Logo of Phnom Penh Post newspaper Phnom Penh Post - Construction approvals grow

Construction approvals grow

Construction approvals grow

GOVERNMENT-approved construction projects soared 84 percent year-on-year through July to US$747.7 million, which officials called the biggest jump since the property market bust three years ago.

The number of approved projects for the period reached 1,279, a decline from the 1,344 projects greenlighted in the first seven months of 2010. However, construction during the period last year totalled only $405.8 million, which accounted for the increase in value for 2011.

“We’ve haven’t seen the value of construction projects increase this much since the real estate market crashed in the middle of 2008 to 2009,” said Lao Tip Seiha, director of the Construction Department at the Ministry of Land Management, Urban Planning and Construction, yesterday.

He said the increase in value was due to their size, as rice milling facilities, garment and animal-feed factories and apartments, among other construction, have accounted for a significant portion of the projects this year.

The total area for projects between January and July was 2.43 million square metres, compared to 1.28 million square metres the year before, he said.

Lao Tip Seiha noted that the sharp increase in business has made it difficult to find workers to staff the projects. Also, he said many of the projects are taking place in Kampong Speu and Kandal provinces along National Road 4.

Cheng Kheng, managing director at Cambodia Properties Limited, yesterday acknowledged the Kingdom’s property sector is improving this year.

“Developers have started to invest again because they feel confident the sector’s growing. There has been a lot of buying and selling in the city and outskirt areas,” he said.

MOST VIEWED

  • Temi tourism project approved by the CDC

    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. The project is part of Chinese-owned Union City Development Group Co Ltd’s (

  • Rainsy will return at ‘favourable time’

    Opposition figure Sam Rainsy on Saturday suggested he would not return to Cambodia as he had previously promised, saying that like liberators King Father Norodom Sihanouk and Charles de Gaulle, he would only do so at a “favourable time”. “I will go back to Cambodia

  • NagaWorld casino sees net profit of more than $390M last year

    Phnom Penh’s NagaWorld casino posted a 53 per cent net profit increase last year at $390.6 million, a sum which is almost equal to the combined net profit of all Cambodian commercial banks in 2017. NagaWorld’s parent company, NagaCorp Ltd, is listed on the Hong Kong

  • US Embassy urged to stop ‘disrespecting sovereignty’

    The Ministry of Foreign Affairs and International Cooperation called on the US Embassy in Phnom Penh on Saturday to respect the Vienna Convention on Diplomatic Relations after it called former opposition leader Kem Sokha “an innocent man” – a move deemed to be “disrespecting Cambodia’s