Phnom Penh welcomed 583 investment projects worth $1.37 billion during the first five months of the year despite the Covid-19 pandemic’s impact on the construction sector, Municipal Department of Land Management, Urban Planning and Construction director Sarin Vanna told a press conference on Tuesday.

At the press conference, titled Progress and Continuing Direction of Phnom Penh Municipal Administration, Vanna said the 583 projects cover a total of 2.88 million sqm.

He admitted that the Covid-19 crisis had deterred foreign investors from investing in construction in Cambodia.

Cambodia Constructors Association general manager and secretary Chiv Sivpheng told The Post on Wednesday that although the pandemic has stalled some construction projects in Phnom Penh, major projects are continuing as usual.

He added that the acquisition of new construction projects underscores the confidence and interest of investors in Cambodia’s economic and political situation.

“Economic growth will continue to boost Cambodia’s construction sector. Large and tall buildings will spring up in even greater numbers across Phnom Penh,” said Sivpheng.

Without citing specific figures, he said he did not believe that the number of construction permit applications dropped in the first five months of the year from last year.

Keller Williams (KW) Sen Sok regional operation principal Sam Soknoeun said the capital’s construction sector is not as vibrant as last year, but there will be a sharp rebound once the world can contain the Covid-19 epidemic.

He added that with the government’s open policy towards foreign investment, the Kingdom will see an influx of foreign funds after the end of the crisis.

“The array of projects approved in Phnom Penh and the range of their prices are vast, and construction may see a strong rebound by the end of the year,” he said.

Vanna said there are currently 1,292 buildings in the capital that are at least five storeys tall, as well as 244 gated-community project sites.