Cambodia Approved Over $4 Billion in New Projects, A Remarkable 186% Surge in Eight Months

Cambodia is experiencing a remarkable surge in construction activities, as the Ministry of Land Management, Urban Planning, and Construction recently unveiled an astounding approval of more than $4 billion for over 2,367 new construction projects. This phenomenal achievement represents an impressive 186% increase compared to the corresponding period in 2022, underlining the nation’s resolute commitment to infrastructural development and growth.

According to the Ministry of Economy and Finance’s report, published on October 12, 2023, this surge in construction activities during the first eight months of 2023 reflects the approval of 2,367 construction projects (16% decrease) with a cumulative value of $4,575 million (186% increase). Additionally, these projects spanned a vast construction area encompassing 11.6 million square meters, revealing an astonishing 184% surge when compared to the same period in 2022.

In the month of August alone, the ministry granted approval for 331 construction projects, collectively covering a construction area of 3.6 million square meters, with a combined investment exceeding $1.557 million.

Of the 331 projects, 247 were housing projects, of which 225 were Boreys (equivalent to 67% of all housing projects); 32 were industrial construction projects; 33 were commercial construction projects; 8 were tourism construction projects; 3 were investment projects; and 8 were public projects.

As we navigate the complexities of the “new normal,” the construction sector is signaling promising trends, showcasing an incremental recovery in activities. This upswing, despite a marginal reduction in the number of projects, signifies a considerable leap in both the area and financial commitment involved in construction. The recent projects primarily consist of large-scale development ventures, symbolizing a thriving and dynamic landscape that bodes well for Cambodia’s development.