South Korean-owned Booyoung Khmer II Co Ltd on Wednesday launched sales of its Borey Sensok Booyoung gated-community project in the capital’s western Sen Sok district.
Land prices in Phnom Penh have seen the slowest growth in a decade due to the Covid-19 pandemic, according to a survey by real estate firm CBRE Cambodia.
Long known as an industrial zone that generates tens of thousands of jobs, the capital’s Veng Sreng area will welcome a new entrance of an attractive mix of much-loved homegrown brands and international retailers, and a variety of dining options.
The total outstanding loans extended to the real estate and construction sector by banking institutions in Cambodia amounted to nearly $7.69 billion as of the end of the first half of this year, the National Bank of Cambodia (NBC) said in its Semi-Annual Report 2020 released on July 8.
The prolonged decline in international arrivals to Cambodia intensified by renewed Covid-19 fears has driven down condominium sales prices and rental rates in Phnom Penh, a research report said.
Capital investment in the construction sector climbed 13.26 per cent year-on-year to more than $3.84 billion in the first half of this year, the Ministry of Land Management, Urban Planning and Construction said in a report.
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.