Logo of Phnom Penh Post newspaper Phnom Penh Post - Investment on the rise nationwide

Investment on the rise nationwide

Investment on the rise nationwide

The dollar figure on government-approved investments in construction for the first eight months of the year increased by 92 per cent compared to the same period in 2010, according to official statistics.

The Ministry of Land Management, Urban Planning and Construction approved 1,470 construction projects worth US$881.3 million between January and August, according to ministry statistics released yesterday. The ministry gave the green light to 1,580 projects worth $458.4 million during the same period in 2010.

“For the first eight months of this year, we approved fewer construction projects than last year, but we approved a lot of large construction projects that are worth more,” Lao Tip Seiha, director of the ministry’s construction department, said yesterday, noting that many of the ventures were large housing developments, garment factories, rice mills and hotels.

The 273 residential projects approved in Phnom Penh alone were worth an estimated $99.1 million, a 19.39 per cent increase compared to the 247 projects worth $83 million a year earlier, the statistics showed.

Lao Tip Seiha attributed investor confidence in the Kingdom’s construction industry to what he said was a stable political environment.

Cheng Kheng, managing director of Cambodia’s Property Limited, said yesterday that now was the right time to restart housing projects after three years of unstable global markets.

“This is a good sign that shows our construction sector is continuing to grow,” he said, adding that investors were returning from countries such as Malaysia, Japan, China and Vietnam.

Previous figures from the Ministry showed that 2,149 construction projects worth a combined $840 million were approved in 2010, a sharp decrease from the 2,230 projects worth $1.99 billion approved in 2009.

MOST VIEWED

  • Stock photo agencies cash in on Khmer Rouge tragedy
    Stock-photo companies selling images from S-21 raises ethics concerns

    A woman with short-cropped hair stares directly into the camera, her head cocked slightly to the side. On her lap is a sleeping infant just barely in the frame. The woman was the wife of a Khmer Rouge officer who fell out of favour, and

  • US think tank warns of China's 'ulterior motives'

    A US think tank on Tuesday warned that spreading Chinese investment in the Indo-Pacific follows a pattern of leveraging geopolitical influence at the expense of the nations receiving investment, including Cambodia. The report looks at a sample of 15 Chinese port development projects, noting that the

  • Defence Ministry denies weapons in smuggling case came from Cambodia

    After a Thai national was arrested last week for allegedly smuggling guns from Cambodia to Thailand, Cambodia's Defence Ministry has claimed the weapons seized during the arrest are not used in Cambodia, despite the fact that both types of rifle seized are commonly found in

  • More than three tonnes of ivory reportedly bound for Cambodia seized in Mozambique

    A total of 3.5 tonnes of ivory reportedly bound for Cambodia was seized by authorities in Mozambique late last week, according to the NGO Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES). CITES' information was based on a report from the