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

New public-private mechanism to ‘fill gaps’ in tourism development

Source : Khmer Times 

Tourists visit the Angkor Wat temple in Siem Reap. KT/Mai Vireak

A new mechanism has been established to facilitate cooperation between the government and members of the private sector in boosting tourism development.

The Board on Tourism Marketing and Promotion seeks to strengthen the promotion of Cambodia as a tourism destination abroad. 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

Airport annex may displace villagers

Source : Phnom Penh Post 

Preah Sihanouk Governor Yun Min informs families living in the vicinity of the province’s Kang Keng airport about a potential relocation as the government plans to expand it. Photo supplied

Preah Sihanouk provincial governor Yun Min has informed 62 families living in the vicinity of the province’s Kang Keng airport about a potential relocation as the government plans to expand it.

During a meeting with the villagers in Prey Nop district’s Ream commune on Monday, Min said living close to the airport affects the Kingdom’s image and the government’s plan to turn it into an international airport. Continue reading