Permits given for $2b of projects this year

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Permits given for $2b of projects this year

Figures from the Ministry of Land Management, Urban Planning and Construction show that more than $2 billion worth of Cambodian construction projects have been given the green light so far this year.

Construction department deputy general director Lao Tip said permits for 1,478 construction projects worth $2.03 billion had been issued in the first nine months of 2014.

“Investment in the construction sector has improved, especially residential construction,” Tip said. “Many residential developers sought construction permission in 2014 as property transactions saw strong growth.”

Work started on a number of large construction projects in 2014 including The Bridge, Casa Meridian, Diamond One, Embassy Residences and Sky Villa, along with smaller residential projects including boreys (gated communities), hotels,
guesthouses, warehouses, factories, rice mills and business hubs.“The investment capital in the construction sector will continue to increase in the whole year 2014 because many big residential developers are asking for construction permission from the ministry,” he said.

Total investment in the construction sector was worth $2.77 billion in 2013.

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