Property News Roundup January 19th, 2023
We’re delighted to share the weekly news highlights below.
- Walmart looks to expand Cambodian business
Walmart, the world’s largest retailer intends to learn more about Cambodia’s trade and investment potential, potentially expanding its business in a future collaboration with the Ministry of Commerce
Jan 09, 2023 | Phnom Penh Post | Link: https://bit.ly/3WXZZOg
- Angkor ticket revenues rebound in 2022, but still 9.9% of 2018 peak
A total of 287,454 standard tickets for Siem Reap province’s Angkor Archaeological Park were sold to foreign visitors in 2022 amounting to $11.528 million, available in one-day, three-day and seven-day passes, Angkor Enterprise reported.
Jan 09, 2023 | Phnom Penh Post | Link: https://bit.ly/3XijNf2
- Cambodia and Asia-Pacific countries eager to welcome back Chinese tourists
China’s recent announcement that it would downgrade the management of COVID-19 from Class A to Class B from Jan. 8 has been warmly welcomed by many countries, which have also called for rational pandemic prevention measures.
Jan 09, 2023 | Khmer Times | Link: https://bit.ly/3imBPOr
- MPWT vows to boost Cambodia’s transport sector further in 2023
The Ministry of Public Works and Transport (MPWT) has approved 112 new action plans for 2023 to boost the transport sector further. In 2022, 80 action plans out of 109 activities have been successfully implemented, while the rest are set for implementation in 2023.
Jan 09, 2023 | Construction Property | Link: https://bit.ly/3X8H5nS
- Laos launches 500 kV transmission line and plans to connect to Cambodia
Yunnan Energy Investment (HK) Co Ltd has launched a 500kV transmission line of more than 200km long in the southern Lao province of Champasak and connected to a substation in Khong district on the Laos-Cambodian border with a budget of more than $150 million.
Jan 09, 2023 | Construction Property | Link: https://bit.ly/3WZNtOy
- Renovation of National Road 7 into 4 lanes officially Begins
The project to expand from 2 lanes to 4 lanes and upgrade National Road 7 to 9cm asphalt road (AC) from Skun roundabout to downtown Kampong Cham officially began on 9 January 2023. The road has a length of 45.48km from the Skun roundabout in Cheung Prey district to the roundabout at the base of the Kizuna Bridge in Kampong Cham.
Jan 09, 2023 | Construction Property | Link: https://bit.ly/3QrsFgr
- Masswork and Bay of Lights Golf Development Partner to Bring First USGA-Certified Waterfront Golf Course to Cambodia
Cambodia is set to get its first USGA-certified waterfront golf course, with Masswork announcing a memorandum of understanding (MoU) with Bay of Lights Golf Development. In addition to the golf course, the Bay of Lights development will also include a range of amenities and facilities, including a club house, pro shop, and restaurants.
Jan 10, 2023 | Cambodia Investment Review | Link: https://bit.ly/3GWBNGH
- Construction of Siem Reap Angkor International Airport 63 percent completed
Construction of the new Siem Reap Angkor International Airport has been 63% completed by the end of 2022, while the developer is aiming for 90% completion by March this year.
Jan 11, 2023 | Construction Property | Link: https://bit.ly/3X3HYy2
- Nippon Koei seen as right on track with local rail ambitions
Tokyo-listed Nippon Koei Co Ltd expressed interest in upgrading the existing northern railway line in and around Battambang, Sisophon and Poipet towns to improve transportation while the construction on high-speed rails in Cambodia could begin as soon as next year. With studies well underway on the conversion of existing railway and the creation of two new lines – one of which runs to the Vietnamese border – to optimally boost rail passenger and freight transport as well as cross-border trade and tourism.
Jan 12, 2023 | Phnom Penh Post | Link: https://bit.ly/3X6stW7
- 108m Buddha to become ‘tourist magnet’
A 108m Buddha statue, one of the world’s tallest, is set to be built in the area of Veal Sre 500, in Boeung Touk commune of Kampot province’s Bokor town, will sit on the peak of Bokor Mountain in Preah Monivong Bokor National Park.
Jan 12, 2023 | Phnom Penh Post | Link: https://bit.ly/3GzWx5x
- Removing the Threat of Landmines in Cambodia Brings in Millions in Increased Land Values
Cambodia has seen a significant increase in land values after clearing landmines, according to a recent study by the UNDP in Cambodia. The cleared land, which had an average price of $1,397 per hectare before clearance, saw its value increase to an average of $9,701 per hectare after clearance. This represents a staggering 694% increase in land value.
Jan 12, 2023 | Cambodia Investment Review | Link: https://bit.ly/3X8FpuW
- FATF team visits Cambodia to evaluate ‘grey list’ status
MEI-LIN Wang, a senior policy analyst at the Financial Action Task Force (FATF), is leading a delegation to Cambodia, with her January 11-13 visit bringing renewed hopes that the Kingdom will soon be removed from the money laundering grey list.
Jan 13, 2023 | Phnom Penh Post | Link: https://bit.ly/3HcEbce
- Phnom Penh-Bavet Expressway project to sign concession agreement in February
The Phnom Penh-Bavet Expressway project has total length of 138 km with the estimated cost of $1.63 billion. Cambodia and China plan to sign the concession agreement for the Phnom Penh-Bavet expressway in February 2023.
Jan 13, 2023 | Construction Property | Link: https://bit.ly/3J17P5T