Foreign Property News | Posted by Si Thu Aung
Construction investment capital in Cambodia was valued at around $3 billion in the first half of this year, a more than 50 per cent increase compared to the same period last year, according to data from the Ministry of Land Management, Urban Planning and Construction.
The data show that a total of 2,047 construction projects worth an estimated $3.39 billion were approved during the period. The value increased 57.57 per cent from the same period last year, with 1,643 projects worth $2.125 billion.
Of this, $3.07 billion was approved at the national level and more than $318 million at the sub-national level.
Cambodia Constructors Association general manager Chiv Sivpheng said rising investor confidence in political stability and economic growth, along with stricter restrictions imposed by the authorities, has boosted the number of construction permit applications.
He said construction projects have appeared almost everywhere, especially in two special economic hubs – Phnom Penh and Preah Sihanouk province. Most of the projects currently under construction are large ones with huge investment capital.
“Given the situation, I think that the number of projects and the construction investment capital in Cambodia will continue to grow in the second half of the year,” he said. He said authorities need to increase the quality of construction as investment capital continues to climb.
The Kingdom’s construction sector is currently under heightened scrutiny, especially in terms of quality after a Chinese-owned seven-storey building collapsed in Sihanoukville, leaving 28 workers killed and 26 injured.
Ministry of Land Management, Urban Planning and Construction spokesman Seng Lot could not be reached for comment on Tuesday.
Last year, Cambodia’s construction investment capital was worth more than $5.2 billion, down 18.66 per cent from $6.4 billion in 2017.
Ref: Property Report
