More than 1,000 Unfinished Buildings in Sihanoukville

Long Dimanche, Deputy Governor of Sihanoukville Province, said on 14 July that the departure of Chinese investors due to the closure of online games and the COVID-19 crisis over the past three years has left unfinished constructions scattered in Sihanoukville.

“At the meeting that day, we observed that new investors who want to invest, such as real estate companies from Singapore. They took notes for consideration for solving problems on a case-by-case basis and authorities collected all issues for consideration,” he said.

The unfinished building problems affect the beauty of Sihanoukville, especially affecting the safety of buildings that are dangerous in the future, as well as affecting the economic and social situation, he said.

A meeting between the private sector and stakeholders in the Sihanoukville Real Estate Rehabilitation Plan was held in early July to gather input for the government, provincial authorities, and the private sector to work together to resolve the crisis which affects the economy and society.

“I firmly believe that as long as there are direct discussions and mutual concessions, the problem will be solved with a win-win result,” said Long Dimanche.

Unfinished buildings account for about 70% – 80% of the total 1,155 projects in Sihanoukville. Relevant parties are seeking solutions to more than unfinished 1,000 buildings in Sihanoukville

 

- Video Advertisement -

Related Post

Cambodia Faces Mounting Debt Challenges in the Real Estate Sector

The real estate sector in Cambodia is grappling with mounting financial concerns, as total housing debt nears USD 1 billion, according to insights shared during the recent roundtable discussion, The Debt Situation in Cambodia, organised by the Real Estate and Mortgage Regulatory Authority. Mr Chou Vannak, Director General of the authority, revealed that homebuyers owe […]

Expert: Dual-Pronged Strategy to Navigate Post-Pandemic Challenges in the ASEAN+3 Property Market

The ASEAN+3 property markets, encompassing ASEAN nations along with China, Hong Kong, Japan, and Korea, are grappling with declining prices and transaction volumes, compounded by financial constraints, surplus inventory, and at-risk developers. These challenges, exacerbated in the Plus-3 economies by stricter financial conditions and diminished buyer confidence, underscore the pressing need for stabilization measures in […]

Critical Analysis of Cambodia’s Stamp Duty Exemption Policy for Properties Valued at USD70K or Less

The Cambodian government’s decision to introduce a stamp duty exemption for properties valued at USD 70,000 or less is a policy aimed at alleviating the financial burden on property buyers and stimulating the real estate market. However, while this policy appears beneficial, a deeper analysis reveals both advantages and disadvantages that raise questions about its […]

Thai office space vacancy rate rises 26.3%, Yet Thailand’s richest billionaire optimistic about market demand growth

Bangkok’s office vacancy rate in prime Grade A buildings has soared to 26.3%, reflecting a growing oversupply, but Frasers Property Limited, led by Thailand’s wealthiest scion, is betting on the US-China trade feud to drive demand for office and industrial spaces across Southeast Asia, according to bangkokpost on 19 September 2024. With a US$3.6 billion […]

Thailand’s USD 6.5 Billion EV Industry Set to Power Commercial Real Estate Growth

Thailand’s fast-growing electric vehicle (EV) industry is projected to generate a real estate market worth at least USD 6.5 billion by 2030, driven by government policies and strong foreign investments. As the country aims to solidify its position as Southeast Asia’s leading hub for EV manufacturing, this growth will fuel demand for specialised real estate […]

Cambodia Maintains the World’s Highest Central Bank Interest Rates, Defying Global Trends

In the third quarter of 2024, Cambodia continues to lead global markets, with central bank interest rates soaring between 10% and 12%, starkly contrasting with the 0% to 6% range maintained by most major economies. This divergence, detailed in a report by CBRE Cambodia published on 17 October 2024, spans from December 2021 to December […]