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Building news: Approvals soar in July to $76.7m

Building news: Approvals soar in July to $76.7m

Building news
THE number and value of construction projects in the Kingdom substantially increased in July, according to the Ministry of Land Management, Urban Planning and Construction.

Despite a 71 percent drop, the value of projects during the first six months, July saw the ministry approve 250 projects worth US$76.7 million, an 88.5 percent increase on the $40.7 million value of July 2009’s 180 projects.

Projects approved included a 16-storey condominium in Chamkarmorn district, Phnom Penh, a garment factory and warehouse in Dangkor district, and a development by Boeung Tumpun Economic Centre.

Lao Tip Seiha, director of the construction department of MLUC, said yesterday that the government had sought to better facilitate investment in construction and the results were clear.

He added that introducing the foreign property co-ownership law also made investors feel confident.

A sense of optimism seems to be growing in the sector, which learned yesterday that what would be the world’s second-tallest skyscraper is planned for Phnom Penh’s Diamond Island.

David Simister, chairman of CB Richard Ellis Indochina, said yesterday: “We believe that the market is now in a positive growth phase after two years of stagnation.”

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