Property News Roundup March 13th, 2023
We’re delighted to share the weekly news highlights below.
- Construction of US$38M Koh Pic-Koh Norea Bridge 62% complete
The construction of the Koh Pich-Koh Norea cable-stayed bridge is now 62% complete as of March 4, 2023, according to Phnom Penh’s Department of Public Works and Transport. With a budget of US$38 million, the bridge is expected to be completed by the end of 2023, and it will serve as an important gateway connecting the center of Phnom Penh to National Road No. 1. This new infrastructure will help alleviate traffic congestion on the two existing Monivong bridges.
March 6, 2023 | Construction Property | Link: http://bit.ly/3ZnJInb
- CN visitors to Siem Reap seen at 240-300K in 2023: ministry
Some 30 per cent of the 0.8-1.0 million projected mainland Chinese travellers to Cambodia this year are expected to visit Siem Reap province, as the Kingdom hosts the 32nd Southeast Asian (SEA) Games and 12th ASEAN Para Games, the annual Angkor Sangkran, and a variety of other key local events, according to Ministry of Tourism secretary of state Top Sopheak.
March 6, 2023 | Phnom Penh Post | Link: http://bit.ly/3KUto93
- KH, TH set to permit tourists to drive across borders
Cambodia’s top tourism official and Thailand’s diplomat on Thursday last week agreed to set and submit principles to their respective governments to permit tourists from the two nations and the rest of the world to drive personal vehicles across the borders between the two countries, said a senior official of the tourism ministry.
March 6, 2023 | Khmer Times | Post | Link: http://bit.ly/3yfivHm
- June target for trial operation of SR-Angkor International Airport
The construction of Siem Reap-Angkor International Airport has been now 86 percent complete, and the new airport in Siem Reap province is expected to be put into trial use in June this year and into official operation by October.
March 7, 2023 | Khmer Times | Link: http://bit.ly/3kN1YYb
- Removal from FATF grey list ‘positive sign for attracting foreign investors
Removing Cambodia from the ‘Money Laundering Grey List’ of the Financial Action Task Force (FATF) is a positive sign for attracting investors and foreign capital inflows, said a senior official.Director-general of Taxation at the Ministry of Economy and Finance Kong Vibol made the remarks in a dissemination workshop on income tax obligations, completion of annual income tax returns, investigation of tax offences and anti-money laundering yesterday.
March 7, 2023 | Khmer Times | Link: http://bit.ly/3L2Vj6S
- $230M hydropower dam to start construction in Pursat
The construction of $230 million Stung Pursat hydropower I dam with a capacity of 80 megawatt is set to break ground soon, after the ground preparation at the construction site has been made since last year.Located on the Pursat River in Pramuoy commune, Veal Veng district, the project has investment from South Korean firm SPHP (Cambodia) Co Ltd.
March 9, 2023 | Khmer Times | Link: http://bit.ly/3JsKFoQ
- KH’s vehicle population grows by 11.3%
Cambodia recorded an average annual increase of 11.3 percent in the number of vehicles registered in the country in the last five years, according to the vehicle registration management system of the Ministry of Public Works and Transport (MPWT). The number of vehicles registered in the country from 1990 to 2022 stood at over 6.7 million, including 5.7 million motorcycles, 728,294 light vehicles and 285,271 heavy vehicles.
March 9, 2023 | Khmer Times | Link: http://bit.ly/3YNWxWV
- Gov’t to build US$250M country-longest bridge and K Chhnang- K Thom in 2024
Phnom Penh has currently more than 6,000 factories and enterprises that directly employ more than 510,000 workers, a Phnom Penh Capital Hall report showed on Thursday, citing that these factories have a total production output of US$2 billion. The figure was unveiled at the annual meeting on review works in 2022 and set objectives in 2023 of the Phnom Penh Capital Hall held on March 9, 2023.
March 10, 2023 | Construction Property | Link: http://bit.ly/3ZEqYjm
- Most global airlines revive services to KH
As demand for air travel capacity between Cambodia and China and other destinations is on the rise, particularly after Beijing eased tough travel restrictions introduced following the outbreak of the Covid-19 pandemic, many airlines have either revived air connectivity or are in the process of resuming flights. So much so some are even gearing up to start fresh flights to new destinations.
March 10, 2023 | Khmer Times | Link: http://bit.ly/3ZsC62J
- KH to achieve 6.6% GDP growth in 2023
The Gross Domestic Product (GDP) of Cambodia would grow by 6.6 percent in 2023, a message from Prime Minister Hun Sen said yesterday. “The economy has recovered fast,” Mr Hun Sen said, adding, “thanks to all of the efforts proactively made by the government on its ownership through releasing measures to maintain the balance of the socio-economy.”
March 10, 2023 | Khmer Times | Link: http://bit.ly/3YBYC89