12 June 2008
By Ky Soklim
Cambodge Soir Hebdo
Translated from French by Luc Sâr
Investments in the construction sector reach $3.2 billion in the country in 2007, whereas this number was $1.2 billion in 2006, this represents a 269% increase, Im Chhun Lim, the minister of the land management, urban planning and construction, announced during a conference providing the results of the government realizations between 2004 and 2007.
“More towers and other buildings are being constructed in Phnom Penh. This marks a new era in the history of Cambodia’s architecture and urban planning,” Im Chhun Lim said.
The construction of high rise buildings stems from the high cost of land in the capital. In the commercial zone of Phnom Penh, the price of land increased from $400 per square-meter in the 90s to $4,000 at the beginning of 2008.
About one month to the general election, the price of real estate has stabilized, and it even saw a slight decrease. This trend could be confirmed after the election.
Between 34,000 and 40,000 people are employed in the construction sector. Non skilled workers earn between $120 and $180 (per month), whereas those who are skilled earn between $500 and $1,500.
The benefits brought by this sector are very important, some economists noted. But Cambodia has a hard time cashing in these benefits, the bulk of the material used in the construction sector is imported from overseas.
“More towers and other buildings are being constructed in Phnom Penh. This marks a new era in the history of Cambodia’s architecture and urban planning,” Im Chhun Lim said.
The construction of high rise buildings stems from the high cost of land in the capital. In the commercial zone of Phnom Penh, the price of land increased from $400 per square-meter in the 90s to $4,000 at the beginning of 2008.
About one month to the general election, the price of real estate has stabilized, and it even saw a slight decrease. This trend could be confirmed after the election.
Between 34,000 and 40,000 people are employed in the construction sector. Non skilled workers earn between $120 and $180 (per month), whereas those who are skilled earn between $500 and $1,500.
The benefits brought by this sector are very important, some economists noted. But Cambodia has a hard time cashing in these benefits, the bulk of the material used in the construction sector is imported from overseas.
