Property News Roundup 16th December 2024
- Vietnam leads with over half of Cambodia’s new investments in November
In November, the Council for the Development of Cambodia (CDC) approved 40 new investment projects and three production-expansion plans valued at $940 million, creating an estimated 39,000 jobs. Vietnam was the largest investor, accounting for approximately 51.08% of the total investment, followed by China at 24.26% and Cambodia at 14.49%.
December 9, 2024 | The Phnom Penh Post | Link: https://t.ly/dqqdM
- 2. Customers of borey told to prepare for transfer of ownership
The Ministry of Economy and Finance has advised Borey property customers to prepare for the transfer of ownership by ensuring all necessary documents and payments are ready. The tax exemption on transfers for properties valued at $70,000 or less has been extended until the end of 2024.
December 9, 2024 | Khmer Times | Link: https://t.ly/Sy4FO
- 3. 57K people benefit as banks, MFIs restructure $850M in loans
Banks and microfinance institutions in Cambodia have restructured $850 million in loans, benefiting 57,000 people. This move aims to support borrowers facing financial difficulties, ensuring they can manage their repayments more effectively. The restructuring is part of broader efforts to stabilize the financial sector and promote economic resilience.
December 9, 2024 | Construction & Property | Link: https://t.ly/w6pTE
- 4. Angkor Wat Ticket Sales Surge Nearly 29% to USD 41.9 Million in 2024
Revenue from Angkor Wat ticket sales surged nearly 29% in the first eleven months of 2024, reaching $41,908,833. The site attracted 898,339 foreign visitors, with November alone generating $5,920,872 from 124,136 tourists. The Cambodian government has also implemented six key reforms to streamline the ticket purchasing and inspection processes. This increase in tourism revenue highlights the growing global interest in Cambodia’s cultural heritage.
December 10, 2024 | Construction & Property | Link: https://t.ly/F8pxF
- 5. Kampot-Kep GI salt exports drop to record low in 2024
Kampot-Kep GI salt exports dropped to a record low of about 5 tonnes in 2024. Factors contributing to this decline include geographical disputes, political conflicts, the global economic crisis, and competition from cheaper natural mineral salt. Despite being registered as a Geographical Indication (GI) product, the demand for Kampot-Kep salt has significantly decreased. The price of GI salt has also dropped, with domestic prices ranging from $3 to $3.75 per 50 kg.
December 10, 2024 | The Phnom Penh Post | Link: https://t.ly/v5Gqd
- 6. Cambodia’s public debt at $11.78B
Cambodia’s public debt reached $11.78 billion by the end of the third quarter of 2024. The Ministry of Economy and Finance reports that this debt level remains sustainable and poses a low risk. The debt is primarily used for public investment projects aimed at boosting economic growth. The government continues to manage the debt carefully to maintain financial stability.
December 11, 2024 | Khmer Times | Link: https://t.ly/Br3DO
- 7. Preah Sihanouk investment initiative nets $6.03 billion
The investment initiative in Preah Sihanouk province has attracted $6.03 billion. This initiative aims to develop the province into a multi-purpose Special Economic Zone. The investments are expected to boost economic growth and create numerous job opportunities. The government is committed to providing a conducive environment for investors through streamlined regulations and attractive incentives. This development is part of broader efforts to enhance Cambodia’s infrastructure and industrial capabilities.
December 11, 2024 | Khmer Times | Link: https://t.ly/uqkA-
- 8. The Construction of the Twin Flyover Project in Phnom Penh has reached 25% completion
The twin flyover project in Phnom Penh has reached 25% completion as of December 10, 2024 This project, which began on June 17, 2024, aims to improve traffic flow between Phnom Penh and Kandal province. The first bridge, connecting Samdech Hun Sen Boulevard to the airport, is expected to be completed by April 2025, with the entire project set to finish by June 2025. The twin flyovers, valued at over USD 16 million, are designed as reinforced concrete bridges, each spanning 622 meters in total.
December 13, 2024 | Construction & Property | Link: https://t.ly/d34Q1
- 9. WB projects Cambodia’s growth at 5.3% this year
The World Bank projects Cambodia’s economic growth to reach 5.3% in 2024. This growth is driven by a recovery in tourism and trade, despite ongoing global economic challenges. The World Bank emphasizes the need for structural reforms to sustain this growth, including improving the business environment and upgrading infrastructure. Cambodia’s economy grew by 5.2% in 2022. Additionally, the agricultural sector is expected to play a crucial role in supporting this economic expansion.
December 13, 2024 | Khmer Times | Link: https://t.ly/-kgGi
- 10. Over 20 Years South Korea Provides Over USD 2 Billion in Loan Boosting Cambodia’s Infrastructure Development
Over the past two decades, South Korea has significantly boosted Cambodia’s infrastructure with over USD 2 billion in loans. This funding, provided through the Economic Cooperation Fund, has been instrumental in upgrading essential services across various sectors, including transportation, health, irrigation, and water supply. At a recent groundbreaking ceremony for the University of Health Sciences Hospital, the Korean Ambassador to Cambodia highlighted the impact of these loans on Cambodia’s economic and social development. This partnership aims to foster further infrastructure development and sustainable growth in Cambodia.
December 13, 2024 | Construction & Property | Link: https://t.ly/xA66K