Property News Roundup October 24th, 2023
We’re delighted to share the weekly news highlights below.
- Siem Reap-Angkor Int’l Airport to start official commercial operation
Siem Reap-Angkor International Airport (SAI), Cambodia’s new international airport, will start its official commercial operation on October 16, 2023. The airport has 38 berths and is able to handle 7 million passengers a year, with the capacity to increase to 12 million passengers annually from 2040. SAI is located about 51 kilometers from Siem Reap City and 40 kilometers from Angkor Wat Temple. It was invested by Chinese investors with more than $1 billion under a 55-year BOT scheme. The airport is expected to boost Cambodia’s tourism sector.
October 16, 2023 | Khmer Times | Link: https://shorturl.at/amvx6
- Gov’t Greenlights 7 New Factories Worth US$40.8m in Kandal
The Cambodian government has approved the establishment of seven new factories in Kandal, Kampong Speu, and Phnom Penh, with a total investment of US$40.8 million. These factories are expected to create over 11,000 job opportunities, mainly in the garment and shoe industries. The factories are expected to start operations in 2024. This approval is a positive development for the Cambodian economy, showing that foreign investors are still confident in Cambodia’s investment climate.
13 October 2023 | Construction & Property | Link: https://shorturl.at/tBMX1
- Cambodia to see South-East Asia region’s fastest growth, says IMF
Cambodia’s economy is forecast to be the fastest-growing in the Association of South-East Asian Nations (ASEAN) in 2023 and 2024, according to the International Monetary Fund (IMF). The IMF projected that Cambodia’s real GDP will grow 5.6% this year and 6.1% next year, up from the 5.2% growth recorded last year. This means that Cambodia is likely to become the fastest-growing economy in the 10-nation bloc for two consecutive years.
14 October 2023| The Star | Link: https://shorturl.at/egwIW
- AirAsia expects Cambodian AOC operations before year-end
AirAsia plans to begin flights in Cambodia by the end of 2023, starting with two Airbus A320s operating from Phnom Penh. The airline will initially focus on domestic and regional routes within ASEAN. AirAsia is also looking to expand routes to secondary airports in India and Australia to minimize ultra-long-haul narrowbody flying. The airline is concerned about increased airport charges, which are becoming expensive for low-cost carriers.
17 October 2023 | Khmer Times | Link: https://shorturl.at/uFIR7
- Japan Grants Cambodia Over US$1 Billion to Construct Techo Santepheap Museum in Siem Reap
The Government of Japan is assisting Cambodia in the construction of the Techo Santepheap Museum, valued at 2.452 billion yen (approximately US$17 million), in Siem Reap. The museum will be built on a 12-hectare site and will compile and exhibit heritage, history, war, and peace for the national and international public, especially for the next generation of young Cambodians to learn and understand the great values of peace and the horrors of war.
16 October 2023 | Construction & Property | Link: https://shorturl.at/vHK37
- Cambodia signs investment, development deals in China
Cambodia and China signed several high-level cooperation documents during Prime Minister Hun Manet’s visit to Beijing for the 3rd Belt and Road Forum for International Cooperation. The documents include MoUs on productivity cooperation, green and low carbon investment, railroad cooperation, and the construction of a China-Cambodia industrial park. An agreement was also inked on loan concessions for the 8th phase of rural electricity connection, while protocol exchanges were agreed upon for a feasibility study on Chinese grants to repair the Preah Vihear Temple.
18 October 2023 | The Star | Link: https://t.ly/xiDq0
- China Spent US$10 billion to dig massive new canal to ease trade flow with ASEAN
hina has invested $10.3 billion to construct the Pinglu Canal, a 134-kilometer waterway that links the Xijin Reservoir near Nanning to the port of Qinzhou. The canal is expected to be completed in 2026 and will shorten the shipping distance from inland river systems to the sea by 560 kilometers, potentially saving up to 5.2 billion yuan annually.
18 October 2023 | Property & Construction | Link: https://t.ly/wk97l
- The Gov’t approved to create a large data center in central Phnom Penh
Cambodia has approved a groundbreaking project to establish a cutting-edge data center in the heart of Phnom Penh. This visionary decision is expected to usher in a new era of technological advancement in the country. The data center will be built by a private company called TELCOTECH LTD. with an investment of approximately US$27.7 million. It is expected to create 47 skilled jobs and contribute to Cambodia’s growing digital economy.
18 October 2023 | Property & Construction | Link: https://t.ly/RGi1n
- China Unicom to build Cambodia’s first state-owned submarine optical fiber cable project
China Unicom, one of China’s largest telecommunications operators, is building Cambodia’s first state-owned submarine optical fiber cable. The nearly 3,000-kilometer cable will run from Hong Kong to Sihanoukville in southern Cambodia and is expected to be completed in July 2025. The cable will have a large capacity for international communications and will further deepen China Unicom’s partnership with Cambodia on digital infrastructure construction and digital economy.
19 October 2023 | Khmer Times | Link: https://t.ly/7BUFD
- NBC policies help steady Cambodian economy
The National Bank of Cambodia (NBC) has played a significant role in maintaining and controlling financial condition through various regulatory measures, which has helped the country to keep inflation under check and economic growth steady despite the global headwinds. The NBC has adopted a series of monetary policies to boost economic activities in 2022, including the introduction of a series of economic and financial measures, especially the ‘Strategic Framework and Programs for Economic Recovery in the Context of Living with COVID-19 in the New Normal 2021-2023’ and the relaxation of regulatory forbearance in the banking sector. These measures have helped Cambodia to achieve an economic growth of 5.2 percent in 2022, compared to 3.03 percent in 2021. The NBC projects that the economy will grow by 5.5 percent in 2023.
17 October 2023 | Khmer Times | Link: https://shorturl.at/bdgxD