Noteworthy Rise of Construction in Phnom Penh
AKP Phnom Penh, April 18, 2019 --
Phnom Penh’s construction sector is noticeably mushrooming, according to a report from a leading real estate agent CBRE Cambodia.
The report issued earlier this month grounds on figures of both approved investment value and volume of approved construction projects in the first quarter of 2019.
The investments on construction sector is estimated at US$1.8 billion, up 93 percent compared to the same period last year, wrote the report.
Between January and February, total approved investment flow into construction reached US$1.36 billion, and in the first quarter of 2019, accumulated investment into the sector was US$1.8 billion, a quarter-on-quarter increase of 93 percent, highlighted the report.
Three major condominium projects were completed in the first quarter of 2019, totaling 1,091 units, increasing total supply across the sector by 7.69 percent.
A further 1,169 units were launched over five projects, of which 76.2 percent are positioned within the affordable segment, the reported went on, adding that prices and rents were broadly stable over the quarter.
It continued that land price appreciation in the capital continued over the first quarter, ranking from US$1,000 to over US$5,000 per square metre.
By Chea Vannak