Minister says construction sector enjoying V-shaped recovery

Camko City on the outskirt of Phnom Penh is still being constructed.

Published: 28-Feb-12

PHNOM PENH (CEN) – Cambodia's construction sector has been enjoying a V-shaped recovery over the past two years with the value of projects more than doubling in 2011, Land Management, Urban Planning and Construction Minister Im Chhun Lim said Tuesday.

The minister said 2,129 construction projects worth $17.34 billion were approved last year. “It was up 106 percent compared with 2010 which had 2,149 construction projects worth only $8.4 billion,” he said.

Im Chhun Lim also said that 286 foreigners had bought 670 properties after the government relaxed rules on foreign purchases of local real estate.

The minister said separately Tuesday that Cambodia, currently chair of the Association of Southeast Asian Nations. was preparing legal documents to apply for a seat on the ASEAN Engineers Register in 2012. The group was established in 1998 in line with ASEAN's plans to liberalize professional services.