According to new data released by the Construction Department of the Ministry of Land Management, Cambodia has seen continued investment and growth in the construction sector with a 31% increase year on year. The ministry approved 1,641 projects covering a total area of 7.5 million square metres, and with a total value of $2.8 billion in 2013.
In 2012, 1,694 projects were approved, with a total area of 6.5 million square metres and total investment of $2.1 billion, according to ministry data.
Approvals for construction projects included a mix residential and commercial buildings, condominiums, apartments, boreys, industrial sites, warehouses, educational buildings, hotels, guesthouses, petrol stations and sport field projects with a majority of foreign investors in Cambodia coming from South Korea, China, Britain, Japan & Thailand.
Lao Tip Seiha, deputy general director of the Construction Department of the Ministry of Land Management, Urban Planning & Construction told the Phnom Penh Post “In terms of growth percentages in 2013, construction-sector investment increased, but declined somewhat in comparison with 2012.”
Major projects that are due to get under way this year include Booyoung Town and Hongkong Land’s Landmark and the newly announced The Bridge. Several other major projects under construction on Koh Pich including Borey 999, Borey Vimean Phnom Penh, Borey Peng Hout, and Borey New World, as well as the completion of Vattanac Tower, Aeon Mall, De Castle Royal and new hospitals which will start and finish construction in 2014. The Riverside Hotel is also due to be demolished according to some reports, which will likely pave way to new construction on the riverside.
Lao said he expected continued growth in investment in 2014, because a large number of both local and foreign investors had already applied for building permits for construction projects from the ministry in the first month of this year.