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.
A groundbreaking ceremony was held on Thursday for a $230 million 62-storey twin building project in Phnom Penh, scheduled to be completed by 2023.
While Cambodia’s real estate sector is currently seeing strong growth in coastal areas, an industry insider has said the two main international border checkpoint areas, Poipet and Bavet, have also been attracting more investors – boosting prices to almost double in some parts.
The Gold Tower 42 building had its last beam put in place on Monday, officially signalling the end of a more than 10-year construction delay that started during the 2008 global financial crisis due to a lack of funds.