Property News Roundup April 24th, 2023
We’re delighted to share the weekly news highlights below.
- Makro to invest over $800M to expend business
Siam Makro Plc, the operator of Makro cash & carry stores and Lotus hypermarkets, has announced plans to invest 25.3-27.5 billion baht (over US$800 million) this year to expand its retail and wholesale businesses. According to Saowaluck Thithapant, Group Chief Executive of Siam Makro, ” This move is in anticipation of a positive impact on the wholesale and retail businesses, as well as hotels, restaurants, and the catering industry following Thailand’s full reopening and the projected recovery of the economy and tourism industry.”
April 17, 2023 | Construction Property | Link: https://bit.ly/3L0Za3L
- Over 13M domestic trips during Khmer New Year
Cambodia received over 13 million domestic and international visitors to its resorts and tourist destinations in the three days of the official April 14-16 Khmer New Year holiday, according to an April 17 report from the Ministry of Tourism. The report said the first day of the festivities saw more than 2,079,670 domestic tourists and 18,831 foreigners travelling the Kingdom. Day two witnessed a total of 4,237,780 people visiting tourist sites and resorts across the country, while the final day of the celebration 8aw 6,851,490 visitors.
April 18, 2023 | Phnom Penh Post | Link: https://bit.ly/3UGzfSh
- CDC okays $103.3M in new projects
The Council for the Development of Cambodia (CDC) on April 17 announced that it approved five new investment projects with a cumulative capital commitment of $103.3 million, which are expected to generate a total of 1,168 jobs.
April 18, 2023 | Phnom Penh Post | Link: https://bit.ly/3L9CqyP
- Gov’t approves cattle farm investment worth over $85M in Kratie and P’Vihear
The Investment Committee of Cambodia’s Council for the Development of Cambodia (CDC) has approved two investment projects that will contribute to the country’s economic growth and development. Eastern Rubber (Cambodia) Co., Ltd will invest US$73.4 million to establish a large-scale cattle and beef cattle farm in Snuol district, Kratie province, while Rithy Rubber (Cambodia) Co., Ltd will invest US$12 million to establish an agro-industrial farm and processing plant in Preah Vihear province.
April 19, 2023 | Construction Property | Link: https://bit.ly/3onHaYH
- The first cable car project may appear in early 2024 in SHV
Canopy Sands Development, a member of the Prince Holding Group of Cambodia, is set to begin construction of Cambodia’s first cable car project in Ream City, Sihanoukville, in early 2024. The project is part of the Bay of Lights development covering 934 hectares. The announcement was made by AMS on 12 April 2023, and the project will be developed under the investment of Canopy Sands Development.
April 20, 2023 | Construction Property | Link: https://bit.ly/43QWL2X
- Bassac sea link project to be submitted for Cabinet approval
After finding no technical issues or environmental impact, the feasibility study of a navigation and logistics project to link the Bassac River in Kandal province to a seaport in the Kep province is set to be submitted for Cabinet approval soon, the Ministry of Public Works and Transport said.
April 20, 2023 | Khmer Times | Link: https://bit.ly/40pPOTM
- IFC to conduct SHV logistic complex study
The International Finance Corporation (IFC) yesterday entered into an agreement with the Minister of Public Works and Transports (MPWT) to undertake a feasibility study on the Sihanoukville Logistics Complex (SHV-LC) project in May. Minister of MPWT Sun Chanthol signed the Financial Advisory Services Agreement (FASA) with Asad Yqub, IFC Resident Representative for Cambodia, to commission IFC for conducting the feasibility study on the Sihanoukville Logistics Complex (SHV-LC) project, which is scheduled to start in May in a Public-Private Partnership (PPP) model.
April 20, 2023 | Khmer Times | Link: https://bit.ly/3LfBxET
- Draft taxation law sails through National Assembly
The government has high expectations that a newly passed draft taxation law will play an important role in the government’s “sharp and deep” reforms to mobilise revenue in an effective, transparent and accountable way. The draft Law on Taxation was unanimously passed by the National Assembly (NA) on April 19, with all 95 votes of the lawmakers present during its plenary session, said an NA statement.
April 21, 2023 | Phnom Penh Post | Link: https://bit.ly/41u5uqu
- 5M vehicles travel on Chinese-invested expressway in KH
A highway operator’s spokesman said on Wednesday that 2.53 million cars have gone on the Phnom Penh-Sihanoukville Freeway in the 200 days since it opened to the public in October last year. According to Zhou Yong, assistant general manager of China Road and Bridge Corporation (CRBC) and general manager of CRBC Cambodia Office, which operates the motorway, the Phnom Penh-Sihanoukville Expressway has met its green, safe, efficient, and “zero-accident” operation goals in the last 200 days.
April 21, 2023 | Khmer Times | Link: https://bit.ly/3oBiVWI
- Siem Reap Angkor International Airport trial flights by mid-May
The steering committee for the Construction of Siem Reap Angkor International Airport and Yunnan Air investment Cambodia Airport management held a meeting yesterday, confirming the flight trials at the Siem Reap-Angkor International Airport in May.
April 21, 2023 | Khmer Times | Link: https://bit.ly/43KpDtT