Cambodia’s real estate development rises 161 pct in first four months

PHNOM PENH, June 2 (Xinhua) -- Cambodia has seen 161 percent growth in real estate development investments in the first four months of this year, compared with the same period last year, according to the statistics from the ministry of land management, urban planning and construction on Thursday.
   The reports showed that from January to April this year, the ministry had approved nearly 700 construction projects worth 482 million U.S. dollars, 161 percent rise from 184 million U.S. dollars at the same period last year.
   “The country’s real estate sector has been seeing a sign of recovery since it had been hard hit by the global financial crisis in 2008,”  Lao Tip Seiha, director of the ministry's construction department, said Thursday.
   Since the start of the year, many of mega-projects, commercial development projects, tourism facility projects and housing development have been applied for construction licenses and some have been actively constructing.
   Cambodia’s construction and real estate sector have faced the downturn since the global financial crisis in 2008.
   The ministry’s report showed that the investments on the country’s real estate developments have constantly declined from 3.1 billion U.S. dollars in 2008 to 1.98 billion U.S. dollars in 2009 and further drop to 840 million U.S. dollars in 2010. (Nguon Sovan)