PHNOM PENH: SUNWAH GROUP, an investment firm with three decades of experience in Cambodia, has decided to invest $1.5 billion to develop a 60-storey condominium and mixed-use commercial center in the heart of Phnom Penh.

According to Chhay Kunsum, CEO of SUNWAH Group, the real estate investment situation in Cambodia has slightly declined during the Covid-19, but due to trust in the Cambodian market, the company has achieved additional investment after the crisis has eased and is expected to bring the real estate sector, as well as other sectors, back to pre-crisis levels.

“The factors that make me, like other investors, believe in Cambodia are, first and foremost, the good political situation, secondly, the Kingdom of Cambodia’s new investment law, and lastly SUNWAH is a financially strong company,” he explained. “As the Cambodian government seeks to rebuild and revive its economy following the crisis, it will not cause our company to fail or collapse.”

According to Kim Kinkesa, senior manager of CBRE Cambodia Real Estate, condominium investment activities have resumed in the last six months, particularly in previously suspended condominium projects. New condo projects are also opening, but there haven’t been many in the past.