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Cambodia sees well growth in construction sector this year
Cambodia's construction sector has bounced back this year after it has faced downturn since the global financial crisis in 2008.
The country has seen 92 percent increase in the investment value in the sector during the first eight months of this year, compared with the same period a year ago, according to the statistics of the Ministry of Land Management, Urban Planning and Construction on Wednesday.
The report showed that from January to August this year, the ministry had approved 1,470 construction projects worth 881 million U.S. dollars, 92 percent rise from 458 million U.S. dollars with 1,580 projects at the same period last year.
Lao Tip Seiha, director of the ministry's construction department, said that both local and foreign investors had begun to put their investments in the sector again.
"A lot of large and medium-sized construction projects have been licensed so far this year," he said, adding that those projects included the construction of commercial buildings, apartments, hotels, agricultural processing plants and garment factories.
"As the Asian economies have recovered well, we expect that Cambodia's real estate sector will grow from good to better in coming years," he said.
Realtors agreed that the construction has been bouncing back after recession.
"We observe that buying and selling activities of real estate have noticeably increased in recent months," said Cheng Kheng, general manager of Cambodia's Property Limited (CPL). "It signals that the real estate crisis is over."
Cambodia's construction sector had been hard-hit by the global financial crisis since 2008, the investments in the sector had constantly declined from 3.1 billion U.S. dollars in 2008 to 1.98 billion U.S. dollars in 2009 and further drop to 840 million U.S. dollars in 2010, according to the ministry's records.
Asean China Center
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