Capital’s growth pushes housing demand

Phnom Penh’s growing population is driving demand for residential property, with approvals soaring in the first seven months of this year, according to Lao Tip Seiha, director of the construction department at the Ministry of Land Management, Urban Planning and Construction. A total of 227 construction projects were approved in the period, worth an estimated US$85.1 million, a 28 per cent increase compared to 189 projects, worth $66.3 million year-on-year, ministry statistics show. Some 2,149 projects worth $840 million were approved in 2010, plummeting 58 per cent from the 2,230 projects valued at $1.988 billion in the previous year, according to ministry statistics.