Property News Roundup 30th April 2024
We’re delighted to share the weekly news highlights below.
- Cambodia gears up for LDC graduation challenges
Cambodia is expected to be an Upper Middle-Income Country by 2030 and a High-Income Country by 2050. The Royal Government pins its hopes on the Pentagonal Strategy Phase 1, initiated by Prime Minister Hun Manet. The UN’s preliminary evaluation for the 2024 triennial review has found Cambodia in a good position for exiting Least Developed Country (LDC) status with the country scoring well in all three criteria including Gross National Income (GNI), Human Assets Index (HAI), and Economic and Environmental Index (EVI). While exiting the LDC status is considered a development milestone, it also means loss of trade benefits enjoyed by LDCs, such as duty-free status under the Generalized System of Preferences by various countries especially the European Union.
April 22, 2024 | Khmer Times | Link: https://tinyurl.com/bdh5cxdp
- A person announced the distribution of land to people for free in Kampong Speu, but the Authority refused
On April 21, a Facebook page went live with an interview with Mr. Choun Kunthea regarding the free distribution of land in the Oral district to the poor. Each lot is 10 meters in size and 30 meters long, located in Rong Masin village and Trapeang Thmear village, Oral district, Kampong Speu province. Mr. Chuon Kunthea stated that the land he distributed was 100% legal land with 6,000 lots. Each family can get less than 10 lots and pay only $ 450 for administrative services. However, the Oral district administration refused to recognize it, as the land claimed by Chuon Kunthea was within the Oral Mountains Wildlife Sanctuary, which is protected by law and no one can clear, encroach, or clear it.
22 April, 2024 | Construction & Property | Link: https://tinyurl.com/yckfpw2s
- MOE is pushing for green recreation goals in Preah Suramarit Kosomak “Kirirom” National Park and at “Phnom Kulen” National Park
The Ministry of Environment has been promoting the establishment of a green recreation corridor in Preah Suramrit Kosomak “Kirirom” National Park in Kampong Speu Province and another around Preah Jayavarman-Norodom “Phnom Kulen” National Park in Siem Reap to improve livelihoods. The “Kirirom” National Park is designed to promote the Buddhist way, and culture and show the natural resources associated with daily life with virtue, and build peace of mind. While “Phnom Kulen” National Park is focused on the organization of tourism fitness, such as the construction of tents, accommodation in the Khmer style, the road to connect the community to the community.
22 April, 2024 | Construction & Property | Link: https://tinyurl.com/mphjp24p
- Laos president shares support for Funan Techo Canal
Cambodian Senate president Hun Sen has received the support of Laos head of state Thongloun Sisoulith for the Kingdom’s Funan Techo Canal project, noting that the canal will not pose any environmental impact or affect the water flow of the Mekong River. In March, Hun Sen also sought China’s support for the project as he met with the Chairman of the Standing Committee of the Chinese National People’s Congress, in Boao Forum for Asia Annual Conference 2024. Some media have reported the concern that have been raised about the canal’s possible effect on the flow of water across the Mekong’s Basin. However, the support of the president of Laos and another member of the Mekong Rover Commission is expected to assuage potential fears about environment impact.
23 April, 2024 | Phnom Penh Post | Link: https://tinyurl.com/k32ujr5x
- Serey says NBC keeps modernizing payment systems
The National Bank of Cambodia (NBC) continues to develop and modernize payment systems in the country, making local and cross-border payments using KHQR efficient, secure and cost-effective, said its Governor Chea Serey. NBC has been paying close attention to the digitalization of Cambodia’s economy to make trade and investment activities easier in line with the fast evolution of financial technology. Currently, NBC has connected the payment system to countries such as Thailand, Malaysia, Laos, China and Vietnam which helps trade, investment and tourism. NBC has also paid close attention to consumer protection by implementing laws and regulations and creating working groups to receive and handle complaints.
24 April, 2024 | Khmer Times | Link: https://tinyurl.com/4jurhjjd
- Cambodian Real Estate Sector Maintains Stability Amidst Tensions in Q1 2024
The first quarter of 2024 has seen the Cambodian real estate sector maintaining a stable trajectory, with no significant shifts in tension but also no substantial new growth. The figure of office building and retail occupancy rate that published by CBRE Research in Q1 2024 indicates a gradual recovery in market confidence, do not herald any significant positive indicators, despite the projected 5.8% economic growth. CBRE Research notes that although no new office building projects have been initiated, existing projects continue to progress as scheduled. In addition to occupancy rates and market projections, the report also provides insights into property prices. As Cambodia’s real estate sector navigates ongoing challenges and opportunities, stakeholders continue to monitor market dynamics closely, seeking avenues for sustainable growth and development.
