Cambodia's real estate sector is performing well as usual although the Covid-19 crisis has slowed down home sales activity, Prime Minister Hun Sen said via Facebook on Tuesday.
Amid unprecedented delays, disruptions and uncertainty in the construction sector set on by the Covid-19 pandemic, the Arakawa Residence project, an affordable housing development project, is moving faster.
Phnom penh welcomed 583 investment projects worth $1.37 billion during the first five months of the year despite the Covid-19 pandemic’s impact on the construction sector, Municipal Department of Land Management, Urban Planning and Construction director Sarin Vanna (pictured) told a press conference on Tuesday.
Investment continues to pour into Cambodia’s tourism sector and hospitality industry, setting an optimistic mood that the Kingdom will soon welcome back international visitors.
The manufacturing industry is facing a slowdown in demand for warehousing, but prices have remained relatively unchanged, real estate insiders have said.
The government has set September 30 as the deadline for property owners to pay their 2020 tax as a large number of property owners have not yet obliged.
With the ongoing coronavirus pandemic, coupled with an online gambling ban that went into effect on January 1, growth in the casino hotspot of Bavet town in Svay Rieng province has slowed down to a crawl.
The government has approved the construction of a $100 million five-star hotel in Preah Sihanouk province that officials say will be ready to welcome tourists once Covid-19 disappears.
Singapore-headquartered start-up MVLLABS Pte Ltd (MVL) announced that it had completed a Series A extension round for an undisclosed amount.
Demand for retail outlets in malls and shopping centres has seen gradual decline amid the Covid-19 outbreak, while prices have remained relatively stable, real estate experts have said.