CBRE Cambodia is delighted to present our Weekly Property News Round-up for March 20th, 2020.
Lorn City Group Launched TL Sky Mall in February
Realestate.com.kh | March 10th, 2020
TL Sky Mall is the latest community mall to complete in 2020. Opened for business in February 2020, TL Sky Mall will assure retail accessibility to those living in the borey development. It is located at approx. 100 meter away from Borey Lorn City Lotussana, the latest landed property development by Lorn City Group. TL Sky Mall is the first retail project to set place in Pousenchey district and will offer modern restaurants, a kids park, coffee shops, and cinema to the area.
MLMUPC: Demolished 14 Buildings in Sihanoukville
Construction Property | March 19th, 2020
Upon the establishment of The Construction Review Committee of the Ministry of Land Management, Urban Planning and Construction, 14 buildings in Sihanoukville has been ordered to be demolished. Some 100 other buildings are still under investigation across all 500 construction projects in Sihanoukville. According to the 2019 Annual Performance Report released by the Ministry, between the year 2000 and 2019, some 284 construction permits were granted for 5-story and above buildings and 315 permits for Landed Property (Borey) projects in Sihanoukville. To date, 23 construction sites have been demolished while 14 have been ordered to.
Cambodia’s Construction Sector Still Buoyant
Khmer Times | March 17th, 2020
Despite the global economic downfall caused by the COVID-19 outbreak, Cambodia’s constructions sector has not experienced any slow down yet, the construction sector remains robust thought out the outbreak, with 500 construction projects having applied for permits by the end of February 2020. Despite the rising of COVID-19 confirmed cases in Cambodia, there has been no delay of major construction projects yet.
COVID-19 Unlikely to Cause Further Factory Closures
The Phnom Penh Post | March 19th, 2020
According to the latest response by the Ministry of Labour and Vocational Training, the outbreak of COVID-19 virus is estimated to cause no more closures to garment factories in the Kingdom. Some 50 factories across Cambodia have suspended their operations due to shortages of raw masteries, but 17 factories have continued their productions due to the imports of raw material from China earlier this month. The supply chain issues are expecting to end due to the recovering situation in China, where factories are resuming production.
Foster to Design USD1.5 billion New Phnom Penh International Airport
Construction Property | March 18th, 2020
The USD1.5 billion new Phnom Penh airport has selected the globally renowned English architectural design and engineering firm Foster & Partners to design the masterplan. Spanning over 2,600-hectares of land, the first phase of the construction is expected to complete by the end of 2023. The new airport facility terminal will be a 4F class airport design. Upon completion, the new airport will be placed as the ninth-largest airport in the world.
Cambodia, Japan Reaffirm Trade Commitments amid virus crisis
The Phnom Penh Post | March 20th, 2020
Bilateral trade between Cambodia and Japan is aiming for the USD2 billion figure by the end of 2002, despite the outbreak of COVID-19. In a meeting between senior Cambodian and Japanese officials, a spokesman from Japan assures that Japan will keep assisting Cambodia in some major sectors such as logistics, infrastructure, and industry and human capacity building.
A New Chenla Technology Center to Open Soon for Khlang Romsev Market Traders
Construction Property | March 11th, 2020
In response to the repurposing of Khlang Romsev Market, the new Chenla Technology Center will be built on the available lot next to Chenla centre to accommodate the relocated traders. The developer of the Center has partnered with Olympia Mall to deliver the new technology trading centre project which is expecting to complete by the end of 2020.
Apsara Authority Allows 1,799 residents to renovate homes
Khmer Times | March 18th, 2020
Some 1,799 among the 2,867 homes were granted permission for renovations by the Apsara Authority. With legal restraints circling the Angkor Archeological Park, no new houses can be built in the restricted area, except the existing residences. With the granted renovation permission, the existing residences are still being restricted with only minor renovations such as small extensions, repairing walls, roofing, stair, washrooms, chicken coops, pig pens, cowsheds and landfill work.
Government Plans to Reopen Battambang Airport
Construction Property | March 17th, 2020
The Ministry of Tourism has unveiled plans to reopen Battambang Airport in the near future. The Ministry continued that the reoperation of the airport will likely to strengthen tourism sector in the province. The Royal Government of Cambodia has requested studies for the reconstructing of the airport while informing nearby residences on the height restriction around the airport area to prevent future complications.