Around 2,522 approved construction projects are ongoing across the country totalling investment capital of $3.842 billion in the first six months of the year, according to the report from the Ministry of Land Management, Urban Planning and Construction.
The value of the approved construction projects rose 13.26 percent from 2,047 projects, with the investment capital of $3.392 billion in the first six months in 2019 to 2,522 construction projects, worth at $3.842 billion in the first six months in 2020.
The data released from the Ministry of Land Management said that around 2,097 projects on the residential project were approved with the investment capital of $1.78 billion. While the government has approved 36 Borey projects with a total investment of more than 648.9 million from January to June 2020.
It added that some of 8,932 units of houses and flats were approved with the investment capital of $1.21 billion. As well as 82 condo projects with a capital investment of $572.5 million, 19 hotel projects with $145.2 million were also approved, and 220 projects commercial building was also given the green light, with the investment capital of $1.31 billion.
While there were 45 factory and warehouse projects with a capital investment of more than $306.35 million, and 45 mixed-building development projects with the total cost of investment of $1.03 billion in the first six months.
The data added that the high rising building (which are five storeys and up) had 216 projects or 234 buildings.
The construction sector has created 170,059 jobs for people every day in the capital alone, it can create around 24,130 to 24,500 people per day. According to the study, unskilled labour can earn around $10 to $15 per day, and skilled labour can earn from $15 to $25 per day. While, engineers, architect and experts can earn from $400 to $2,500 per day.
Chrek Soknim, president of Cambodian Valuers and Estate Agents Association (CVEA) said that the situation and activities of the real estate sector will steadily recover. Local people especially are looking to resume transactions in both purchasing and selling property.
“So far we have not seen growth, but the sector started recovering over the past couple of months. It is quiet, but now in the capital, on the outskirts of Phnom Penh, Kep, Kampot, Preah Sihanouk, and Kampong Speu province are starting to see transactions,” Soknim added.
“However we do not expect it to grow like earlier this year because people are still cautious about the COVID-19 situation but, in the next couple of months, the real estate sector will be back to normal.”
- Tags: construction