Permits given for $2b of projects this year

Content image - Phnom Penh Post

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.

MOST VIEWED

  • US think tank warns of China's 'ulterior motives'

    A US think tank on Tuesday warned that spreading Chinese investment in the Indo-Pacific follows a pattern of leveraging geopolitical influence at the expense of the nations receiving investment, including Cambodia. The report looks at a sample of 15 Chinese port development projects, noting that the

  • Defence Ministry denies weapons in smuggling case came from Cambodia

    After a Thai national was arrested last week for allegedly smuggling guns from Cambodia to Thailand, Cambodia's Defence Ministry has claimed the weapons seized during the arrest are not used in Cambodia, despite the fact that both types of rifle seized are commonly found in

  • More than three tonnes of ivory reportedly bound for Cambodia seized in Mozambique

    A total of 3.5 tonnes of ivory reportedly bound for Cambodia was seized by authorities in Mozambique late last week, according to the NGO Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES). CITES' information was based on a report from the

  • Shipwreck found off coast of Koh Kong

    Royal Cambodian Navy researchers are working to identify a decades-old shipwreck found earlier this month off the coast of Koh Kong province. Divers found the 70-metre-long wreck on April 4 about a mile from Koh Chhlam island, according to Navy officials. Deputy Navy Commander Tea Sokha,