24 April, 2024 | Construction & Property | Link: https://tinyurl.com/yxshjcjf
- Royal Group Cambodia plans to launch high-speed train in Cambodia in June
Royal Railway Cambodia has ordered five trains from Japan, which are scheduled to launch high-speed trains from Phnom Penh-Sihanoukville and Phnom Penh-Poipet in June 2024. The train will run at a speed of between 90 and 110 km per hour, depending on the road conditions, while the current train can run at a speed of only 50 km per hour. According to CEO of Royal Railway Cambodia, the company will use 11 locomotives purchased from Japan, equivalent to five trains, for about 700 passengers on both routes. The train is equipped with air conditioning and special seats (First Class), which cost between 24,000 riels to 40,000 riels per seat.
24 April, 2024 | Construction & Property | Link: https://tinyurl.com/565btfd7
- GDP report Thursday expected to show economy still growing at a solid pace
The U.S. economy likely expanded at a solid pace in the first three months of the year and perhaps even better than Wall Street expects. GDP is expected to post a 2.4% annualized growth rate for the first quarter, according to the Dow Jones consensus forecast. If that estimate is accurate, it would mark a step down from the 3.4% growth rate in the Q4 of 2023. However, it would still reflect an economy showing solid progress and ahead of the 2.2% average rate in the years between the 2008-09 financial crisis and the Covid pandemic that began in early 2020.
24 April, 2024 | CNBC | Link: https://tinyurl.com/4w9r4mfy
- The Gov’t Gives 1507 Hectares of Social Land Concessions in Kampot to Citizens
The Royal Government has identified 1,507-hectare land concessions for distribution to former armed forces and the poor in Kampot province, while an inter-ministerial working group is currently speeding up the work. The first site covers an area of 1,288 hectares out of a total area of 1,586 hectares, located in area 317 in Techo Aphivath commune, Chhouk district. Weapons and family. The second 219-hectare site in Trapeang Klang commune, Chhuk district and Stung Keo commune, Teuk Chhou district, has been set aside as a social land concession to distribute to 90 landless poor families.
25 April, 2024 | Construction & Property | Link: https://tinyurl.com/zywc2c28
- Slowing growth plus stubborn inflation add up to a headache for Fed officials
The slowing growth and stubborn inflation picture emerging in the U.S. economy may not be quite a nightmare scenario for the Federal Reserve, but it at least could make for some restless sleep. First-quarter results showed the U.S. economy slugging along at a 1.6% annualized pace, the slowest in almost two years, and inflation running nearly double. The two data points put together spell at least a mild stagflationary environment that will make policymaking troublesome in the weeks and months ahead.
25 April, 2024 | CNBC | Link: https://tinyurl.com/ymyaw2z8
- There remains significant growth potential in China’s real estate sector
Despite the overall decline in population since 2022, there remains significant potential for growth in demand in China’s real estate sector due to the rising urban population and improving living standards. Mid-term real estate demand will still be maintained at a healthy level, and there will not be a “demand cliff.” As new quality productive forces will increasingly serve as another major engine of economic growth, the Chinese real estate sector will enter a new stage of high-quality development.
April 21, 2024 | Global Times | Link: https://tinyurl.com/2p8eynfv
- Cambodia Mobilizes to Tackle Water Crisis Ahead of Delayed Rainy Season
As the dry season prolongs its grip on Cambodia, the Ministry of Rural Development has unveiled a comprehensive strategy to mitigate the impact of severe droughts and water shortages plaguing the nation. This initiative, detailed in the “Guidelines on Measures and Interventions on Water and Drinking Water Shortages Due to Climate Change,” with five key emergency that published on 21 April 2024, aims to brace the country against the harsh realities of climate change. These measures reflect the Ministry’s proactive stance in addressing the immediate and long-term challenges of water scarcity.
23 April, 2024 | Source: Construction & Property | Link: https://tinyurl.com/2uthxdpn