Property News Roundup 21st May 2024

We’re delighted to share the weekly news highlights below.

1. Chinese Tourist Arrivals to Cambodia’s Angkor up Significantly

Cambodia has recorded a significant rise in the number of Chinese tourists to its famed Angkor Archaeological Park in the first two months of 2024, according to the state-owned Angkor Enterprise’s report. The report said 16,074 Chinese holidaymakers visited the Angkor during the first two months this year, up 140 percent from 6,690 over the same period last year. China was the fifth largest source of international tourists to the Angkor after South Korea, the United States, France, and Britain, it added. According to the report, a total of 235,850 foreigners from 169 countries and regions toured the ancient park in the reporting period, up 50 percent from 156,951 in the same period last year. March 08, 2024 | Cambodianess | Link: https://t.ly/jH_5k

2. Cambodia’s Rice Export Down 7.2 pct in First 2 Months of 2024

Cambodia had exported 90,153 tons of milled rice in the first two months of 2024, down 7.2 percent from 97,153 tons over the same period 2023, said a Cambodia Rice Federation’s report released on Saturday. The country earned a total revenue of 65.4 million U.S. dollars from the export of the commodity during the January-February period this year, also down 9.9 percent from 72.6 million dollars over the same period 2023, the report said. According to the report, Cambodia exported 11,083 tons of milled rice to China in the first two months of this year, making the gross revenue of 6.81 million dollars. March 09, 2024 | Cambodianess | Link: https://t.ly/NyHBA

3. Chinese investment passes $1.3B in Jan-Feb, 40% of total

Investment inflows into Cambodia in the first two months of 2024 surpassed $1.3 billion, with Chinese investors contributing nearly 40% of the total, as reported by the Council for the Development of Cambodia (CDC). CDC’s Cambodian Investment Board (CIB) stated that Chinese financing for the period was around $545 million, or about 39% of total foreign direct investment (FDI). According to the National Bank of Cambodia (NBC), as of the first quarter of 2023, China was the largest contributor of FDI in Cambodia. March 10, 2024 | Phnom Penh Post | Link: https://t.ly/gBvPi

4. Cambodia real estate eyes gradual recovery

Despite the gradual global economic recovery, Cambodia’s real estate sector might need an additional two to three years to reach pre-pandemic levels, as the sector has shown very little development in early 2024 compared to 2023, according to the Cambodian Valuers and Estate Agents Association (CVEA).

CVEA’s president noted some positive signs in specific areas such as the condominium and rental accommodation market within the tourism sector. However, he pointed out that the market for buying and selling land and retail space was still underperforming. March 11, 2024 | Phnom Penh Post | Link: https://t.ly/t8CFW

5. Cambodia’s exports surge 22.7% in first two months

Cambodia’s international trade recorded a growth of 19.2 percent in the first two months of this year compared to the same period last year and reached $8.12 billion. While exports surged 22.7 percent to reach $3.98 billion, imports grew by 16.1 percent to reach $4.13 billion, according to the trade data released by the General Department of Customs and Excise (GDCE). While China continued to be the biggest trading partner of the country in the January to February period of 2024, the US remained its biggest export destination. Trade with China recorded a growth of 29 percent, compared to the first two months in 2023, and reached $2.19 billion. March 12, 2024 | Khmer Times | Link: https://t.ly/9RJnH

6. Techo Int’l Airport to complete construction in Oct

The first phase of Techo International Airport (IATA Code KTI) construction, located in Kandal and Takeo provinces, will finish construction in October this year. The airport’s official commencement is set for mid-2025, said sources. According to a report by the State Secretariat of Civil Aviation, the first phase of construction work reached 66.1 percent as of February 27. The report also showed that the construction of the main infrastructure of the Techo International Airport project was completed as planned. By breaking down, the construction of terminals is now 58.6 percent completed, power supply centres 76.8 percent, air field-related work 64.4 percent and air traffic control tower 100 percent. March 12, 2024 | Khmer Times | Link: https://t.ly/KKz0p

