For the first nine months of the year, investment in approved real estate projects throughout the country has grown 76 percent compared to the same period last year.
Lao Tip Sieha, Undersecretary of the Ministry of Land Management, Urban Planning and Construction (MLMUPC) told Post Property that 2,009 projects have been approved since January this year, with total investment reaching $7.56 billion.
“The projects submitted this year are mixed – including boreys, factories, hotels, condominiums, high-end offices, and apartments.” While there are concerned parties within the industry, said Seiha, “the situation and construction activities are still being carried out normally. There are [still more] projects waiting for approval.”
Peng Serey, CEO of Angkor Real Estate, noted that some companies probably had yet to carry out the cash drop and commit to their investment proposals.
“These investment figures are good. However, it’s not such a good thing in this sector because if there is too much construction, it will be spoilt in the future,” Serey said.
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