CBRE Cambodia is delighted to present our Weekly Property News Round-up for February 27th, 2020.
No More Stamp Duty on Homes Sold Under USD70k
Khmer Times | February 26th, 2020
In response to the COVID-19 virus outbreak, the Cambodia government took a preemptive measure despite no significant direct impact. The government has decided to exempt the 4 per cent stamp duty tax on all residential developments value less than USD70k until January next year. Such action has great potential in boosting the affordable landed property sale but likely to cause some hazards if market prices begin to fall.
CDC Approves Three Major Development Projects Worth Over USD600 Million
Construction Property | February 25th, 2020
The Council for the Development of Cambodia (CDC) has greenlighted three new investment projects worth a total of USD662 million. The first project is an investment worth USD478 million by Royal Cambodia Hospital Co., Ltd. The new hospital development is located in the ING city. The second development is a new shopping mall development by Chip Mong Retail Co., Ltd. The project was estimated to cost approx. USD113.9 million. The third development is a multi-service resort development project by Angkor Wildlife & Aquarium located in Siem Reap Province. The project has the investment capital of USD71.7 million.
Kingdom’s Economic Growth Maybe Lower Thank Previous Prediction
AKP | February 25th, 2020
Cambodia’s economic growth in 2020 was predicted at 6.5 per cent, however it might witness a lower number due to the impact caused by the COVID-19 virus outbreak, said PM Hun Sen. The prime minister mentioned that the outbreak has radiated negative energy on some of the economic pillars, especially tourism sector. The GDP growth rate for 2020 is now estimated at around 6 per cent, down from 6.5 per cent, said Mr Prime Minister. He continued by commenting on the declining rate of foreign tourist arrivals to the Kingdom in the second month of 2020, which dropped by 60 per cent.
Cambodia Airports Vows to Finish Sihanoukville Airport Expansion by 2022
Construction Property | February 26th, 2020
The first phase of the Sihanoukville Airport expansion is set to be completed by the first half of 2022, said Cambodia Airports. The meeting between the state Secretariat of the Civil Aviation and Cambodia Airports was held on the 25th February 2020 to discuss main agenda items, including the expansion of a new passenger terminal, the runway upgrade, the new taxiway, and the overall expansion plan. The current 2,500 meters runway will receive an extension to 3,300 meters and is currently under construction. The new runway is expected to be operational by mid-2020.
Thailand, Cambodia Launch Cross-border QR Payment
The Paypers | February 20th, 2020
Bank of Thailand (BOT) and National Bank of Cambodia (NBC) have jointly announced a new payment method in the form of QR code-based retail payment. The new QR payment system will allow Cambodian tourists visiting Thailand to use the mobile banking app to scan for QR code and pay in Khmer riel. The maximum payment per day is KHR 5 million (USD1,224). The same process will apply to Thai tourists visiting Cambodia. The two countries believe that the new payment system will strengthen the trade and tourism between both countries and is due to start by the third quarter this year.
Plan for Cambodia-South Korea Friend Bridge in the Pipeline
Khmer Times | February 21st, 2020
The South Korean government is taking into consideration the request from PM Hun Sen, to provide financial assistance for a major infrastructure project, a bridge. The project is estimated to cost circa USD100 million and will be financially assisted by South Korean government. The bridge will link Chroy Changvar area to Svay Chhrum Arey Ksat. Once completed, the bridge will play an important role in boosting developments in the area. Based on a statement released by the Transport Ministry, the bridge location has already been selected and is currently under a feasibility study.
Borey Morokot Thansur on Bokor Mountain set to Open Construction by The End of Next Week
Property Area | February 25th, 2020
The construction of a new mixed-use development by Sokha Hotel is set to begin on the 7th March 2020. Sokha Hotel, one of the leading hospitality developers in the Kingdom, has recently announced a new mega-development on Bokor Mountain located 189 kilometres away from Phnom Penh. Borey Morokot Thansur was listed as the number 2 project amongst the 4 planned projects.
Transport Minister Unveils New Port for Preah Sihanouk Province
The Phnom Penh Post | February 23rd, 2020
With the support from Japan, The government is planning to construct a container seaport in Sihanoukville, said Minister of Public Works and Transport, Sun Chanthol. The proposed deep seaport will have a depth of 14.5 meters and soon to be built in the southern area of the province. The development will be financially supported by the Japanese International Cooperation Agency (JICA). The new port will eliminate secondary docking in Singapore or Hong Kong and allow direct shipping between Cambodia and the US.
See also our previous weekly news round-up:
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