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Construction approvals soar

Construction approvals soar

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A woman cycles past homes in the Grand Phnom Penh International City development last month.

Construction approvals granted by government authorities have increased 158 per cent in the first 11 months of the year, compared with the same period last year, figures showed.

Some 1,980 potential projects worth about US$1.6 billion were give the green light from January through to November, compared with an approximate 2,000 construction projects worth $655 million approved in the same period last year, according to Ministry of Land Management, Urban Planning and Construction figures obtained yesterday.

Construction Department Director Lao Tip Seiha said yesterday that the ministry had approved a number of larger developments such as residential developments, factories and tourist and leisure facilities.

“While the number of approved projects were less than in 2010, we have granted many larger projects this year resulting in a growth of project values,” he said.

The figures showed that a total of 398 residential projects in Phnom Penh, worth $129 million, were approved in the first 11 months – a 19.4 per cent year-on-year increase.

“I am confident that the construction sector will continue to increase due to better policies, political stability and bourgeoning economy,” Lao Tip Seiha said, adding that the positive factors will continue to attract local and foreign investors alike.

Some industry experts said the figures indicated that it is now the right time for developers to begin residential development projects.

“The increase in the number of projects is due to the increasing number of transactions, displaying steady recovery in the property market,” said Cheng Kheng, director of real estate company Cambodia Property Limited.

“We have seen many new residential development projects are on their verge of preparation, while some others are under the construction this year,” he said, adding that foreign investors, especially from Malaysia, Japan, China and Vietnam, are returning to the Kingdom.

Previous ministry figures showed a total of 2,149 projects, worth $840 million, were approved in 2010, while 2,230 projects valued at $1.9 billion were given the go-ahead in 2009.

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