Phnom Penh (VNA)– The Cambodian Ministry of Land Management, Urban Planning and Constructionsaid the construction industry in the country remains stable despite a seriousdownturn facing many sectors globally due to impact of COVID-19.
Khmer Times quoted the ministry’s spokespersonSeng Lot as saying that construction projects are on the rise in the SoutheastAsian country.
He noted more than 500 construction projectsapplied for permits with the ministry by the end of February this year,compared to only 300 applications pending in the same time period in 2019,which showed the industry isn’t being negatively impacted.
The top three investors are China, the Republicof Korea and Japan, he said, adding that despite a rise in the number ofCOVID-19 cases in Cambodia, there has been no postponement of majorconstruction projects.
According to the ministry’s official figures,investment in the sector reached around 11 billion USD in 2019, surging bynearly 90 percent from the 5.5 billion USD in 2018.
Kim Heang, regional operating principal of theUS-based real estate firm Keller William Cambodia, said the effects of theCOVID-19 epidemic could provide a golden opportunity for savvy constructioncompanies as the price of construction materials and construction labour isgoing down, while at the same time, registered developers are also benefittingfrom a four-percent stamp tax exemption from the government from February 2020to January 2021./.
Khmer Times quoted the ministry’s spokespersonSeng Lot as saying that construction projects are on the rise in the SoutheastAsian country.
He noted more than 500 construction projectsapplied for permits with the ministry by the end of February this year,compared to only 300 applications pending in the same time period in 2019,which showed the industry isn’t being negatively impacted.
The top three investors are China, the Republicof Korea and Japan, he said, adding that despite a rise in the number ofCOVID-19 cases in Cambodia, there has been no postponement of majorconstruction projects.
According to the ministry’s official figures,investment in the sector reached around 11 billion USD in 2019, surging bynearly 90 percent from the 5.5 billion USD in 2018.
Kim Heang, regional operating principal of theUS-based real estate firm Keller William Cambodia, said the effects of theCOVID-19 epidemic could provide a golden opportunity for savvy constructioncompanies as the price of construction materials and construction labour isgoing down, while at the same time, registered developers are also benefittingfrom a four-percent stamp tax exemption from the government from February 2020to January 2021./.
VNA
