Data obtained from the Ministry of Land Management, Urban Planning and Construction (MLMUPC) shows 990 construction projects have been approved during the first five months of the year, a staggering increase compared to 2015, which only saw 2,305 approved projects throughout the whole year.
The 990 projects approved thus far in the year are worth $6.5 billion, accounting for a surge in project value of 400 percent year-on-year. In the whole of 2015, the worth of the projects approved was just $3.3 billion.
Hann Khieng, Vice President of the Cambodia Constructors Association, said the surge in project value was because the new minister, Chea Sophara, “understands the needs of investors” and is keen to accommodate them. Khieng said that since the minister came to office he has readily given a green light to projects submitted under his predecessor.
Among the biggest projects approved this year were the Shangri-La Hotel, a 300-room luxury hotel that will be located in The Peak project in the capital’s Tonle Bassac district.
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