Property News Roundup June 07th, 2021
We’re delighted to share the weekly news highlights below.
- GMS countries to welcome vaccinated tourists
Greater Mekong Sub-regional (GMS) countries have discussed the ability to welcome vaccinated tourists to restore the social economy during and after COVID-19 crisis.
May 31st, 2021 | Khmer Times | Link: https://bit.ly/3uwPH8R
- National Road 3 construction 98% complete
The National Road 3 (NR3) renovation project from Chom Chao roundabout to Kampot city has been 98% completed, with only a small amount of work remaining. The construction team is currently speeding up work installing speed cameras, security cameras, and underground automatic weighing stations, among others.
June 01st 2021 | Construction Property | Link: https://bit.ly/3yTMe7F
- MPWT to adapt AI technology monitoring traffic along Nationl Road 5
The Ministry of Public Works and Transport (MPWT) is planning to utilise AI technology to manage a traffic system, especially to monitor overweight trucks along NR5 after the upgrade.
June 01st 2021 | Construction Property | Link: https://bit.ly/34zuhO0
- Tourism infrastructure in Sihanoukville near completion
The provincial administration confirmed that construction such as the wastewater treatment plants and the building of public toilets along the coast was in preparation for a surge in national and international tourists and investors when the Covid-19 epidemic subsides.
June 01st 2021 | Phnom Penh Post | Link: https://bit.ly/3c6GldE
- Phnom Penh-Sihanoukville Expressway 60% Complete
Construction of the USD2 billion expressway connecting Phnom Penh to Sihanoukville is 60% completed as of late May.
June 02nd 2021 | Construction Property | https://bit.ly/2Rbiv9g
- Repair & pavement work on Hun Sen Blvd set for completion in June
Repair and pavement work on a section of Hun Sen Blvd. (60m road) from Street 271 to NR2 that was damaged by flooding is set for final completion in June 2021.
June 02nd 2021 | Construction Property | https://bit.ly/3vK1h1Z
- Phnom Penh City Hall orders demolition of illegal construction on the Tonle Sap river
The Phnom Penh Municipal Administration has ordered the immediate demolition of all illegal fish farms, floating houses, and all unregulated structures on the Tonle Sap River within the boundaries of Phnom Penh.
June 03rd 2021 | Construction Property | https://bit.ly/3uLZVCy
- Renewable Energy more than 50% of total power generation
The power generated from renewable resources accounted for more than half of the electricty produced last year in Cambodia. The government predicts power consumption will increase substantially to between 7,000-8,000 mW by 2030.
June 03rd 2021 | Khmer Times | https://bit.ly/2TF35Lt
- Three sections of National Road 5 expansion 46%, 38%, and 97% complete, respectively
The renovation of NR5 is approximately 60% complete, with the southern part Prek Kdam- Pursat at 46.05%, the central part Pursat-Battambang at 38.08%, and the northern part Battambang-Banteay Meanchey at 97.30%.
June 04th 2021 | Construction Property | https://bit.ly/3pig7dK
- Choeung Ek WTP construction Begins
The construction of the Japanese-funded USD27m sewage system and a large-scale treatment plant in Choeung Ek officially began in late May and is scheduled for completion in November 2023.
June 04th 2021| Construction Property | https://bit.ly/34I3gb7
11. XO Tex Industrial gets first LEED gold rating in Cambodia
Hong Kong-based Luen Thai Holdings Ltd’s (Luenthai) newest venture, the XO Tex Industrial Co Ltd garment factory in the capital, is the first building in Cambodia to earn “gold” certification under the US Green Building Council’s (USGBC) LEED v4 Building and Construction (BD+C) rating system.
June 04th 2021| Phnom Penh Post | https://bit.ly/3gaEUvN
12. NBC: Credit growth in construction and property decelerates
Loans to construction and real estate activities in 2020 have expanded at a slower rate of only 23%, as the construction boom stalled due to the pandemic. This deceleration of credit growth has eased some concerns on the overheating property market, according to the National Bank of Cambodia (NBC)’s Financial Stability Review 2020 published on 31 May.
June 04th 2021| Construction Property | https://bit.ly/3wWFiFi
13. Number of restructured loans for construction sector at over 20k accounts in 2020
The total number of restructured loans in 2020 was recorded at over 240,00 accounts, of which borrowers from the construction sector ranked the third with a total of 20,609 accounts, according to the National Bank of Cambodia (NBC)’s Financial Stability Review 2020.
June 04th 2021| Construction Property | https://bit.ly/3fQ4Ca6
14. Gov’t Covid stimulus and relief spending tops $335Mn
With Cambodia’s relief measures up for renewal later this month, it has come to light that the Government’s Covid-related assistance spending topped $335 million since the introduction of payments to the financially vulnerable last June.
June 04th 2021| Khmer Times | https://bit.ly/3cghR1K