A satellite city featuring a 222-meter observation tower on it will be built at an island opposite Phnom Penh's NagaCorp Casino, local media reported on Friday.

The Phnom Penh municipality has leased the island Koh Pich to Overseas Cambodian Investment, a parent company of Canadia Bank. Contract-signing ceremony was held on Thursday, The Cambodia Daily reported.

While declining to release the plans, Touch Sam Nang, the architect for the project, described that "we will construct cultural and tourism areas, a hospital, a shopping mall, villas, flats, hotels, schools, offices and a 222-meter high tower from which everybody will be able to see the whole of Phnom Penh."

The exact term of the lease is 90 years, and the construction will be completed by 2015, Touch Sam Nang said.

Between 60 million U.S. dollars and 70 million will go into infrastructure, including a bridge to be known as the second Preah Monivong bridge, and about 200 million is planned for the buildings, according to Touch Sam Nang.

Source: Xinhua