$6 Billion in Building Projects

[geovalin]

During the past five years the government approved close to $6.83 billion worth of investments in 1,183 construction projects, according to a senior official from the Ministry of Land Management, Urban Planning and Construction. “Building development in the country has moved rapidly over the past five years. According to ministry figures there are 741 buildings from five floors onwards, in Phnom Penh. This includes residential accommodation, condominium buildings, commercial and office buildings, and hotels,” said Lao Tip Seiha, deputy general director of the construction department in the Ministry Of Land Management, Urban Planning and Construction.
 

“As at June 30, the government has approved some $6.83 billion of capital investments in constructions with construction permits given out to approximately some 1,183 projects,” said Mr. Seiha. Mr. Seiha added that investment in construction projects last year and early this year rose due to a boom in investment that included Aeon Mall 2 and other shopping malls, special economic zones and multi-storied commercial buildings.
 

“This year, 61 new buildings are under construction [in Phnom Penh]”, he said. Investment in the construction sector reached an all-time high last year at almost $3.5 billion, up about 40 percent from the $2.5 billion invested in the sector in 2014, according to data from the ministry.

 

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