Cambodia's construction sector attracts investment projects worth 2.15 bln USD in H1

PHNOM PENH, July 26 (Xinhua) -- Cambodia's construction sector attracted a total investment of 2.15 billion U.S. dollars in the first half of 2018, according to the latest report on Thursday.

Issued by the Ministry of Land Management, Urban Planning and Construction, the report said the ministry had granted licenses to 1,643 construction projects on a total area of 5.35 million square meters during the January-June period this year.

Top investors in the country's construction and real estate are China, South Korea, and Japan.

In a recent interview with Xinhua, Seng Loth, a spokesman for the Ministry of Land Management, Urban Planning, and Construction, said high-rise buildings, new towns and residential complexes had mushroomed in the Southeast Asian country in the past five years.

The kingdom currently had nearly 1,000 high-rise buildings (between five and 54 floors), up from just a few hundred five years ago, he said, adding that the country had also had almost 200 locations of new towns and residential complexes.

"Most of the high-rise buildings and new towns are located in Phnom Penh," he said.

The spokesman attributed the boom in the construction and real estate to peace, political stability, favorable law and incentive policy for investors, and sound macro-economic stability.

"Investors dare to invest billions of U.S. dollars in the sector because they are confident in these factors," said Seng Loth. "China is the largest investor in construction and real estate here, followed by South Korea and Japan."

Construction is one of the four main sectors supporting the Cambodian economy.

According to government figures, the construction industry accounted for about 29 percent of the country's 22-billion-U.S.-dollar GDP last year, as garment sector represented more than 30 percent, agriculture about 25 percent and tourism about 13 percent.