Logo of Phnom Penh Post newspaper Phnom Penh Post - Big money projects brighten prospects for PP construction




Big money projects brighten prospects for PP construction

Content image - Phnom Penh Post
The capital welcomed 583 investment projects worth $1.37 billion during the first five months of the year. YOUSOS APDOULRASHIM

Big money projects brighten prospects for PP construction

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.

Content image - Phnom Penh Post
Municipal Department of Land Management, Urban Planning and Construction director Sarin Vanna said at a press conference on Tuesday. Hean Rangsey

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.

MOST VIEWED

  • Seven positive for Covid-19, Hun Sen confirms local transmission

    Prime Minister Hun Sen announced that there has been local community transmission of Covid-19. However, he urged the people not to panic even though the Ministry of Health announced the discovery of seven new cases on Sunday. Among the victims are Chhem Savuth, the director-general

  • Cambodia at ‘most critical moment’, Hun Sen warns

    Prime Minister Hun Sen said the first community transmission of Covid-19 in Cambodia has led the country to the “most critical moment” that warranted urgent, large-scale operations to contain the pandemic. Hun Sen, who confirmed the first local transmission on November 28, said the source of

  • PM confirms community transmission, calls for unity

    Prime Minister Hun Sen has called on the public to stay calm, unite and follow the Ministry of Health guidelines after the wife of a senior official tested positive for Covid-19 in the Kingdom’s first case of community transmission. The case has drawn criticism

  • Over 110 garment factories close

    A government official said on November 22 that at least 110 garment factories had closed in the first nine months of the year and left more than 55,000 workers without jobs – but union leaders worry those numbers could be much higher. Ministry of Labour and Vocational Training undersecretary

  • Singapore group seeks $14M in damages from PPSP over ‘breach of contract’

    Singapore-based Asiatic Group (Holdings) Ltd is seeking a minimum of $14.4 million relief from Cambodia Securities Exchange (CSX)-listed Phnom Penh Special Economic Zone Plc (PPSP) for allegedly breaching a power plant joint venture (JV) agreement. Asiatic Group’s wholly-owned Colben System Pte Ltd and 95 per

  • PM vows to protect Hun family

    Prime Minister Hun Sen has vowed to continue his fight against opposition politicians who he said intend to smash the Hun family. Without naming the politicians but apparently referring to former leaders of the Supreme Court-dissolved Cambodia National Rescue Party (CNRP), Hun Sen said there