Property News Roundup November 08th, 2023
Property News Roundup November 06th, 2023
We’re delighted to share the weekly news highlights below.
- Credit Growth Too High, Especially in Real Estate Sectors
In July, the National Bank of Cambodia (NBC) flagged the “historically” high credit-to-gross domestic product (GDP) ratio, which stood at 189 percent in 2022, with credit-to-GDP gap reaching nearly 40 percent.
02 November 2023 | Kiripost | Link: https://tinyurl.com/5bfyhtpj
- RCEP exports surge Jan-Sep
Cambodia’s exports to member countries of the Regional Comprehensive Economic Partnership (RCEP) exceeded $5.8 billion in the first three quarters of 2023, marking a 23.59% surge from the $4.7 billion recorded over the same period last year.
29 October 2023 | The Phnom Penh Post | Link: https://tinyurl.com/mtajr5xu
- The Gov’t Unlocks 639 Hectares of Prime Land in Stung Hav for Private Investment
Cambodia’s government has unveiled an ambitious plan to transform 639 hectares of pristine state-owned land in Tumnup Rolok commune, Stung Hav district, Preah Sihanouk province into a hub of commercial and service excellence. This strategic development initiative, outlined in Sub-Decree No. 137 issued on June 23, 2023.
29 October 2023 | Construction & Property | Link: https://tinyurl.com/yc63x5n8
- Preah Monivong Flyover Fast-Tracks for Early 2024 Debut, Expanding Phnom Penh’s Skyway Landscape
The construction of the Preah Monivong flyover, a project valued at over US$36.7 million, is slated to reach its first-phase completion and become operational ahead of schedule. Instead of the initially planned date of August 2024, this essential infrastructure is now projected to be available for public use before the Khmer New Year in 2024.
28 October 2023 | Construction & Property | Link: https://tinyurl.com/ytc85wbz
- Garment exports face global economic pressure
In the first nine months of 2023, Cambodia reported a decrease of over 17% in the export of apparel and clothing accessories – crocheted, knitted and non-knitted – compared to the same period last year.
30 October 2023 | The Phnom Penh Post | Link: https://tinyurl.com/3nwk3eve
- Qatar resumes flights to Phnom Penh amid rising tourist numbers
Qatar Airways touched down at Phnom Penh International Airport (PNH) on October 29, marking its comeback after suspending operations due to the Covid-19 pandemic and aiming to tap into Cambodia’s resurgent tourism sector.
30 October 2023 | The Phnom Penh Post | Link: https://tinyurl.com/s57vs2fu
- The Gov’t approves 12 New Factories Worth US$66.60 Million Set to Transform Five Cambodian Provinces
The Council for the Development of Cambodia (CDC) has granted approval to 12 ambitious companies to construct new factories with a combined investment of US$66.60 million. This visionary move is expected to generate 12,610 employment opportunities across five provinces.
31 October 2023 | Construction & Property | Link: https://tinyurl.com/pzp2wtsv
- Boeung Choeung Ek Wastewater Treatment Plant at 99% Completion, Promising a Cleaner Future
In an extraordinary feat of engineering and environmental stewardship, the construction of the Boeung Choeung Ek Water Treatment Plant, with an estimated value exceeding US$20 million, has reached an impressive 99% completion as of October 30, 2023, and is poised for full operational status by November 2023.
31 October 2023 | Construction & Property | Link: https://tinyurl.com/57nb32kp
- World Bank Report Warns Climate Change Could Derail Cambodia’s Development Goals, Urges Immediate Action
Cambodia’s developmental ambitions are at a crucial juncture, facing significant threats from climate change, warns a newly released report from the World Bank. The Cambodia Country Climate and Development Report (CCDR) outlines a strategic framework aimed at safeguarding the country’s future, emphasizing the need for reducing exposure and vulnerability to climate impacts, realigning emissions trajectories, and reorienting the economy towards environmentally sustainable opportunities.
31 October 2023 | Cambodia Investment Review | Link: https://tinyurl.com/2e4b7jrt
- Battambang on the list of 55 new cities to joint UNESCO Creative Cities Network on World Cities Day
The Royal Government of Cambodia has nominated Battambang city as a candidate for the membership in the UNESCO Creative Cities Network in the category of gastronomy since June 2021.
01 November 2023 | Khmer Times | Link: https://tinyurl.com/bndjhef9
- Sen Kra-ob earns gold at rice awards
In an October 31 press release, the Cambodia Rice Federation (CRF) – the Kingdom’s apex rice industry body – said SKO rice was awarded gold status on October 28, during an event organised by the Rice Research Institute of the Guangxi Academy of Agricultural Sciences and the Guangxi Zhuang Autonomous Region Seed Management Station, in China. A total of 61 rice varieties were entered in the contest, 12 of which from ASEAN member states and 49 from Chinese rice-growing provinces and regions.
01 November 2023 | The Phnom Penh Post | Link: https://tinyurl.com/4vbfbd5e
- Angkor Wat Rakes in Over US$27 Million from Ticket Sales in 10 Months
In a resounding testament to Cambodia’s rich cultural heritage, the first ten months of 2023 have seen the nation amass an impressive revenue of US$27,882,435 through the sale of tickets to the renowned Angkor resort. These tickets have been embraced by 602,570 foreign tourists, underlining the enduring allure of this cultural gem.
02 November 2023 | Construction & Property | Link: https://tinyurl.com/5akfd6ap