The launch ceremony, attended by high-ranking officials including Deputy Prime Minister Say Samal and CDC Secretary-General Chea Vuthy, marked a significant milestone.

“With strong support from the Council for the Development of Cambodia, ISI GROUP is confident in pushing the project forward,” stated Chea Vuthy. “This support not only establishes a necessary regulatory framework for new collaborations but also creates an environment that attracts both local and foreign investments.”

He emphasized the government’s view of the private sector as the driving force of economic growth and highlighted Sihanoukville’s potential as a key economic hub.

ISI GROUP Chairman Kang Leng expressed confidence in the SEZ’s ability to contribute to national development. “ISI SEZ seeks to build on these achievements by incorporating advanced infrastructure and collaboration practices,” said Kang Leng. “Our goal is to continue innovating and leading in this sector, creating a vibrant ecosystem where businesses can thrive and communities can flourish.”

The initial phase of the ISI SEZ project covers 206 hectares and involves a US$50 million investment.

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Presiding over the inauguration ceremony were Deputy Prime Minister Say Samal, Minister of Land Management, Urban Planning, and Construction, and Serey Chea, Governor of the National Bank of Cambodia (NBC).

The NBC explained that this property verification system will enable banks and financial institutions (BFIs) to access property reports directly. These reports will provide essential information, such as ownership details, rental history, and mortgage status, to inform loan decisions. BFIs can now receive these reports instantly through a digital process.

The NBC further clarified that this collaboration between the MLUPC, NBC, Credit Bureau Cambodia Co., Ltd., and FunGi Co., Ltd. will facilitate the provision of property verification services on the Credit Bureau (Cambodia) Co., Ltd. website.

During the ceremony, Deputy Prime Minister Say Sam Al emphasized the importance of digitization in modern society. He stated that by digitizing daily operations and services, the government can increase productivity, streamline processes, reduce costs, and enhance efficiency and safety. These advancements, he added, contribute to a more secure political and economic environment.

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DPM Samal made these remarks at the opening of the Cambodia-International Construction Industry Exhibition 2024, which showcased a wide range of construction materials, equipment, and machinery from both domestic and international suppliers. The exhibition was attended by numerous industry stakeholders, including developers, contractors, and suppliers.

The Deputy Prime Minister emphasized the importance of aligning the construction industry with the evolving needs of Cambodia’s growing population and economy. Information.gov.kh reports that he encouraged the adoption of modern construction techniques, the use of high-quality materials, and the implementation of stringent safety standards.

Lok Neak Oknha Dr. Pung Kheav Se, President of the Cambodia Constructors Association, expressed his support for the Deputy Prime Minister’s call for modernization. He highlighted the exhibition’s role in facilitating connections between domestic and international businesses, promoting technology transfer, and fostering innovation in the construction sector.

Phnom Penh Governor Khuong Sreng revealed that the capital city has experienced significant growth in recent years, with 448 borey and apartment complexes and 1,848 high-rise buildings currently under construction. The city has also approved 516 new construction projects in the first ten months of 2024, reflecting the strong momentum of the real estate market.

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The highly anticipated Royal Group Platinum Condominium officially opened its doors on July 5th, 2024, marking a significant milestone in Phnom Penh‘s luxury housing scene.

The grand opening ceremony was a prestigious event, graced by the presence of H.E. Say Samal, Deputy Prime Minister and Minister of Land Management, Urban Planning and Construction, Mr. Sok Penh Vuth, Deputy Governor of Phnom Penh, and Ms. Teo Lay Cheng, Singapore Ambassador to Cambodia, alongside other distinguished guests.

This landmark project represents a collaborative effort between Dato’ Dr. Johnny Ong, Deputy Chairman & CEO of Hong Lai Huat Group Limited, and Royal Group of Companies.

Their vision was to create a unique and modern living experience unlike anything seen before in Cambodia. Royal Group Platinum Condominium stands as a testament to their innovative spirit and tireless dedication.

Construction began on May 7, 2019 with a huge investment of $100 million, and the final product is truly impressive. The development boasts 851 residential units and 50 commercial spaces spread across a sprawling 100,000 square meters.

The towering 28-story structure reflects Singaporean design excellence, offering residents a fresh perspective on luxury living.

One of the most distinctive features is the entire floor dedicated to exclusive amenities. Residents can unwind at a variety of private clubs, including a timeless swimming pool, a dedicated space for football enthusiasts, and a breathtaking aerial garden – a haven for relaxation while soaking in the stunning 360-degree panorama of Phnom Penh.

