A three-storey Chinese-backed mall in the capital will officially open in December this year, according to a company announcement on Thursday.
The Naga3 development project that’s on the site of the former “White Building” in Chamkarmon district’s Tonle Bassac commune in Phnom Penh, is set to commence construction in late September or early October.
Sovanna Shopping Center, whose investor is Pung Kheav Se, chairman and director at real estate developer Overseas Cambodian Investment Corporation, is scheduled for renovations to attract more customers.
Cambodia’s construction sector remained strong during the first four months of this year following a nearly 20 per cent drop last year, according to Ministry of Land Management, Urban Planning and Construction figures.
The presence of Chinese investors and tourists in Sihanoukville continued to push real estate transactions and increase prices in the city, with major construction activities underway, say property insiders.
THe Ministry of Economy and Finance has – as of press time – not received any documents about the Naga 3 project development, the director-general of the General Department of Financial Industry under the Ministry of Economy and Finance, Mey Vann, said.
A major Siem Reap-based wildlife and aquarium project worth $70 million in investment will begin construction in May.
Condominium demand in Phnom Penh remains low, despite an excess in supply and many construction projects continuing to rise.
Land prices in Phnom Penh continued to show signs of upward movement at the beginning of this year, led by Sen Sok district, while Chroy Changvar district remains stagnant, according to a real estate developer’s report.
The $500.4 million Tourism, Ecological, Marine and International (Temi) tourism project has been approved by the Council for the Development of Cambodia (CDC), according to a notice on its Facebook page on Monday.