Value of construction in Cambodia skyrockets

Value of construction in Cambodia skyrockets

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A new skyscraper in Phnom Penh. Photograph: Sreng MengSrung/Phnom Penh Post

The amount of money spent on construction in Cambodia soared by 72 per cent in 2012 compared to 2011, according to data from the Ministry of Land Management, Urban Planning and Construction.

The ministry said it had issued 1,694 construction patents covering 6.5 million square metres of land, involving total capital of $2.1 billion in 2012, compared with 2,125 patents for 4.2 million square metres and capital of $1.2 billion in 2011, an increase of 71.9 per cent, the data shows.

Lao Tip Seiha, deputy general director of construction at the Ministry of Land Management, Urban Planning and Construction and an adviser to the Supreme National Economic Council, said the significant growth of capital was due to several construction projects in 2012, as many high buildings on more than 3,000 square metres each had been constructed in Phnom Penh in 2012 and in provinces such Preah Sihanouk, Battambang, Kampong Thom and Kandal.

“Because Cambodia’s economic situation is stable, the capital has increased well, local and international investors are confident in the political policies, and our country is rich in infrastructure,” he said.

As Cambodia’s population and economy have climbed steadily, the demand for housing, trade buildings, offices, factories, hotels, schools, hospitals and entertainment centres has increased as well.

“In 2013, construction will be boosted further than in 2012 despite Cambodia holding a general election, because the economic situation, daily life, micro-finance and security are good, and investors have confidence in the government. All these are the foundations to push the national economy, because it can provide many jobs to people such as workers, architects, engineers, technicians... and urge the price of real estate up further,” Tip Seiha said.

Many countries have invested in Cambodia since 2000, such as China, South Korea, Britain, Thailand and Malaysia.

In 2012, several big Japanese companies have also invested heavily in Cambodia.

 

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