Cambodia Greenlights Over US$4bn in New Projects, Shows Remarkable 186% Surge in Eight Months

• 24 October 2023
• Local News
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Cambodia is experiencing a remarkable surge in construction activities, as the Ministry of Land Management, Urban Planning, and Construction recently unveiled an astounding approval of more than US$4 billion for over 2,367 new construction projects. This phenomenal achievement represents an impressive 186% increase compared to the corresponding period in 2022, underlining the nation’s resolute commitment to infrastructural development and growth.

According to a Ministry of Economy and Finance report, published on 12 October 2023, this surge in construction activities during the first eight months of 2023 reflects the approval of 2,367 construction projects ( 16% decrease) with a cumulative value of US$4,575 million (186% increase). Additionally, these projects spanned a vast construction area encompassing 11.6 million square meters, revealing an astonishing 184% surge when compared to the same period in 2022.

In the month of August alone, the ministry granted approval for 331 construction projects, collectively covering a construction area of 3.6 million square meters, with a combined investment exceeding US$1.557 million.

As we navigate the complexities of the “new normal,” the construction sector is signaling promising trends, showcasing an incremental recovery in activities. This upswing, despite a marginal reduction in the number of projects, signifies a considerable leap in both the area and financial commitment involved in construction. The recent projects primarily consist of large-scale development ventures, symbolizing a thriving and dynamic landscape that bodes well for Cambodia’s development.

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