Property News Roundup 22nd January 2024
We’re delighted to share the weekly news highlights below.
- New Siem Reap Airport Investment Company Announces Two-Year Access Fee Reduction
The New Siem Reap-Angkor International Airport Investment Company has unveiled a significant initiative aimed at facilitating smoother travel experiences for various vehicles accessing the airport.
January 12, 2024 | Construction Property | Link: http://tinyurl.com/583kae37
- PPAP Unveils Three Cutting-Edge Satellite Terminals in Three Major Strategic Locations
The Phnom Penh Autonomous Port (PPAP) proudly unveiled three state-of-the-art multi-purpose satellite terminals. The strategic locations of these terminals include TS11 in Phnom Penh, UM2 in Tbong Khmum province, and LM26 in Prey Veng province.
January 13, 2024 | Construction Property | Link: http://tinyurl.com/35sjwp48
- Mondulkiri’s Skyward Ambitions: Private Sector Gains Approval for New Airport Invetsment
The Cambodian government has approved for the exploration and investment in the Mondulkiri Airport project to the FOCUS Consortium, led by FOCUS Consulate Global Venture. Notification No. 41 of the NCC, dated 9 January 2024, signifies the government’s commitment to propel Mondulkiri into a hub of progress.
January 13, 2024 | Construction Property | Link: http://tinyurl.com/33bfvevb
- Crafting Cambodia’s Real Estate Legacy: A Time to Build and Uphold Reputations
In the dynamic landscape of Cambodia’s real estate, developers are presented with a pivotal moment – a juncture where reputations can be forged or lost for generations to come.
January 15, 2024 | Construction Property | Link: http://tinyurl.com/mr3namxa
- MLMUPC Mandates Licensed Engineers for Project Approvals
In a bid to reinforce the standards of construction projects across Cambodia, the Ministry of Land Management, Urban Planning, and Construction (MLMUPC) issued a crucial announcement on January 11, 2024. According to Article 15 and Article 32 of the Law on Construction, the MLMUPC asserts that all design projects utilized for construction or demolition purposes must bear the signature of a licensed design expert authorized by the Ministry.
January 15, 2024 | Construction Property | Link: http://tinyurl.com/39zy2m5c
- $1.8 billion tourism development plan slated for Sihanoukville
A group of local and international development companies have announced a joint venture investment in a tourism project known as the ‘Sihanoukville Royal Heritage Village’, to be located in Bet Trang commune, Prey Nob district, Sihanoukville province.
January 16, 2024 | Khmer Times | Link: http://tinyurl.com/5hwjspyu
- Tax reliefs aids real estate, construction
Real estate experts believe the government’s decision to extend certain tax exemptions for the real estate and construction sector until the end of 2024 is a strategy intended to stabilise the market and create a conducive transactional environment, as well as draw more investors to Cambodia.
January 15, 2023 | The Phnom Penh Post | Link: http://tinyurl.com/cpafv5rm
- Strategic Realignment: CBRE Cambodia Director Urges Developers to Reshape Approach for 2024
Marc Townsend, CEO of CBRE Cambodia, delivered a thought-provoking message at the “Fearless Forecast 2024” workshop, challenging real estate developers to shift their focus from new projects to optimizing existing inventory. Speaking at the Oakwood Premier Hotel in Phnom Penh, Townsend emphasized the need for a strategic reorganization of products and services to align with evolving market demands.
January 16, 2024 | Construction Property | Link: http://tinyurl.com/4bjjrj9p
- EU to Grant US$86M Boost for Cambodia’s Transformative Programs
The European Union (EU), under the Global Gateway framework, is set to inject approximately US$94 million (€86 million) in grant funding to Cambodia. The Ministry of Economy and Finance, in its press release dated January 15, 2024, revealed the EU’s commitment to support Cambodia’s progress through four pivotal programs.
January 16, 2024 | Construction Property | Link: http://tinyurl.com/2u2ju93c
- French Ambassador Highlights Enhanced Investment Opportunities in Cambodia Following High-Level Visit by PM
In a recent press conference held at the Embassy of France in Phnom Penh, French Ambassador to Cambodia Jacques Pellet shed light on the significant outcomes of Cambodian Prime Minister Hun Manet’s recent visit to France.
January 17, 2024 | Cambodia Investment Review | Link: http://tinyurl.com/yk5zxm9d
- Transport Minister: Funan Techo Canal Project to Begin Construction in Late 2024
The Tonle Bassac Navigation Road and Logistics System Project, commonly known as the “Funan Techo Canal” project, is scheduled to conduct a groundbreaking ceremony in the fourth quarter of 2024.
January 18, 2024 | Khmer Times | Link: http://tinyurl.com/2bjr73ev
- Real Estate Sector Faces Grave Challenges
Mark Townsend, Chairman of CBRE Cambodia, painted a gloomy short- to medium-term picture of Cambodia’s real estate market as global crises continue to rage across the world.
January 18, 2024 | Kiripost | Link: http://tinyurl.com/mrnp2v25
- CBRE Suggests Strategies for Cambodia’s Tourism: Navigating Recovery and Charting a New Horizon
In the wake of the global upheaval caused by the COVID-19 pandemic, Cambodia’s tourism sector emerges as a beacon of recovery, though challenges linger on the path to regaining pre-pandemic glory. In 2019, Cambodia witnessed a bustling 6.5 million international tourists. The pandemic cast a shadow in 2020, plummeting arrivals to a mere 1 million.
January 18, 2024 | Construction Property | Link: http://tinyurl.com/3xr2m4e6
- AMRO maintains 6.2 percent GDP growth for Cambodia
The ASEAN+3 Macroeconomic Research Office (AMRO) has maintained a 6.2 percent growth for Cambodia in the current year in its January 2024 Quarterly Update.
January 19, 2024 | Khmer Times | Link: http://tinyurl.com/wk26dubk