Cambodia’s construction continues strong growth in H1: minister
Investments in Cambodia’s construction sector have continued to grow sharply in the first six months of the year thanks to sound economic growth and investors’ trust in the country’s political stability, Im Chhun Lim, the country’s Minister of Land Management, Urban Planning and Construction, said Tuesday. The country has received a total investment of 1.94 billion US dollars during the January-June period this year, up 123 percent compared with the 870 million US dollars at the same period last year, he said during the opening of an international exposition on real estate and construction. He said currently, 571 construction companies have been operating in the kingdom. … According to the ministry’s reports, the investments in real estate development had declined from 3.1 billion US dollars in 2008 to 1.98 billion US dollars in 2009 and further drop to 840 million US dollars in 2010. However, the sector started to increase again in 2011 to 1.2 billion US dollars and further grew to 2.1 billion US dollars in 2012. Construction is one of the four pillars supporting the country’s economy. Top ten countries and regions investing in the real estate and construction are South Korea, China, Britain, Thailand, Russia, Japan, Malaysia, China’s Taiwan, India and Vietnam. … Last Friday, Hongkong Land broke ground on a 100 million US dollars mixed-use development project in Phnom Penh’s financial hub. Called Landmark, the building by the Hong Kong-based property group will be on a 10,700-square meter site near the capital’s Freedom Park. The Landmark property will comprise 16 levels of office space, four levels of luxury retail space and three levels of underground parking when completed in 2016, said the firm’s statement released during the ground-breaking ceremony. …
Global Times News Staff
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