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Housing projects on rise in capital

The value of Phnom Penh housing investments approved by the government from January to October has risen more than 10 percent, compared to the same period of last year.

Period Construction Project Amount(million)
Jan-Oct 2009 249 US$ 179
Jan-Oct 2010 250 US$ 197

* Based on the figures released by the Ministry of Land Management, Urban Planning and Construction.

These figures demonstrate that the residential development market in Phnom Penh is in recovery. Lao Tip Seiha, director of the department of construction at the Ministry of Land Management, Urban Planning and Construction, said that it is a good sign, even though the world economic crisis is still affecting the construction sector. He strongly believes the construction sector will see a step-by-step recovery this year. According to the housing development policy for 2010 to 2030, 1.2 million homes must be built nationwide. This should provide a further boost to the industry.

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