CBRE Cambodia is delighted to present our Weekly Property News Round-up for March 27th, 2020.
Investment and Construction Sector Remain Robust, Despite COVID-19
Property Area | March 24th, 2020
Construction and Investment sectors respond positively to the COVID-19 outbreak, said the Ministry of Land Management, Urban Planning and Construction (MLMUPC). Three major countries including China, South Korea, and Japan are keeping their investments on track despite the pandemic. According to the latest report by the MLMUPC, some 500 projects were requested to the MLMUPC in February, up by 200 from the previous year.
Cambodian Property Seekers Move Online Amid Coronavirus Concerns
Realestate.com.kh | March 24th, 2020
The global pandemic has caused a major shift, especially the real-estate sector. Social distancing has restricted market movement, which affects the property sector. However, realestate.com.kh has witnessed a surge in online traffic and property inquiries by 20 per cent in the past 3 weeks.
National Assembly Approves Construction of Coal-fired Electricity Constructions
Construction Property | March 26th, 2020
Two companies received parliament approvals Draft on March 26th, 2020, with 109 votes in favour. Royal group hold the green light from the parliament to construct a 700 MW coal-fired plant in Koh Kong Province. Han Sen Coal Mine Company will construct a 265 MV coal-fired power plant in Oddar Meanchey Province with another construction of a 230 KV transmission line extending from Oddar Meanchey to Sub-station east of Siem Reap.
Dubai Eyes Trade With Asean members Including Cambodia
Khmer Times | March 23rd, 2020
According to the latest report released by The Dubai Chamber of Commerce and Industry, Cambodia is one of its top export destinations. The report continued that the UAE is aiming to expand exports across the Asian marketplace. Cambodia has been exporting garment and footwear products into the UAE with the agreement signed in 2017. The signed agreement is expecting to widen the trade and business opportunities between the two countries.
Chom Chao Flyover and Underpass Construction 40% Completed
Construction Property | March 20th, 2020
Chom Chao flyover construction started in June 2018 is now at 40 per cent completion. The project is estimated to cost USD22 million, being constructed by Oversea Cambodia Investment Corporation (OCIC). The construction is expected to complete by 2021. Mr Sam Piseth, Director of the Department of Public Works and Transports, said that the two underpass tunnels and two underground tunnels have been completed.
Factories Pressured to Close Amid Pandemic Concerns
The Phnom Penh Post | March 24th, 2020
According to the response by the Ministry of Labour and Vocational Training (MLVT), as of March 20th, 2020, some 50 factories has filed for work suspension. However, the National Trade Union Confederation (NTUC) president Fa Saly has a different approach to the situation. NTUC said on Monday that an appeal to the government is necessary, especially to the MLVT for the suspension of all factory activities across the nation to avoid spreading the virus. Continued that the hygiene practice across all factories is not qualified enough for such confined space, which possibly leads to a high risk of disease spreading.
Ministry Approves Gold Tower 42 to Continue Construction
Construction Property | March 23rd, 2020
After months of construction suspension, Gold Tower 42 has finally received permission to resume construction from the Ministry of Land Management, Urban Planning and Construction (MLMUPC). The suspension was lifted on March 16th, 2020, according to the spokesman from MLMUPC.
Japan-Cambodia National Road 5 Renovation Project Locked in
Khmer Times | March 25th, 2020
A financial agreement was signed between the Japanese and Cambodian governments to renovate National Road 5 with a total length of 366 kilometres. The project was divided into three sections. The first section will stretch 84 kilometres from Battambang to Serey Sophorn cities. The second section covers 146 kilometres from Prek Kdam bridge to Pursat Provinces. The agreement will grant additional soft loan funding of USD270 million for the construction of the second and third sections of the development.
Mine Exploration License Opens for Public Bidding
Construction Property | March 26th, 2020
A public announcement was made by the Ministry of Mines and Energy to open mine explorations licenses for public bidding. The announcement was made on March 23rd, 2020. There are four areas open for mine exploration covering 749 square kilometres across three different provinces namely Vihea, Oddor Meanchey, and Mondulkiri province.
See also our previous weekly news round-up: