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Real Estate: Residential approvals stabilise

Real Estate: Residential approvals stabilise

THE value of residential projects approved in Phnom Penh declined only slightly in the first half of this year from the same period last year, according to official figures.

The Ministry of Land Management, Urban Planning and Construction gave the green light to 2,253 housing units worth US$150 million in the first half of 2010, a 1.42 percent drop on the 2,352 worth $152 million approved in the first half of last year.

Figures for the whole of 2009 showed a 47.2 percent decline in the number of units approved compared with 2008.

Construction Department Director Lao Tip Seiha said there were positive signs for the construction sector despite the slight decline in approvals in the year to the end of June.

“It’s a good sign that the numbers remain stable,” he said.

A total of 35 large villas and 2,218 houses and flats have been approved this year, according to the ministry, from a respective 189 and 2,163 units granted the go-ahead last year.

Still, Lao Tip Seiha said he was concerned demand would outstrip supply particularly among people in the lower income brackets moving to Phnom Penh.

“We must add another 1.2 million homes in Cambodia by 2030,” he said.

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