Better Recovery for Construction and Real Estate Sector
2012 has been an impressive year for Cambodia’s economic resilience. Among the many sectors that had positively grown are the construction and property development [sic] and they are expected to be among the highest growth achievers in the current year as well. … In 2012, the Ministry of Land Management recorded investments on construction had grown by 72 percent to US$2,109 million for 1,694 projects covering 6.5 million square meters, an increase from the previous US$1.2 billion for 2,125 projects covering 4.2 million square meters in 2011. … Amid the last year’s strong recovery, construction on residential projects such as ‘Borey’ and apartments claimed a large proportion (about 70 percent off the total projects) and is likely to surge higher responding to the growing local populations (about 10,000 new families are added to Phnom Penh annually), along with more incoming foreign nationals for living and business purposes which require more residential supplies. … Due to development disparity, growth varies between zones. The property market recovery has appeared vigorously only at the popular industrialized zones such as Phnom Penh’s downtown, leaving the low industrialized areas like suburbs and rural areas less commercialized. … With more investors coming, Kheng observes now international firms are competing with the local property developers as they begin to understand more about the local markets, knowledge which they previously lacked. … The important thing in this property business, according to Cheng Kheng is having accurate data. “The key to improve this industry is to have a one-stop recording center where all transactions have been recorded properly and published to the public. In that way, it will be easier for the public to keep themselves up-to-date with the market.” …
