Sharp decrease in approved construction projects

Source : Khmer Times 

Despite the drop in the number of approved projects, Phnom Penh’s skyline continues to expand quickly. KT/Chor Sokunthea

The Ministry of Land Management this week reported a 19 percent drop in the number of approved construction projects for 2018, with only 2,867 projects being greenlighted, compared to 3,052 last year.

Total investment in construction projects this year totalled $5.2 billion, down from 2019’s $6.4 billion. Continue reading

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Construction sector sees 20% fall

Source : Phnom Penh Post 

One Park Condominium, a project developed by Graticity Real Estate Development Co Ltd, is under construction in the capital’s Boeung Kak area in May. Hong Menea

The Kingdom’s construction sector has seen a 20 per cent fall in capital investment this year compared to last year, while the government collected nearly $100 million in national revenue from real estate services, according to the Ministry of Land Management, Urban Planning and Construction’s 2018 annual report released on Monday. Continue reading

Vendors cheer electricity price cut

Source : Khmer Times 

Vendors will see the price of electricity drop to about only 740 riel per kilowatt. KT/Chor Sokunthea

Market vendors in the capital yesterday welcomed the government’s decision to reduce the price of electricity from 1,000 riel to only 740 riel per kilowatt hour.

Last week, Prime Minister Hun Sen announced the government’s decision to bring down electricity costs while speaking at the launch of the Lower Sesan II hydro project. Continue reading

Capital’s apartments set to triple by 2030

Source : Phnom Penh Post 

Tronum Sothearos stands out with its abundance of greenery in Chamkarmon district’s Tonle Bassac commune. The number of apartments in Phnom Penh is set to almost triple by 2030. Photo supplied

Phnom Penh’s Chamkarmon and Tuol Kork districts will continue to see investment in apartments, while Sen Sok will become a new target market, as the number of apartments in Phnom Penh is set to almost triple by 2030.

According to a report issued on Tuesday by property firm VTrust Appraisal, Chamkarmon district ranks first in terms of apartment numbers, with 5,820 units spread across 230 projects, equivalent to 64 per cent of the total supply. Continue reading

Electricity subsidy to boost manufacturing

Source : Khmer Times

The government will subsidise the electricity sector with a $50 million package that will lower electricity costs from 2019 onwards. KT/Chor Sokunthea

Cambodia’s upcoming cut in electricity costs will likely lower manufacturing and operation costs for the export-reliant nation, delivering a boost to the business sector while potentially attracting more foreign investment, top executives said.

The cut is made possible through the government’s plan to subsidise the electricity sector with a $50 million package that will bring down electricity costs from 2019 onwards. Continue reading

Russey Keo, a project away from a boom

Source : Khmer Times 

High-rise residences and mixed-use complexes will soon make their debut in Russey Keo district. Realestate.com.kh

Earlier this year, the World Bank reiterated that Cambodia’s GDP growth will stay above 6 percent through 2020. All this growth means that Phnom Penh is becoming more bustling, busy and more international with each passing day. Because of this, land and property prices are also on the rise. The outer districts of the capital, particularly Russey Keo in the north, are becoming some of the most popular areas to live and start a business. Continue reading

Preah Sihanouk governor orders firm to end activities in national park

Source : Phnom Penh Post

A view of a filled-in beach in Preah Sihanouk province. Photo supplied

Preah Sihanouk provincial governor Yun Min has ordered a local company to cease all development in the Prek Koh Khyong area within the Ream National Park, which the firm plans to turn into a tourist attraction.

Citing environmental concerns in a letter issued on Monday, Min ordered HTTH Island Investment to stop building a jetty and a gravel road leading to the Prek Koh Khyong beach in Prey Nop district’s O’Chrov commune. Continue reading