Neak Oknha Kith Meng, Chairman of the Cambodia Chamber of Commerce and Chairman & CEO of Royal Group, emphasizes the that “home is where the heart is, the project is offering residents a chance to experience a new way of life in the heart of Phnom Penh.”

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According to the CMA, the meeting focused on a comprehensive discussion of the real estate sector in Cambodia. This included examining both the current challenges and potential opportunities within the market.

A key aspect of the discussions, as highlighted by Deputy Prime Minister Say Samal, centered on the role of financial institutions. DPM stated, “All microfinance banks and financial agencies are important strategic partners in supporting the financial industry and non-banking revenue and fiscal revenue, the real estate and construction industry, as well as the establishment of a culture of mortgage lending that has made a significant contribution to building and sustaining the Cambodian economy.”

H.E. Dith Nita, Chairwoman of the CMA, expressed her full support for the Ministry’s initiatives and a strong commitment to aiding the government in resolving challenges within the real estate sector.

However, she identified specific challenges faced by banks and financial institutions, requesting the Royal Government of Cambodia’s support through measures such as tax breaks, lower interest rates, and credit guarantees for potential loan defaults.

The participation of representatives from over 120 banking and financial institutions further underscores the industry’s commitment to working with the government on real estate development.

A new report by the World Bank this month confirmed the sluggish Cambodian property development sector in the first quarter of 2024. The value of approved real estate development projects continued to decline, dropping 38.8% year-on-year to US$786 million.

This decline follows a short-lived revival in 2023, where investor appetite for real estate, particularly housing, had shown signs of recovery after the pandemic’s heavy impact during 2020-2022.

However, the World Bank report highlights that ongoing housing price corrections, despite a limited supply of affordable housing, continue to dampen construction activity.

This meeting signifies a collaborative approach between the Cambodian government and financial institutions in fostering a healthy real estate sector. By focusing on challenges and opportunities, particularly in facilitating loan access, this dialogue suggests a proactive approach to supporting the industry’s continued development.

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This ambitious project aims to tackle long-standing land disputes, improve land management practices, and pave the way for sustainable development.

The Ministry is actively encouraging registration through public outreach campaigns and streamlined procedures. Minister Samal set a clear target: finalizing land titling by 2029, coinciding with the 40th anniversary of the initial program.

Remarkable progress has already been achieved, with over 5 million land titles issued to date, and 2 million are on daily delivered, leaving only 5 million plots remaining across the country.

This effort to measure and issue land titles, rightfully belonging to the people, has garnered significant praise on social media, highlighting a key accomplishment of the Royal Government.

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The event was supported by senior leaders including H.E. Say Samal, Deputy Prime Minister, Minister of Land Management, Urban Planning and Construction.

While receiving a delegation of the Cambodian Gems and Jewellery Traders Association (CGJTA) at the ministry on Dec. 27. H.E. Say Samal voiced his support for the CGJTa’s activities, particularly the jewelry beauty contest, which will promote Cambodia to the world and attract more tourists and investors to the Kingdom.

He encouraged the association to cooperate with Russia and Belgium, which are famous for their jewelry and precious stones, and to turn itself into an industry that helps boost the Cambodian economy.

This morning, the CGJTA delegation led by its Acting President Mr. Chhay Sinath paid a courtesy visit to H.E. Ms. Serey Borapich, Secretary of State at the Ministry of Commerce, to seek the ministry’s support for the forthcoming event, the 15th of its kind.

On Dec. 7, in a meeting with the delegation, H.E. Neth Pheaktra, Minister of Information, confirmed that the ministry will support the broadcasting of the event to promote Cambodian jewelry and gems.

The fair is expected to attract the participation of not only domestic but also foreign investors and visitors. Besides, it will feature a special auction of women’s crowns, jewelry, and gems.

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• Cambodia extends an invitation to Japanese businesses for deeper collaboration in land management, housing, and smart city development.
• Deputy Prime Minister Say Sam Al emphasizes Cambodia’s attractive investment climate for Japanese companies.
• The 4th Public-Private Platform underscores the importance of cadastral and housing initiatives in line with Cambodia’s vision for universal decent housing.
• Key stakeholders from Cambodia and Japan participate in the forum, demonstrating robust ties and shared commitment to Cambodia’s development.
• Cambodia expressed a desire for continued collaboration with Japan in cadastral and housing initiatives during a meeting with Japan’s Deputy Minister of Land, Infrastructure, Transport, and Tourism.
• Cambodia acknowledges Japan’s pivotal role and seeks to leverage Japanese expertise in areas like cadastral mapping and technology-driven urban development for sustainable growth.

