​Beijing, Jan 5 (IANS) Two Chinese companies have signed a contract to construct skyscrapers in the Cambodian capital of Phnom Penh, whose height will exceed the Petronas Towers in Kuala Lumpur, currently the tallest twin towers in the world.

Within a period of five years, Sino Great Wall International and the Wuchang Shipbuilding Industry Group will together build the towers, rising to a height of 560 metres - 108 metres more than the Petronas. 

The new towers will stand on the banks of the Mekong river, making them the fifth and sixth tallest buildings in the world, the China Daily reported on Thursday.

The project, having a $2.7 billion budget and signed on December 31, is financed by Cambodia's Thai Boon Roong Group while Macao-based Sun Kian Ip Group will be its co-developer.

The twin towers and the adjacent buildings, which are part of the project, will accommodate offices, apartments, hotels and malls as well as entertainment facilities, according to officials.

In recent years, the Chinese builders have embarked on significant large skyscraper projects in many cities in their country, and as a result nearly half the buildings measuring over 300 meters in the world are situated in China.

Among them is the world's second highest building, the 632-metre high Shanghai Tower, which has the highest observation deck surpassing the one at Burj Khalifa, the world's tallest skyscraper (828 metres) in Dubai.