CBRE Cambodia is delighted to present our Weekly Property News Round-up for April 3rd, 2020.
Chinese Invests USD4 million Establishing New Concrete Production Company in Sihanoukville
Construction Property | April 1st, 2020
A paved road material supplier “CAILI ROAD ENGINEERING (CAMBODIA) Co., LTD set up an office in Sihanoukville with the total investment of approx. USD4.2 million. The group has a vision of supplying all kind of quality paved road materials to the customers.
Trade Across Cambodia-Vietnam Border Remains Stable Amid COVID-19 Outbreak
Khmer Times| March 30th, 2020
The trade activities between Cambodia-Vietnam remains stable despite the official closure of borders. The transportation of cross-border commodities still functions as normal, with some 40 trucks passing through daily. Medical quarantine has been utilised strictly to trucks entering Vietnam for good pick-up. Border guards and customs work mutually to lessen the risk where procedures such as disinfecting the vehicle, checking the driver self-equipped protected gears and temperature measuring were taken.
Cambodia Gives 3-month Tax Breaks to Aviation Companies to Offset COVID-19 Impact
The Star | March 31st, 2020
In response to the novel COVID-19 outbreak, the Cambodia government decided to offer tax exemption for three months and allowed for deferral of fee payment up to 6 months, starting from March. According to the statement released by the government, the three-month tax break is also applied to registered hotels, guesthouses, restaurants and tour companies as a measure to cope with the impact.
AEON PHNOM PENH 3 CGI Design Unveiled
Propertyarea | April 1st, 2020
The CGI model of the third AEON shopping mall in Phnom Penh has been published, according to a source cited by Propertyarea magazine. The mall will situate on approx. 17 hectares of land adjacent Hun Sen Blvd. The construction was planned to break ground during the first half of 2020. However, the construction commencement date has been pushed backwards to late 2020 or early 2021 amid the virus outbreak. Ms Ann Sothida, Managing Director of CBRE Cambodia, acknowledged the area to be a future potential sphere where high-rise and commercial developments are forthwith to gather.
National Road 3 Now at 67% Completion, on Schedule for 2022
Construction Property | April 1st, 2020
Ground broken on Monday 7th May 2018, the construction of National Road 3 is currently at 67 per cent completion as of March 2020. The road connects Phnom Penh to Kampot province and expected to be put into use by the year 2022. Despite the outbreak of COVID 19, the construction of the national road 3 is still underway.
Cambodia-US Trade Volume up by 33 Per Cent to USD585 million in January
Khmer Times | April 2nd, 2020
Trade volume between Cambodia and the US saw an increase of 33 per cent in January 2020. According to the US Trade Bureau, Cambodia’s exports to the United State increased by 38 per cent, while some USD26 million worth of products were imported from the U.S to Cambodia. As affirmed by the Ministry of Commerce, Cambodia’s exports to the United State mainly consist of textiles, footwear, travel goods, and agricultural products.
Government Calls on Rental and Commercial Building Businesses to Lower or Delay Payments
Construction Property | March 30th, 2020
Hun Sen, Prime Minister of Cambodia, called out to commercial building owners across the nation to soften the rental rate or layoff the payments for the existing tenants, allowing them to cope with the outbreak situation. The call was made on March 30th, 2020, during a conference. Countermeasures have been adopted by the government to assure the sustainability of the real estate and construction sector in Cambodia.
USD8 million to Put in Solar Plant Investment in Kampong Speu Province
Property Area (KH) | April 3rd, 2020
An American company determined to invest USD7.9 million into a solar energy harvesting plant. The project will locate in Kampong Speu province. According to the Ministry of Mine and Energy, the solar plant started off producing only 10 MW in 2018 and currently generating up to 90 MW. However, there are a total of 7 different solar power plant projects across Cambodia, greenlighted by the government. They are expected to produce up to 410 MW by 2022.
See also our previous weekly news round-up: