CBRE Cambodia is delighted to present our Weekly Property News Round-up for May 22nd, 2020.
OCIC Imports Materiel to Build Cable-Stayed Concrete Bridge Connecting Diamond Island to Norea Island
Construction Property – May 19th, 2020
Oversea Cambodia Investment Corporation (OCIC) received the Royal Government’s green light on the latest artificial island development, located in Chbar Ampov district. The authorised letter stated that OCIC will develop a cable-stayed concrete bridge connecting Diamond Island (Koh Pich) to the development site, as a part of the approved development. After multiple requests for tax relief from the Ministry of Economy and Finance on the import of equipment, machinery and materials, the construction of the new bridge is anticipating to start soon. OCIC is importing construction supplies value of USD40,888,580 with taxes under state’s duty.
Real-Estate Needs a Quick Rebound
Khmer Times – May 22nd, 2020
As affirmed by industry insiders, the unemployment rate in Cambodia will likely harm the demand for the local real estate market. However, the market is foreseeing to overcome in 12 months, considering the ease of the pandemic. With the current travel restriction, sale rate in the residential sector is likely to encounter a softer figure until Chinese and other international buyers can freely travel to the Kingdom. Cambodia residential market experienced a moderate influence compared with other countries. Analysts are expecting Australia real estate prices to plunge by up to 30 per cent.
Riverfront Development Now 80 Per Cent Complete
Khmer Times – May 21st, 2020
The three-story shophouse block, a part of the mega-project “Phnom Penh Harbour Bay”, being developed by Yuetai Group Co Ltd is now at 80 per cent completion. The shophouse block is expecting to complete by next month. The third phase is expecting to begin shortly as soon as the Japanese JICA-supported channel restoration project is completed by June this year, said the sale representative. She proceeded that the development plan remains the same and consists of 4 phases. The second phase comprises of two 46-story condominium complexes and two commercial buildings. The project measures across a total area of 92,538sqm, under a 50-year lease agreement. The size of condominium units range from 45 to 82 sqm and priced between USD80,000 to USD120,000. Shophouses exceed an extreme quoting price of between USD150,000 to over USD1 million.
New Cable Bridge to Koh Norea Set to Boost Real Estate on the Island
Khmer Times– May 21st, 2020
Besides serving as a traffic congestion easing tool, the new cable-stayed bridge uniting the Diamond Island (Koh Pich) to Norea Island will significantly boost the real estate sector in the area. According to Ms Kinkesa Kim, Senior Manager of Research and Consulting Services at a leading real estate firm CBRE Cambodia, the bridge will extensively improve the connectivity between the city centre to Chbar Ampov district. “Infrastructure development accompanied by the new satellite city development will attract a notable number of local and international high-rise developers to the area,” she said. She continued that the current land prices of approx. USD800psm will substantially rise to USD1,300psm; notably, those resided on the riverfront.
PP-SHV Expressway Ahead of Schedule
The Phnom Penh Post – May 20th, 2020
The Phnom Penh – Preah Sihanouk Expressway is now at 20.65 per cent completion, ahead of schedule. According to the Ministry of Public Works and Transport spokesman, Vasim Sory, the new expressway is anticipating to put under operation by the end of 2022. This first high-speed road is being built by China Road and Bridge Corp (CRBC) through Chinese Cambodia PPSHV Expressway Co Ltd. The expressway is estimated to cost circa USD1.9 billion, with a total distance of 190.3km.
US Proposes to Expand Air Deals With Cambodia and Wants Airports for Boeing Aircraft to Land in the Country
Construction Property – May 21st, 2020
Some major proposals were presented by the United States, through its ambassador to Cambodia. The proposal has the intention to invest and strengthen Cambodia’s aviation division. One section of the proposal mentioned the practice of Boeing airports in Cambodia. H.E Mao Havannal answered to the proposal by stating his welcome for Boeing company to cooperate and present their plans accordingly.
Sihanoukville’s USD294m Road Revamp Nearly Finished
Khmer Times – May 17th, 2020
The Ministry of Public Works and Transport has publicly announced that 90 per cent of the 30 road constructions in Preah Sihanouk province has been completed. The USD294 million road restoration project began in November 2019 on 34 roads, stretching over 82.14 kilometres in length. Ly Rasmey, chief of the working group in charge of the reconstruction of roads and sewage system stated that the wastewater system treatment plant is now at 91.56 per cent completion and set to complete by May 28th, 2020.
Construction Resumes on Grand Phnom Penh City
The Phnom Penh Post – April 18th, 2020
Chip Mong Land officially continued the extension of the Grande Phnom Penh City, acquired in October 2019. Chip Mong Land is shaping and continuing to remodel the development into one of Cambodia’s most luxurious satellite towns. Located in the northern region of Phnom Penh, the satellite city spans across a total land area of 160ha. Chip Mong Land CEO, Leang Henry stated that the team is currently working on the masterplan while upgrading the existing infrastructure systems of the project. Extensive amenities, including commercial centres, sports facilities, and a golf course will offer the residents lavish a comfortable lifestyle
See also our previous weekly news round-up: