Sun Wah International Financial Center, a mixed-use development of offices, a five-star hotel, shopping mall and three residential blocks.

While the towers have provoked some controversy - they will radically change the profile of this low-rise city and add some flashes of modern architecture to its faded colonial elegance - they also are being touted as a symbol of the country's speedy growth. Cambodia's economy has increased at an annual average of 11 percent over the past three years as the country has climbed back from decades of political instability.

Foreign investment, especially from South Korea and other countries in North Asia, has been key to this recovery, surging to 8 percent of GDP in 2007 from less than 1 percent in 2004.

Most of the new construction projects are headed by Korean construction and investment companies. The biggest foreign direct investment to date - $2 billion - is being made by World City of South Korea, for Camko City, being built on a 119-hectare, or 294-acre, site on the northwestern outskirts of Phnom Penh.

The project, started in 2005 and scheduled to be completed in 2018, will include residential, commercial and public structures.

Opening the country to foreign trade and attracting tourists, especially to the temples of Angkor Wat, has supported the expansion and even produced the beginnings of a middle class.

As a result, property prices have experienced their own boom in recent years. Charles Villar, general manager at Bonna Realty Group, the largest real estate agency in Cambodia, estimates that property prices in Phnom Penh rose between 50 percent and 80 percent in 2007 and between 80 and 100 percent so far this year, depending on location. Land prices in the city center have skyrocketed this year to more than $3,000 per square meter from about $500 a square meter in 2003.

Meanwhile, rental prices have increased 20 percent to 40 percent over the past year, Villar said. A large villa with five to seven bedrooms in a good location will rent for about $5,000 a month, while a two-bedroom place will average $1,300 to $1,500, depending on location.

Despite the sharp increases, prices still compare favorably with those in Bangkok, where a four-bedroom villa would cost more than 200,000 bhat, or about $6,000, a month. And the Cambodian sites are attracting plenty of speculative interest from foreign buyers, mostly from within the region.

Bretton Sciaroni, a senior partner at the law firm of Sciaroni & Associates in Phnom Penh, says foreigners still cannot buy land, but they can buy leasehold properties - typically a 99-year lease or a 70-year lease with an option to renew for another 70 years. The latter formula "was found in the 1994 investment law and, although it dropped out of the law when it was amended, the formula is still used," he said.

There are rumors that the laws will be changed to allow foreigners to buy land outright but that is unlikely, Sciaroni added. "If anything, earlier this year, the prime minister made it clear in various statements that foreigners will not be allowed to hold property freehold. For this to change, not only would laws have to be amended, but the Constitution as well," he said. "So we do not expect the law to change anytime in the near future."

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Tuesday, June 03, 2008

Real Estate Boom in Cambodia's Capital

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Real Estate Boom in Cambodia's Capital

A decade ago, Phnom Penh didn't even have a traffic light. Now, high-rise condos and offices are in development and land speculators are raking in profits

At a construction site in the middle of the city, a yellow backhoe levels rubble left from the previous building, an old hospital, while dozens of workmen in hard hats and rubber boots scrape away at the dirt. Nothing that noteworthy about this scene—until you consider the location: the intersection of Monivong and Sihanouk Boulevards, in downtown Phnom Penh.

After spending most of the past three decades struggling to recover from the legacy of the Khmer Rouge's genocidal rule, Cambodia is in the midst of a real estate boom. If all goes as planned, the dirt at Monivong and Sihanouk will soon sprout the country's first skyscraper, a 42-story residential building funded by money from South Korea. A few kilometers away, near the river, workers are clearing a lot for another skyscraper, also Korean and even bigger, with 52 stories.

A decade ago, Phnom Penh lacked even a single traffic light. Today, as land speculators rake in profits and new developments lure tenants, the dilapidated capital, which until recently was dotted with dangling electric wires and garbage-strewn lots, is getting a makeover. All over the city, shanty towns and old villas are being sold for land value and razed to make way for high-rise apartments, office buildings, shopping malls, and new villas.

Other parts of the country are seeing development, too. Developers are targeting Siem Reap (BusinessWeek.com, 4/21/08), near the ancient temples of Angkor Wat, for new hotels.

Does Cambodia Need Skyscrapers?

The Phnom Penh skyscrapers, which will be more than three times higher than the tallest existing building in Cambodia, are the most dazzling projects. And the most controversial. The developer of the $240 million Gold Tower 42, Yonwoo Co., expects construction to take three and a half years to complete. Already, says Teng Rithy, sales manager for Gold Tower 42, "high-ranking Cambodians and some foreigners from other Asian countries" are plunking down deposits. "We are 80% sold out," he boasts.

Not everyone is convinced the skyscrapers make sense. Many lawyers, bankers, and real estate brokers in the Cambodian capital are wondering whether the skyscrapers will really go up and whether there is demand for new construction. So far, new buildings are not having trouble leasing, since the city suffers from a shortage of modern office space. Tenants like the World Bank lease space in rabbit-warren-like villas with odd hallways leading in all directions.

But residential skyscrapers are a new concept in a country that not too long ago was still giving away property, not trying to market a 40th-floor condo for $1.6 million. "I feel it's a little bit early for that," says Sung Bonna, head of Bonna Realty, one of the leading real estate firms in Cambodia. "They said it's going to be a success. But I don't know. If it doesn't happen, it is not good for us."

Bonna says the whole idea of a real estate market in Cambodia is so new that no one can predict how it will turn. "We used to share property, not sell it. After the Pol Pot regime, however many properties you want, you can take all of them." He says there is a need for more modern restaurants, office buildings, and commercial centers, but the supply and demand for residential properties is in balance.

Korean Connection

For now, though, there are promising signs. Prime Minister Hun Sen—whose government at one point or another signs off on the big development deals—likes the skyscrapers and he wants more of them, according to his aide, Sry Thamarong. And land prices are hot. A traditional shop house—4 meters wide by 18 meters deep and going up four to five floors—along the river that sold in 2006 for $300,000 is now going for $600,000 to $700,000. But this is still much cheaper than Ho Chi Minh City in Vietnam, the real estate agents say.

Since Cambodia is still a very poor country that has never seen so much investment capital flying around, the trend is unnerving some observers. "Where is the money coming from? Cash coming out from under the mattresses, cash coming from overseas," says John Brisden, vice-chairman of Acleda Bank, the largest bank in Cambodia. He calls the real estate boom "very unusual" because much of it is not being financed by bank loans. Are there signs that the boom may be running its course? Brisden doesn't see a sudden popping of the bubble. Instead, he says, "people envision a slowdown. The scenario is a lot of empty high-rise properties but no forced sales."

Most of the big new projects are coming from Korea. Financing the Gold Tower 42 skyscraper is Korea's DaeHan Real Estate Investment Trust. Yonwoo is the developer. A director at Yonwoo in Seoul, who asked not to be named, says his company began exploring real estate development opportunities in emerging economies three years ago, when Korea's domestic construction market began cooling. "In view of a number of wealthy Cambodians and a growing number of foreign investors arriving in Cambodia, we are confident Gold Tower 42 will be a success," the director says. Phnom Penh-based salesman Rithy says there are "high-ranking Cambodians" involved in the project, but he won't say who.

Investors Face Legal Hurdles

The 52-story skyscraper announced in January is a project of Korea's GS Engineering & Construction. The Seoul company plans to start construction in June and finish in 2012. A 34-story project near the Russian embassy will have serviced residences for 280 households and several floors of apartment blocks on top, as well as shopping and an international school, according to GS spokesman Choi Byoung Geun. "Cambodia really needs this kind of Class A facility," says the business development chief in Cambodia, Mu-Hion Woo, who figures by the time the $1.2 billion project is built, the demand will be there.

A Korean developer is also behind Camko City, a new suburb northwest of Phnom Penh with a $2 billion price tag that is in the early stages of development. World City, the property developer, began construction last June and is scheduled to complete the first phase by November, 2009, according to Korean contractor Hanil Engineering & Construction, the Seoul-based company that is also the contractor for Gold Tower 42.

There are some legal hurdles for potential investors to overcome. For instance, foreigners are not allowed to own real estate outright in Cambodia. But there are plenty of ways to get around the law. Foreign investors can set up a joint venture with Cambodian partners, use long-term leases, or put the land in the name of Cambodian partners. There's even the possibility of becoming Cambodian. "With an investment of a certain size, you can get citizenship. It's a contribution to the country," says Matthew Rendall, a lawyer with Sciaroni & Associates, a law firm in Phnom Penh.

Evictions in the Name of Development

National Assembly lawmaker Sam Rainsy, a former Finance Minister and leader of the largest opposition party, calls many of the real estate deals "shady." He argues that Cambodia is awash in illegal cash plundered from the sale of national assets, including illegal logging and the sale of public lands, where land titles are easily changed and the sales revenues never get accounted for in the state budget.

And there has been a social cost to all the new development. The scramble for prime land has led to widespread evictions of people without clear land titles to the properties. A report by human-rights group Adhoc in Phnom Penh says in 2006 and 2007 more than 50,000 people were evicted for development. Chan Soveth, program officer at Adhoc, says he expects 4,252 families in Phnom Penh to be evicted from villages surrounding Boeng Kak, a lake in the city where a developer wants to build a new township that will have condos, a hotel, and shopping. "It is very bad and getting worse," says Soveth. Adds human-rights lawyer Am Sam Ath of the nongovernmental organization Licadho: "There is no balance between the big development and the rights of the people."

But with land prices continuing to skyrocket, regardless of what happens with the skyscrapers, there is no indication that the land speculation boom will stop. "No one can predict," says Bonna, but he thinks it could run "maybe five years more."

With Moon Ihlwan in Seoul.

Postlewaite is a reporter for BusinessWeek in Phnom Penh.

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