Property News Roundup June 26th, 2023
We’re delighted to share the weekly news highlights below.
- $95 million cement plant to appear in Battambang province
The CDC announced the construction of a $95 million cement plant in Battambang province, which will create 980 jobs. It also approved five other projects worth $33 million in various sectors and locations, which will generate 3,748 jobs. The projects are part of the CDC’s efforts to boost the economy and development of Cambodia.
June 20, 2023 | Khmer Times | Link: https://shorturl.at/imrtL
- Australian Food Manufacturer Seeking Agricultural Investment Potential in Cambodia
An Australian agribusiness company, SPC Global, visited Cambodia to explore opportunities for investing and trading in fruits and vegetables. The company met with local producers, suppliers, and government officials, and expressed its interest in developing the agri-food sector in Cambodia. The visit was supported by the Australian Embassy and its economic development programme, CAPRED. Cambodia has a high potential for producing and exporting various agricultural products, such as mango, banana, cashew, and pepper.
June 20, 2023 | AKP | Link: https://shorturl.at/suzEI
- China’s aid, investment greatly contribute to Cambodia’s development
Cambodia’s commerce minister praised China’s aid and investment for the country’s development. He cited various Chinese-funded projects and trade agreements that have enhanced the bilateral cooperation. He also said that a new framework will foster a closer community between the two countries.
June 20, 2023 | Khmer Times | Link: https://shorturl.at/fQWY9
- Cambodia to promote cross-border digital payment with Việt Nam, Laos
Cambodia’s central bank is planning to sign deals with Vietnam and Laos to boost the use of its local currency, riel, in cross-border trade and tourism. The bank’s deputy governor said this would help increase the demand and circulation of riel, which has grown significantly over the years. The initiative would also allow customers to pay with riel through QR codes linked to their domestic accounts. The bank did not say when the agreements would be finalized. The move is part of a wider effort to establish cross-border digital payment systems using QR codes among ASEAN-5 countries and other bilateral partners.
June 21, 2023 | Khmer Times| Link: https://shorturl.at/axRY0
- ‘One hundred’ 7-Elevens nationwide by Dec
CP All Plc, a Thai company that operates 7-Eleven stores in Thailand, Cambodia and Laos, plans to increase the number of its branches in Cambodia from 60 to 100 by the end of 2023. The company aims to tap into the growing market potential and trade relations between the two countries, as well as the positive response of Cambodian consumers to Thai products. The company also sees opportunities in the tourism and sports sectors, as well as the regional integration of digital payment systems using QR codes. The company’s sales and share price have been stable despite the global economic slowdown.
June 20, 2023 | The Phnom Penh Post | Link: https://shorturl.at/rCMX9
- Expects 4.5 million international tourists to visit Cambodia in 2023
Cambodia’s tourism minister announced that the country expects to welcome 4.5 million foreign visitors and 16 million domestic travelers in 2023, as the sector recovers from the Covid-19 crisis. He said the number of tourists in the first five months of 2023 increased significantly compared to 2022. He also outlined the government’s strategies and policies to restore and promote tourism, such as developing master plans for Siem Reap and Mondulkiri provinces.
June 21, 2023 | Khmer Times| Link: https://shorturl.at/fmKQ8
- Over 4 unlicensed Borey projects in Phnom Penh
he NRPC, the authority that regulates real estate and mortgage in Cambodia, has warned the public to be careful when dealing with four housing development projects that do not have a license from the NRPC. The projects are Borey TV Star, Borey Try Kim Kour Srov, LV apartment, and Borey THE ROYAL GARDEN, located in different districts of Phnom Penh. The NRPC advises the public to check the legal status of any project before buying, selling or renting.
June 21, 2023 | Khmer Times | Link: https://shorturl.at/iovBZ
- Investments under $5 million do not need to apply to CDC
The governor of Preah Sihanouk province, Kouch Chamroeun, announced that traders who want to invest in Sihanoukville with less than $5 million can apply to the provincial investment subcommittee instead of the CDC. He said this would make it easier for them to contribute to the province’s development and growth. He also said that Sihanoukville is still a key destination for investment, as the government has a master plan to turn it into a special economic zone with support from China. He invited national and international investors to attend a seminar in September to learn more about the opportunities in Sihanoukville.
June 21, 2023 | Khmer Times | Link: https://shorturl.at/azDEM
- Half of big international firms to cut office space in next three years – survey
A survey of 350 large businesses shows that half of them plan to cut their office space in the next three years, as they face the challenges of the post-Covid workplace. Most of them prefer a hybrid model of working, where employees can work from home or the office. Some of them also want to change their corporate headquarters to better suit their needs and goals. The survey also reveals a growing demand for high-quality and sustainable office space in the global market.
June 06, 2023 | The Guardian | Link: https://shorturl.at/pHW79
- AirAsia Cambodia on track to start flights in Q4 2023
AirAsia Cambodia, a joint venture between Capital A Berhad and Sivilai Asia, is ready to start operating in the fourth quarter of 2023, connecting Cambodia with other Asean and Asian markets. The airline will have two planes initially and will fly to Siem Reap, Sihanoukville and Phnom Penh. Capital A Berhad’s CEO Tony Fernandes said the company is also looking for other opportunities in the region and has a strong succession plan. He said AirAsia aims to bring millions of tourists to Cambodia every year. AirAsia already has a presence in four other Asean countries, as well as Japan and India.
June 22, 2023 | Khmer Times | Link: https://shorturl.at/wFNW1