Value of Approved Property Projects Soar

The value of construction projects approved by the government during the first nine months of the year reached $1.83 billion, an 83.61 percent increase compared to the same period in 2011, according to data released yesterday by the Ministry of Land Management. Tith Khemra, director of the construction department at the ministry, said that the value of approved developments this year soared past the $999.3 million worth of projects posted during the first nine months last year. However, the number of approvals actually decreased 19.65 percent to 1,357, a sign that the projects being approved are more at the higher end of the market. … Other approvals that helped increase the value included large retail developments such as the 68,400-square-meter high-end shopping complex being built by Japan’s Aeon Mall Co. Ltd. on Sothearos Boulevard. The project is set to break ground next month. Another shopping center currently being built by Malaysia’s Parkson Corporation Sdn. Bhd. near the U.S. Embassy was also approved. …

http://www.cambodiadaily.com/business/value-of-approved-construction-projects-soars-4762/