Property News Roundup 9th January 2024
We’re delighted to share the weekly news highlights below.
- December 29 designated as Peace Day public holiday
Cambodia designated Dec. 29 as “Peace Day,” an official national holiday in the Southeast Asian country, according to a government’s sub-decree released on Monday. Signed by Prime Minister Hun Manet, the sub-decree said the move was to respond to the sacred desire of the Cambodian people who love peace and hate war. he day is also to inspire people to work together to promote peace, which is the life of the nation and the most valuable foundation for the nation’s development and the people’s happiness, the sub-decree added.
January 2, 2024 | Khmer Times | Link: http://tinyurl.com/y8zjbnen
- Phnom Penh-Sihanoukville Expressway records 80,000 vehicles over the New Year
The Some 80,000 vehicles used the Phnom Penh-Sihanoukville Expressway during the three days of the new year holiday. Sotheayuth said 21,900 vehicles were recorded on December 30, 28,900 vehicles on December 31 and 33,000 vehicles on January 1. The number of vehicles recorded was more than during the same period in 2022. The traffic was very congested at the toll gates in Sihanoukville and Phnom Penh. The congestion was due to two factors. Firstly, vehicle owners do not use ETC (Electronic Toll Collection) cards as a convenient way to pass through the toll booth and use the on-site payment options, and secondly, some vehicle owners do not understand how to use the ETC or the pay toll option.
January 3, 2024 | Khmer Times | Link: http://tinyurl.com/3w7y8xv8
- Foster + Partners reveals the Techo International Airport in Cambodia, currently under construction
Construction is underway at the new Techo International Airport in Phnom Penh, Cambodia, designed by Foster + Partners. The project, located 20 kilometres from Cambodia’s capital city, draws inspiration from the vernacular architecture that defines the area, searching to provide adequate design solutions in response to the tropical climate. The commission, which was won following an international competition, includes the master plan for a new airport city in addition to the new terminal building. According to the architects, the project is also designed to become ‘one of the greenest airports in the world’ by combining contemporary solutions with local craftsmanship and striving to minimize operational costs. Ample greenery is included in the design, and energy generated by an onsite photovoltaic farm will power the terminal.
January 5, 2024 | Khmer Times | Link: http://tinyurl.com/ywe7jz9f
- NEC to break ground for new building
The National Election Committee (NEC) in Cambodia is building a new headquarters on land confiscated from Kong Korm, a former adviser to the Candlelight Party. The NEC plans to spend $20 million on the nine-story building, which will include a parking lot. Korm returned the land after accusations of illegal possession. The NEC’s current staff will move to the new building once it’s complete. The move is seen as promoting efficiency and convenience for visitors. Kong Korm’s family has no hope of reclaiming the land and has no comment on the new building.
January 2, 2024 | Khmer Times | Link: http://tinyurl.com/4w76atsn
- China Unveils Strategic High-Speed Railway Link to Vietnam, Boosting ASEAN Trade Ties
In a significant move to deepen economic ties with Southeast Asian nations, China has inaugurated the Fangdong Railway, the first high-speed railway connecting a Chinese city on the Vietnam border to the national network. The 47km Fangdong Railway, running between Fangchenggang and Dongxing, emerges as a pivotal infrastructure project, symbolizing Beijing’s commitment to fostering trade and investment cooperation with its Southeast Asian neighbors according to SCMP news on December 27th, 2023.
December 31, 2023 | Construction & Property | Link: http://tinyurl.com/5n6exjnt
- Paving the Way to Breathtaking Vistas: Bokor Mountain’s New Access Road On Progress
In a significant stride towards enhanced connectivity and accessibility, the construction of the 61-kilometre road linking National Road No. 4 to the picturesque Bokor Mountain is now underway. Duke Sok Kong, President of Sokha Hotel, conducted an inspection on December 28, 2023, revealing that the project has commenced the concrete pouring phase, a pivotal step before the road’s full completion as per the Ministry of Public Works and Transport’s meticulous plan. According to the project blueprint, the concrete pouring is designed to be 200 mm thick, with a width of 20 meters. It comprises a 7-meter-wide car road, a 6-meter-wide motorcycle lane, and 3.5-meter-long raised roads on each side. The concrete pouring follows the completion of the road’s initial clearing for the construction phase on April 1.
January 3, 2024 | Construction & Property | Link: http://tinyurl.com/56p87tj3
- Angkor Ticket Sales Earn More Than US$ 37million Revenue in 2023
Cambodia garnered a remarkable US$37,198,988 from the sale of Angkor tickets in the first 12 months of 2023. This staggering revenue, earned from 798,069 foreign tourists, reflects a remarkable 222.68% surge compared to the same period in 2022.The allure of Angkor Wat continues to captivate global audiences, with December 2023 alone witnessing the Angkor Institution’s revenue soaring to US$4,652,141 from the sale of 98,073 tickets to international tourists. This substantial increase of 84.95% compared to December 2022 underscores the enduring popularity and timeless appeal of the Angkor complex. The admission rates for international tourists, priced at US$37 per day, US$62 for three days, and US$72 per week, remain unchanged. As Cambodia revels in the economic windfall from Angkor’s sustained popularity, the nation’s tourism industry is poised for even greater heights.
