Property News Roundup June 12th, 2023
We’re delighted to share the weekly news highlights below.
- Jan-May Angkor tickets surpass 344K, but still 29% of 2018 levels
A total of 344,757 standard tickets for Siem Reap province’s Angkor Archaeological Park were sold to foreign visitors in the first five months of 2023, amounting to $16,065,829, available in one-day, three-day and seven-day passes, Angkor Enterprise reported.
June 05, 2023 | Phnom Penh Post | Link: https://bit.ly/43nM4nR
- KH witnesses surge in industrial growth: nearly 60 new factories registered in 2023
In a remarkable display of industrial expansion, the Ministry of Industry, Science, Technology and Innovation has registered an impressive 58 new industrial plants as of May 2023. This development propels the total number of operational industrial factories in Cambodia to a noteworthy 1,999.
June 05, 2023 | Construction Property | Link: https://bit.ly/3OV0w2z
- KH to graduate from LDC status in 2027, says PM
Prime Minister Hun Sen said that Cambodia will graduate from the Least Developed Countries’ status in 2027 thanks to political stability and peace.
June 06, 2023 | Khmer Times | Link: https://bit.ly/45Jz9hR
- Chinese Firm secures contract to develop pumping station for key KH’s Provinces
In a significant development for Cambodia’s water sector, the renowned Beijing Urban Construction Group Co., Ltd (BUCG), a prominent Chinese state-owned company, has been awarded the contract to conduct a comprehensive feasibility study and design a cutting-edge pumping station.
June 06, 2023 | Construction Property | Link: https://bit.ly/43iORie
- Naga 3 pushed back till Sept 2029
Hong Kong-listed casino operator and developer NagaCorp Ltd, known for its flagship NagaWorld integrated resort in Phnom Penh, on June 4 announced that it has moved the $3.5 billion Naga 3 project’s planned completion date from September 30, 2025 to exactly four years later, in a bid to cut capital expenditure (capex) amid global economic concerns.
June 07, 2023 | Construction Property | Link: https://bit.ly/3WVOSpO
- GOV’t grants property tax exemption for four new cities until the end of 2023
In a significant move that aims to foster growth and development in Cambodia’s newly established cities, the Ministry of Economy and Finance has announced a property tax exemption until the end of 2023. Prakas No. 329 MEF, dated June 1, 2023, outlines this beneficial measure.
June 07, 2023 | Construction Property | Link: https://bit.ly/3NfFDh3
- Third Ring Road in PP to be inaugurated end June
Phnom Penh’s $273-million-worth third ring road of 53 kilometers long and 22 meters wide will be put into official use on June 30, 2023.
June 08, 2023 | Khmer Times | Link: https://bit.ly/43EmevM
- PP-Bavet Expressway and majestic bridge: a groundbreaking chapter in KH’s infrastructure development
The momentous ground-breaking ceremony for the Phnom Penh-Bavet Expressway and a majestic main bridge marked the commencement of construction on June 7, 2023 under the distinguished presidency of Samdech Hun Sen, Prime Minister of Cambodia, and the esteemed presence of His Excellency Wang Wentian, the Chinese Ambassador to Cambodia.
June 08, 2023 | Construction Property | Link: https://bit.ly/3qDFICg
- KH, CRBC Sign a framework agreement on PP-SR-Poipet Expressway
The Ministry of Public Works and Transport (MPWT) has signed a significant framework agreement with the esteemed China Bridge and Road Corporation (CRBC) to embark on an in-depth study of the Phnom Penh-Siem Reap-Poipet Expressway project.
June 08, 2023 | Construction Property | Link: https://bit.ly/3IXCa47
- The Gov’t grants hope and prosperity to landless individuals in Sesan District with 3,000ha+ of land concession
In a resolute effort to address the plight of landless individuals and provide them with secure housing and farming opportunities, the Sesan District Authority has meticulously prepared over 3,000 hectares of social land concessions.
June 09, 2023 | Construction Property | Link: https://bit.ly/43K49w8