Property News Roundup May 9th, 2023
We’re delighted to share the weekly news highlights below.
- Svay Rieng Province Flourishes with 12 Special Economic Zones and 264 Factories
Svay Rieng Province has emerged as a thriving business hub with the establishment of 12 special economic zones since 2005. Nine locations are currently operational, hosting a total of 264 factories, enterprises, and establishments, providing employment to over 94,000 workers.
01 May 2023 | Construction & Property | Link: https://bit.ly/44doHhT
- Cambodia’s US$ 1 Billion Dollar Deep-Sea Port Now Open for Business
Prime Minister Hun Sen inaugurated the country’s first deep-sea port on 1 May 2023. The almost US$1 billion construction project will expand Cambodia’s sea freight capacity, in line with its growing economic and trade growth. The new port will have a water depth of 14.5 meters in the first phase of construction, and 16.5 meters and 17.5 meters in the second and third phases respectively.
01 May 2023 | Construction & Property | Link: https://bit.ly/3Lg3LOw
- New Road from NR 4 to Bokor Mountain Now Accessible to Off-Road Vehicles
The Thansur Sokha Hotel has confirmed that the 61-kilometer road project connecting National Road 4 to Bokor Mountain is now accessible to off-road vehicles. The completion of the clearing work on April 1 marked a significant milestone in the project, which is currently about 30% complete. This development is expected to provide better access for tourists and real estate developers in the area.
01 May 2023 | Construction & Property | Link: https://bit.ly/42aZQta
- Korean auto parts firm plans local R&D centre
South Korean-owned Yura Harness (Cambodia) Co Ltd is looking at additional investment opportunities in the Cambodian automotive sector and plans to set up a research and development (R&D) centre at an as-yet undetermined location, as the Kingdom’s economic road to recovery continues on a smooth trajectory, according to an industry ministry statement.
01 May 2023 | The Phnom Penh Post | Link: https://bit.ly/3HtOzMr
- Two major power expansion projects worth over US$ 53m officially launched
On 27th April 2023, Cambodia has officially launched two major power expansion projects worth over US$53 million under the framework of concessional loans and grants of the Royal Government of Japan. These projects aim to strengthen the power supply capacity in Phnom Penh and the southern economic corridor of Cambodia.
02 May 2023 | Construction & Property | Link: https://bit.ly/44B4HpH
- Q1 exports of plastics, articles down 38%
Cambodian exports of “plastics and articles thereof” in the first quarter of 2023 – ended March 31 – were valued at $76.059 million, plunging by nearly 38.06 per cent year-on-year from $122.790 million and sliding almost 10.3 per cent quarter-on-quarter from $84.76 million, according to provisional Customs (GDCE) statistics.
02 May 2023 | Construction & Property | Link: https://bit.ly/41Znw3R
- ADB Continues Support for Cambodia’s Development with US$4.6 Billion Investment
The Asian Development Bank (ADB) has been a strong partner in Cambodia’s development journey, with a total investment of US$4.6 billion for 331 public sector projects in the form of loans, grants, and technical assistance. These include strengthening the health system, promoting science, technology, engineering, and mathematics education, promoting climate resilience, and coastal and livestock fisheries in Cambodia, accelerating sustainable energy transfer, promoting international competition.
03 May 2023 | Construction & Property | Link: https://bit.ly/3HGahgv
- Gov’t Plans to Develop Seabed War Museum on Takeav Island
Sihanoukville provincial authorities are planning to establish a Seabed War Museum on the Takeav archipelago near Ream, according to HE Long Dimanche, Deputy Governor of Sihanoukville. The proposed Submarine War Museum will showcase the remnants of World War II that have plunged into the seabed and will be a significant attraction for both national and international tourists.
03 May 2023 | Construction & Property | Link: https://bit.ly/44zHqEj