January 2, 2024 | Construction & Property | Link: http://tinyurl.com/33chma5z
- How Japan’s powerful earthquakes have shifted the land
A powerful magnitude 7.5 earthquake in Japan caused significant ground movement, with parts of the ground rising over 4 meters and shifting sideways by over a meter. Japan’s advanced monitoring systems, including a network of GPS stations and satellite imagery, allowed scientists to precisely measure the extent of the movement. Despite the severity of the earthquake, the country’s preparedness through strict building codes, citizen training, and an advanced early warning system contributed to a relatively low death toll compared to similar events in other countries. The early warning system provides crucial seconds for people to take protective actions before the most severe shaking begins.
January 3, 2024 | BBC News | Link: http://tinyurl.com/4muksup5
- Red Sea crisis boosts shipping costs, delays – and inflation worries
Ongoing attacks on ships in the Red Sea are driving up ocean freight rates and causing concerns about inflation and delayed goods. To avoid the strikes by Iran-backed Houthi militants, carriers have diverted over $200 billion in trade away from the crucial Middle East trade route. This diversion has led to higher freight rates, additional surcharges, longer shipping times, and the possibility of delayed spring and summer products. The situation is putting pressure on the global supply chain and may contribute to inflationary pressures. The violence has drawn warnings from several nations, and it is expected to impact consumers as higher costs trickle down the supply chain. Rerouting ships around the Cape of Good Hope is adding additional travel time and reducing effective global container shipping capacity. The longer routes may also delay the arrival of spring goods, affecting industries such as clothing, pools, furniture, and home and garden products. East Coast ports in North America have experienced disruptions, leading to delayed vessel arrivals and a scramble to secure container space. As a result, there is an increased focus on West Coast ports and land-freight services. West Coast railroad and trucking companies are expected to benefit from the diversions in trade.
January 3, 2023 | CNBC News | Link: http://tinyurl.com/55s4tken
- China’s home sales during New Year holiday fall 26% from year ago
During the three-day New Year holiday in China, average daily home sales in 40 cities decreased by 26% compared to the same period last year, according to a survey. The decline in sales was most pronounced in smaller cities, with a 50% drop during the holiday. The China Index Academy, a prominent real estate research institution, emphasized that shifts in residents’ expectations and policy support will play a crucial role in stabilizing the real estate market in 2024. The researchers also predicted further relaxation of property policies, including the lifting of home-buying restrictions in second-tier cities. In recent months, Chinese authorities have implemented measures to support the struggling property market. During a key meeting in December, top Chinese leaders pledged to address real estate risks and promote a stable and healthy development of the market.
January 2, 2024 | Nikkei Asia | Link: http://tinyurl.com/3e5pxjj6
- Cambodia sees increase in gov’t loan agreements
In the first three quarters of 2023, the Cambodian government signed new lending and on-lending agreements with debtors totaling nearly $800 million, a significant increase of almost 1,700% compared to the same period in 2022. These agreements aim to boost the national economy by providing loans for various purposes, including developing human resources, creating jobs, increasing domestic productivity, boosting exports, and addressing societal issues such as unemployment. The loans undergo a comprehensive review process to ensure effective and accurate utilization. The substantial increase in the value of agreements reflects the government’s ability to manage revenue and provide loans. Additionally, the country signed new concessional loans with development partners totaling $1 billion in the same period.
December 31, 2023 | The Phnom Penh Post | Link: http://tinyurl.com/bdapht4z
- Construction recovery a tough task, says analyst
The construction sector is facing a challenging start to the year with limited momentum towards recovery after a difficult 2023, according to industry analyst Rebecca Larkin. High interest rates and inflation have impacted financing for construction projects, making upfront investments less attractive. Larkin highlighted delays in decision-making and sector-specific issues like reinforced autoclaved aerated concrete (RAAC) remediation, which may redirect funding from new-build schools and hospitals. The Construction Products Association (CPA) forecasted a 6.8% decline in construction output in 2023, with a further 0.3% contraction predicted for 2024. Larkin noted that housing, repair, maintenance, and improvement (RM&I), and the commercial sector account for 50% of construction output and are constrained by weak economic conditions. While a recovery is expected in the second half of the year, significant growth is forecasted for 2025 as the construction industry stabilizes and improves. Compliance with building safety legislation, post-Grenfell, may also impact the pace of recovery in the sector.
January 2, 2024 | Construction News | Link: http://tinyurl.com/4yxbfaaw