Property News Roundup 15th July 2024

15 July 2024 | Posted in News

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

  1. 1. The construction company of the bridge connecting the 3rd Ring Road with the Phnom Penh-Bavit Expressway is preparing machinery for the construction process

China Bridge Corporation (CRBC) is preparing machinery and materials for the construction of a bridge connecting the 3rd Ring Road with the Phnom Penh-Bavit Expressway. The Ministry of Public Works and Transport spokesperson, H.E. Phan Rim, announced that CRBC is also constructing a temporary terminal for transporting materials, which is 80% complete. The bridge, funded by the Sustainment Fund and development partners, began construction on June 7, 2023, and is expected to be completed by the end of 2027. This 1,600-meter-long bridge will enhance connectivity across the Mekong River and support economic, tourism, and logistics activities. 

July 8th 2024 | Construction & Property | Link: t.ly/jQ_ks 

  1. 2. Bilateral Trade Between Cambodia and France Hits $206.4 Million

Bilateral trade between Cambodia and France reached $206.4 million in the first five months of 2024, with France being a key investor. French companies have established bases in Cambodia, contributing to job creation and infrastructure development. Despite limited bilateral trade, the European Union’s large market makes it beneficial for Cambodia. The Cambodian government is pushing trade facilitation and welcomes investors from all countries. The government has developed mechanisms to address investor concerns and improve tax administration. In the first half of 2024, Cambodia approved 190 investment projects worth over $3.2 billion. 

July 9th 2024 | Kiripost | Link: t.ly/4w8eX 

  1. 3. Progress of National Road 48 quality improvement project (Sre Ambel-Koh Kong)

The upgrade of National Road No. 48 in Cambodia is 62% complete as of July 2024. The team is working on asphalt concrete ironing, base course work, and structural tasks, aiming to finish by the dry season of 2025. The Ministry of Public Works and Transport has requested public patience due to muddy and difficult road conditions during the rainy season. The construction team is actively working to mitigate these issues and minimize accident risks. 

July 10th 2024 | Khmer Times | Link: t.ly/Zh_di 

  1. 4. Preparation for construction of a bridge crossing the Mekong River on track

The construction of a bridge crossing the Mekong River is progressing well. The China Road and Bridge Corporation (CRBC) has prepared locations for operations and storage. A temporary port, 80% complete, will transport materials to the site. The 3,700-metre bridge, southeast of Phnom Penh, will link Xi Jinping Boulevard and the future Phnom Penh-Bavet expressway. The project, costing $230 million, is expected to be completed by end of 2027. 

July 10th 2024 | Khmer Times | Link: t.ly/lXOvz 

  1. 5. China’s major electric vehicle maker plans to open a factory in Cambodia

Chinese electric vehicle manufacturer BYD plans to set up a manufacturing plant in Cambodia, according to Acting Prime Minister Hun Manet. Besides BYD, two other companies have applied to open factories in Cambodia, joining existing companies like Ford, Toyota, and Hyundai. This marks an expansion of Cambodia’s economy, with hopes of attracting more foreign companies. BYD is also building two service centers and plans to install 200 electric vehicle charging stations across Cambodia. 

July 11th 2024 | Construction & Property | Link: t.ly/Lu-zD 

  1. 6. Cambodian government is drafting a law on the management of railway feedlots to eliminate all abuses

The Cambodian Ministry of Public Works and Transport is drafting a decree to manage railway crossings and feedlots, aiming to eliminate congestion. The decree is being reviewed and revised to align with legal and customary norms, and to address the evolving rail transport situation in Cambodia. The sub-decree aims to control land expropriation for construction or crops, prevent accidents, and maintain railway land. It also aims to reduce obstacles to railway development, minimize state expenditures on housing impacts, legitimize citizens owning roads along the railway, and ensure sustainable infrastructure development.  

July 11th 2024 | Construction & Property | Link: t.ly/RZH1p 

  1. 7. Forever 21 seeks rent concessions as fast-fashion brand faces financial woes

Forever 21 is seeking rent reductions due to declining sales and competition. The retailer, with over 380 US stores, has requested up to 50% rent cuts. Despite financial difficulties, it’s not considering a second bankruptcy filing, but is restructuring leases to cut costs. The company’s struggles stem from operating in a saturated fast-fashion market and managing inventory. Its financial position has also impacted Sparc Group, its operator. Forever 21’s late vendor payments and competition from ultra-fast-fashion retailers add to its challenges. 

July 11th 2024 | CNBC | Link: t.ly/hZJ5i 

  1. 8. 3 Major Visions to turn Sihanoukville into a major commercial hub in ASEAN

The Master Plan aims to develop Sihanoukville into a multi-purpose special economic zone in two phases. Phase 1 (2025-2028) focuses on regional trade integration, logistics, tourism, and city development. Phase II (2029-2038) aims to establish Sihanoukville as a national gateway and regional hub. The three visions include transforming Sihanoukville into Cambodia’s international gateway, a National Development Pole, and a major ASEAN city. The plan is currently in the drafting stage.  

July 12th 2024 | Construction & Property | Link: t.ly/QXx_L 

  1. 9. Rural development ministry plans ‘Techo 100 Village’ project

The Ministry of Rural Development is reviewing the “Techo 100 Village” project, which aims to meet each village’s needs using People-Based Place-Centred (PBPC) rural development methods. The project promotes rural community development across Cambodia’s 25 capitals and provinces. It aligns with the development of mixed, peace, and model villages. The ministry plans to establish two villages in each province and is preparing to submit a policy proposal for government approval. 

July 12th 2024 | Phnom Penh Post | Link: t.ly/RqU4S 

  1. Filipino investors are looking for additional investment opportunities in Cambodia’s compensation and priority sectors

Filipino investors are seeking additional investment opportunities in Cambodia’s priority sectors. The Ambassador of the Philippines to Cambodia, H.E. Mrs. Flerida Ann Camille P. Mayo, emphasized the current investments in health, education, and food processing industries. She also mentioned potential investments in construction, food and beverage, retail, and education sectors. H.E. Mr. Techo Hun Sen, President of the Senate of Cambodia, encouraged investments in the rice production sector and suggested more direct flights to boost tourism. 

July 12th 2024 | Construction & Property | Link: t.ly/gG8nV 

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