7. National Road No. 4 improvement work reaches 50% completed

As of March 2024, the extensive undertaking to enhance National Road No. 4, spanning from Bek Chan commune in Kandal province to Bit Trang commune in Preah Sihanouk province, has achieved a significant milestone, with completion reaching 50.57%. Ministry of Public Works and Transports (MPWT) affirmed the substantial progress, noting that the reinforcement and paving of concrete (AC) along the 196.20 km stretch, ranging from 11 to 26 meters in width, have surpassed the halfway mark. Commencing in December 2021 and slated for completion by December 2026, the construction, expansion, and maintenance efforts along National Road No. 4 signify a vital initiative aimed at bolstering safety for commuters, facilitating the transportation of goods, and fortifying resilience against climate change. March 12, 2024 | Construction Property | Link: https://t.ly/Qmypg

8. IndiGo direct flight approved

The State Secretariat of Civil Aviation (SSCA) has announced that IndiGo Airlines has been approved by the Indian government to start direct flights to Cambodia soon, coinciding with national flag carrier Cambodia Angkor Air’s preparations to launch flights to India. New routes between India and Cambodia have been established with the approval of the relevant Indian authorities, who have already approved the flights of both airlines. These include IndiGo Airlines and Cambodia Angkor Air. IndiGo Airlines, a low-cost carrier and India’s largest airline by passengers carried and fleet size, has thus far received approval for a time slot from Cambodia’s authorities for flights from Delhi to Siem Reap province, the Kingdom’s main tourist destination. March 13, 2024 | Khmer Times | Link: https://t.ly/jxBBS

9. Cambodia, Malaysia achieve highest tourism recovery rates in Southeast Asia

Cambodia’s tourism recovery rate in 2023 was the highest in Southeast Asia at 82.5% of pre-pandemic levels, followed by Malaysia at 77.2%, according to a report by travel research firm Outbox Consulting. Indonesia came in third with a recovery rate of 71.7%, followed by Singapore (71.3%) and Thailand (70.4%). Vietnam achieved its recovery rate of 70%, higher than the Philippines (66%), the report showed. Malaysia last year became the tourism champion in the region with 29 million tourist arrivals, including nearly 9 million foreign excursionists who only made day trips. Thailand was second with 28 million, followed by Singapore with 13.6 million and Vietnam with 12.6 million. March 13, 2024 | Khmer Times | Link: https://t.ly/Qmypg

10. EU and Cambodia Unveil $96.7M Investment in Four Initiatives

The European Union (EU) and Cambodia have teamed up to launch four major programmes that focus on promoting sustainable value chains, energy efficiency and renewable energy, totalling $96.7 million. They will focus on agriculture, sustainable energy and industry, technical education, trade and the private sector. The initiatives aim to reduce reliance on fossil fuels, enhance energy security, and integrate Cambodian products into regional and international markets. The programmes will support development in agriculture, garment, footwear and travel goods, education and research, and trade and private sector, totalling about $85.6 million, with the additional funding co-financed by Germany. March 13, 2024 | Kiripost | Link: https://t.ly/MNvY3

11. Lao Airlines resume direct flights

Tourism stakeholders are welcoming the resumption of direct flights between Cambodia and Laos after several years of suspension due to the emergence of the Covid-19 pandemic and the subsequent economic downturn that affected tourism between the two ASEAN neighbours. The state-owned carrier will start operating again from the Lao capital Vientiane to Phnom Penh International Airport (PNH) on March 19. it has continued to operate direct flights between Luang Prabang and Pakse in Laos and Cambodia’s Siem Reap province using ATR 72 aircraft, with approximately three flights per week. March 14, 2024 | Phnom Penh Post | Link: https://t.ly/BFhuv

12. CDC okayed 37 investment projects, worth $1.2B in February

The Council for the Development of Cambodia (CDC) approved 37 projects – 35 are new projects and two are production expansions of the existing companies in February – with a sum of investment capital worth nearly $1.2 billion, creating about 38,000 job opportunities for locals. According to the CDC data released Tuesday, 58.41 percent of the total projects came from domestic entrepreneurs, 33.19 percent from Chinese businessmen, 4.31 percent from Singaporean companies and only 4.09 percent belonged to Vietnamese. The three prominent approved investment projects includes the hydropower project worth $440 million in Koh Kong, Kampong Chhnang Multi-Purpose Port and Logistics Centre worth $108 million, and Data Centre in Daun Penh worth $107 million of investment budget. March 14, 2024 | Khmer Times | Link: https://t.ly/gDVEi