Regular communication mechanisms have been established so that the RGC can provide support in all possible ways for the success of the private sector as it is also the RGC’s success and thanks to which, employment opportunities have been created for the Cambodian people, said Samdech Moha Borvor Thipadei Hun Manet, Prime Minister of the Kingdom of Cambodia, while receiving here this afternoon visiting Mr. Jens Ruebbert, Chairman of EU-ASEAN Business Council and H.E. Igor Driesmans, EU Ambassador to Cambodia.

The Cambodian Premier expressed a warm welcome to Mr. Jens Ruebbert who led a delegation of representatives of major EU companies interested in exploring investment opportunities as well as expanding existing investments in Cambodia.

He also reaffirmed the RGC’s stance to open to all investments by companies from around the world, including the European Union through various incentive policies to create attractiveness.

For his part, Mr. Jens Ruebbert congratulated Samdech Thipadei Hun Manet on his assumption of office as the Prime Minister of Cambodia and spoke highly of the smooth process of forming the 7th-mandate Royal Government, stressing that under the leadership of Samdech Thipadei, Cambodia will continue to prosper in all areas.

On the occasion, eight major companies, including Heineken, KPMG, Shell, Zuelling Pharma, Danone, DHL, JTI, and Airbus, raised concerns and questions related to the RGC’s priority program for the private sector, while Samdech Thipadei responded and provided many good practical recommendations in line with the direction stated in the Pentagonal Strategy of the Royal Government of the 7th legislature of the National Assembly.

The post Royal Government boosts partnership with private sector first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

According to a recent news release from the Australian Embassy in Phnom Penh, Australia is supporting the inclusive development of a strong private sector in Cambodia – a vibrant private sector is essential for promoting inclusive economic growth and poverty reduction.

Through the Cambodia Australia Partnership for Resilient Economic Development (CAPRED), Australia is working with the Cambodia Chamber of Commerce, the Council for the Development of Cambodia, and other stakeholders to improve the effectiveness of the G-PSF, it added.

Recent discussions between Australia, CAPRED, and the CCC have focused on ways to improve the G-PSF to make it inclusive and results-oriented, said the same source, pointing out that in particular, support will be provided to strengthen the 14 technical Working Groups at the national level and support public and private sector dialogue at the provincial levels.

By facilitating the input from Cambodia’s private sector, it underlined, the G-PSF’s history indicates that it can contribute to improving the enabling environment for businesses in Cambodia. The impact of this work can stimulate economic growth and increase opportunities, generating jobs and reducing poverty.

The post Australia backs Cambodia’s government-private sector forum first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

PHNOM PENH: The French ambassador to the Kingdom of Cambodia stated that Phnom Penh has grown significantly in recent years, with high-rise buildings demonstrating excellent economic growth.

Mr. Jacques Pele, the French ambassador to Cambodia, stated this earlier this week during a working meeting with Phnom Penh Governor Khuon Sreng.

“Phnom Penh has grown significantly in recent years, with high-rise buildings and a maze of roads, very different from 1995,” Jacques Pele said.

At the same time, Mr. Jacques Pele asked the Phnom Penh Capital Administration to protect the city’s remaining heritage in order to attract national and international visitors. The ambassador also mentioned the project to build a high-speed train in Phnom Penh after ten years of research.

According to the Phnom Penh Capital Administration, there are more than 300 Boreys and apartments, as well as more than 1,600 high-rise buildings, in Phnom Penh by the beginning of 2022, while in 2021, Phnom Penh will receive 1,050 new construction projects worth more than $ 2.26 billion.

Mr. Khuong Sreng once stated that the Covid-19 crisis posed a threat to the global economy, Cambodia’s development, and the Cambodian people’s livelihood in 2020 and 2021, but under the wise and prudent leadership of Samdech Techo Hun Sen, the Prime Minister has taken decisive and effective action on these issues, as well as measures to mitigate the impact on the socioeconomic sector.

Balancing production and business will increase the private sector’s resilience, and the Royal Government has always regarded the private sector as a driving force for development and national economic growth.

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Knight Frank: Sihanoukville’s condo supply will have increased by 485 percent by 2025

PHNOM PENH: The condominium sector in Sihanoukville was severely impacted in 2020 as a result of COVID-19’s restrictions on global travel, which resulted in the suspension of some condominium projects and the completion of many condominium units that were scheduled to be completed in 2022.

According to Knight Frank Cambodia, the demand for condominiums in Sihanoukville is higher than that of foreign investors when compared to Phnom Penh. However, with travel restrictions in the last two years and a ban on online gambling in 2019, demand for condominiums in Sihanoukville has dropped significantly, and many projects scheduled to be completed in 2022 have been delayed.

Despite the market’s challenges, two condominium development projects were completed in the second half of 2021, bringing the existing supply to 5,871 units with 12 projects. The 29-story Xingshawan Residence project in District 4 is expected to be completed by the end of 2021. There are 750 units in the project, with an average price of US $1,800 per square meter.

Another completed project is Star Bay, a joint venture between Xing Hui Property and Thai Boon Rong Group. Of the project’s ten buildings, three have been completed, totaling approximately 1,800 units. The project is conveniently located in the coastal province of Sangkat 3. The project starts at $2,200 per square meter.

Sangkat 3 has the highest condominium density in Sihanoukville based on geography. It is the most desired location for condominiums, accounting for 81% of the supply. It is followed by Sangkat 4 (13%) and Sangkat 2 (6%), with Sangkat 1 being the last district to receive condominium investment because it is located outside of town and is surrounded by development and industrial activities.

According to Knight Frank Cambodia, the supply of condominiums in Sihanoukville is expected to increase to 34,353 units by 2025, representing a 485 percent increase over current supply. This figure could rise if many of the postponed projects begin to be rebuilt.

The post France applauds Phnom Penh’s rapid growth in high-rise buildings first appeared on Estatedia | Economy & Real Estate Media in Cambodia.