Cambodia sees 29 pct growth in construction sector in 10 months

Cambodia’s construction sector had received a total investment of 2.48 billion US dollars in the first 10 months of 2013, up 29 percent compared with 1.92 billion dollars over the same period last year, a government report showed Thursday.

During the January-October period this year, the Ministry of Land Management, Urban Planning and Construction had granted licenses to 1,370 construction projects, down 8 percent from 1,494 projects at the same period last year.

Lao Tip Seiha, deputy director of the Ministry’s Construction Department, said those projects included condominiums, residential units, commercial buildings, hotels, casinos and factories.

“Construction is playing an important role to develop the economy,” he said. “The growth is thanks to Cambodia’s economic and political stability and favorable business climate for investors.”

Nuon Rithy, managing director of Bonna Realty Group, said Thursday post-election political stability was a major factor contributing to the growth in the sector.

“Since the July’s election, buying and selling properties are normal and prices of properties are stable,” he said. “This reflects public confidence in the country’s political stability.”

Top 10 countries and regions investing in the country’s real estate and construction are South Korea, China, Britain, Thailand, Russia, Japan, Malaysia, China’s Taiwan, India and Vietnam, the Ministry said in the report.

Construction is one of the four pillars supporting the economy. The country currently has 571 registered construction companies. The sector attracted the investment of 2.1 billion dollars last year.

source

http://www.nzweek.com/business/cambodia-sees-29-pct-growth-in-construction-sector-in-10-months-103461/