Property News Roundup February 6th, 2023

06 February 2023 | Posted in News

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

  1. 3 high-speed rails to diversify transportation

The government has been working to build new infrastructure and upgrade the quality of the existing old tracks to high-speed rail. The government plans to build three high-speed rail lines connecting Phnom Penh to the country’s borders to promote a more diversified transportation sector, according to the Ministry of Public Works and Transport.

January30, 2023 | Khmer Times | Link:

  1. Kampong Chhnang authority to build 3 major infrastructure projects

Kampong Chhnang provincial administration will build three infrastructure projects to boost the transportation sector in the province. One project has already been approved by the government, while two others are awaiting approval.

January30, 2023 | Construction Property | Link:

  1. Non-garment manufacturing on rapid growth path

Although the garment sector is currently the main driver of Cambodia’s economic growth, exports of non-garment products have been growing rapidly in recent years. The Cambodian government puts high hope on non-garment manufacturing in 2023, supported by domestic and external demand under the trade pacts.

January30, 2023 | Khmer Times | Link:

  1. New business registration up 39.4% last year

A total of 10,701 new businesses were registered with the Ministry of Commerce, up 39.4 per cent from 7,677 in 2021. The ministry dissolved 888 businesses last year, marking a 38 per cent increase from 643 in 2021. The ministry also made 6,275 business registration electronically last year.

January31, 2023 | Khmer Times | Link:

  1. Cambodia plans $4B upgrade for its first high-speed railway line

Cambodia has announced its plan to invest $4 billion to upgrade the existing northern Phnom Penh-Poipet railway line into the first high-speed railway line in the country. This ambitious project marks a significant step towards modernizing Cambodia’s transportation network and promoting socioeconomic growth.

January31, 2023 | Cambodia Investment Review | Link:

6. Siem Reap among world’s top 10 trending destinations in 2023

Siem Reap ranks 4th among the 10 most popular tourist destinations in the world, according to Trip Advisor, a world-renowned online travel agency.While Cuba heads the list of top trending destinations, Hoi An of Vietnam is second, Mauritius third, Siem Reap (Cambodia) fourth, Chiang Mai of Thailand fifth, Grand Cayman of the Caribbean sixth, Fes in Morocco seventh, Baku in Azerbaijan eighth, Kathmandu (the Nepal capital) ninth and Krakow in Poland appears on the tenth spot in Tripadvisor’s top trending destinations report for 2023.

January31, 2023 | Construction Property| Link:

  1. 2022 Cambodia imported construction materials worth $1,3 billion 

Cambodia imported construction materials with a value worth over US$ 1.3 billion in 2022, according to an official report published recently. Among all, street import value was at US$ 447 million, while the cement was at US$25 million. The report added that Cambodia imported major goods worth a total of US$29.943 million, an increase of 4% compared to 2021.

February 1, 2023 | Construction Property | Link:

  1. Motorbike parts segment to be developed in KH

With the two-wheeler segment of the automotive sector logging rapid growth in Cambodia in recent years, the government has decided to focus on increasing backward linkages for locally assembled motorcycles to increase localisation and create job opportunities.

February 2, 2023 | Khmer Times | Link:

  1. Bassac sea-link to reach Kampot seaport: ministry 

A key study on a proposed waterway link from the Bassac River to the sea in the Kampot-Kep region has been completed, the transport ministry reported, revealing plans for the project to connect to a “seaport” in Kampot province, igniting hopes for a solid pop in economic growth for the Kingdom.

February 3, 2023 | Phnom Penh Post| Link:

10. Construction of Siem Reap-Battambang to be built in 2024

The construction of a 72-kilometer road connecting Siem Reap to Battambang will begin construction in 2024. Mr. Pruonh Rith, Director of the Department of Public Works, and Transport of Battambang Province, said that the commencement of this road construction project can start the construction site in 2024.

February 3, 2023 | Construction Property | Link:

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