Cambodia construction sector takes off

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Phnom PenhThe construction sector in Cambodia attracted investment projects of about $2.1 billion last year, a 72 per cent rise compared with 2011, according to a report released by the Ministry of Land Management, Urban Planning and Construction on January 25.

The report said that in 2012, the ministry provided licenses to 1,694 construction projects, down 20 per cent from 2,125 projects in a year earlier, but at a higher value.

Lao Tip Seiha, deputy director-general of the ministry’s construction general-department, said that new projects had been shopping malls, tourism resort developments, commercial buildings, hotels, condominiums, rice mills and garment and footwear factories.

“The remarkable rise last year is thanks to stable economic situation and full security and political stability,” he said, ”These are the priority factors to build confidence among both local and foreign investors.”

Construction is one of the four pillars supporting the Cambodian economy. Top 10 countries and regions investing in the Cambodia’s real estate and construction are South Korea, China, Britain, Thailand, Russia, Japan, Malaysia, China’s Taiwan, India and Vietnam.

The International Monetary Fund (IMF) said in a report released in early January 2013 that construction had re­bounded thanks to cheap and available credit for building projects. But the IMF warned that the growth of lending by banks, estimated at more than 30 per cent for 2012, was nearing a level last seen before Cambodia’s property bubble burst in 2008. Prior to the bust, property prices in some areas of Phnom Penh had grown tenfold between 2005 and 2008

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Reading Time: 1 minute

The construction sector in Cambodia attracted investment projects of about $2.1 billion last year, a 72 per cent rise compared with 2011, according to a report released by the Ministry of Land Management, Urban Planning and Construction on January 25.

Reading Time: 1 minute

Phnom PenhThe construction sector in Cambodia attracted investment projects of about $2.1 billion last year, a 72 per cent rise compared with 2011, according to a report released by the Ministry of Land Management, Urban Planning and Construction on January 25.

The report said that in 2012, the ministry provided licenses to 1,694 construction projects, down 20 per cent from 2,125 projects in a year earlier, but at a higher value.

Lao Tip Seiha, deputy director-general of the ministry’s construction general-department, said that new projects had been shopping malls, tourism resort developments, commercial buildings, hotels, condominiums, rice mills and garment and footwear factories.

“The remarkable rise last year is thanks to stable economic situation and full security and political stability,” he said, ”These are the priority factors to build confidence among both local and foreign investors.”

Construction is one of the four pillars supporting the Cambodian economy. Top 10 countries and regions investing in the Cambodia’s real estate and construction are South Korea, China, Britain, Thailand, Russia, Japan, Malaysia, China’s Taiwan, India and Vietnam.

The International Monetary Fund (IMF) said in a report released in early January 2013 that construction had re­bounded thanks to cheap and available credit for building projects. But the IMF warned that the growth of lending by banks, estimated at more than 30 per cent for 2012, was nearing a level last seen before Cambodia’s property bubble burst in 2008. Prior to the bust, property prices in some areas of Phnom Penh had grown tenfold between 2005 and 2008

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