PHNOM PENH: Cambodia has reached out to its Japanese allies, seeking deeper collaboration on crucial areas like land management, housing, and smart city development.

Deputy Prime Minister Say Sam Al extended an invitation to Japanese businesses and companies, urging them to leverage Cambodia’s attractive investment climate and contribute to the nation’s economic growth.

During the 4th Public-Private Platform for “Urban Development, Cambodia-Japan”, held recently, the Deputy Prime Minister emphasized the importance of cadastral and housing initiatives. He expressed Cambodia’s eagerness to partner with Japan in these fields, aligning with the Royal Government’s vision of ensuring decent housing for all citizens.

The forum brought together key stakeholders, including Cambodia’s Ministry of Land Management, Urban Planning and Construction, and Japan’s Ministry of Land, Infrastructure, Transport and Tourism, alongside representatives from various Cambodian business associations and investors. This gathering signifies the robust ties between the two nations and their shared commitment to Cambodia’s continued development.

In a separate meeting with Japan’s Deputy Minister of Land, Infrastructure, Transport and Tourism, Mr. Ishibashi Rintaro, Deputy Prime Minister Say Sam Al reiterated Cambodia’s desire for continued collaboration in cadastral and housing initiatives.

This renewed call to action underscores Cambodia’s determination to improve the lives of its citizens and build a brighter future through smart, sustainable development.

Cambodia acknowledges Japan’s pivotal role in its journey towards peace and reconstruction. Japan’s contributions extend beyond financial aid, encompassing infrastructure projects like National Road 5, which fosters regional connectivity. Cambodia seeks to build upon this strong foundation and leverage Japanese expertise in areas like cadastral mapping and technology-driven urban development to unlock its full potential.

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The delegation was seen off at Phnom Penh International Airport this morning by Samdech Krolahom Sar Kheng, Deputy Prime Minister, Minister of Interior, and many other senior government officials.

Themed “Innovation and Cooperation for a Water Secure and Sustainable Mekong,” the summit will take place on April 5 in Vientiane.

According to a press release of the Cambodian Ministry of Foreign Affairs and International Cooperation, the Summit will review the significant progress and achievements of the MRC made through the enhancement of joint efforts and partnerships towards achieving the sustainable development goals in the Mekong River Basin since the Third MRC Summit in 2018 in Cambodia, and discuss the emerging challenges in the Mekong River Basin, setting the future strategic directions to jointly address the basin challenges more effectively as well as to further promote regional cooperation and partnerships for a sustainable Mekong.

Samdech Techo Prime Minister is accompanied by H.E. Lim Kean Hor, Minister of Water Resources and Meteorology and Chairman of Cambodia National Mekong Committee, H.E. Say Samal, Minister of Environment, as well as other senior government officials of the Royal Government of Cambodia.

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On January 12, 2023, KLP.T TRANSPORTATION Co., Ltd was approved to invest in the construction of a multi-purpose port and logistics center. The multi-purpose port and logistics center project has been warmly welcomed by authorities, who hope it will help to improve people’s lives.

According to Mr. Prak Vuthy, the company’s representative, the Royal Government has allocated 100 hectares with a total required investment of $300 million. Shipping ports, oil depots, tourist resorts, and special economic zones are examples of investment projects (industrial areas, markets, exchanges, warehousing, and distribution of national and international goods)

For just over a month, construction companies have been hard at work in the area, constructing infrastructure such as a 50C road access to the port, an administration building, an apartment building, a cargo port, a weighbridge, and other structures.

The construction of the multi-purpose port and logistics center has also piqued the interest of relevant authorities at both the national and sub-national levels. Senior Minister Sun Chanthol, Minister of Public Works and Transport, Mr. Say Samal, Minister of Environment, and Mr. Sun Sovannarith, Governor of Kampong Chhnang Province visited the construction site on March 9, 2023, to inspect and evaluate the construction process.

As the country’s center and a good distribution point for goods from the provinces around Tonle Sap Lake and other provinces to international markets, the multi-purpose port and logistics center will also be a good strategic area for transportation.

It is expected that once the multi-purpose port and logistics center project is completed, it will provide 1,000 to 1,500 job opportunities for residents of Kampong Chhnang province.

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