PHOM PENH: The construction of a stalemate in Sihanoukville nearly four years ago triggered a series of reconstructions, with 100 buildings being rebuilt or renovated so far.
The beginning of construction on stalled buildings in Sihanoukville will boost the province’s real estate sector, attract investors, and raise property prices in the coastal province.
Cambodia’s government is also forming a working group to resolve the construction project in Sihanoukville and considered some exemptions and favors to give investors or new investors confidence in the government.
According to Mr. Sorn Sieb, President of the Cambodian Valuers and Estate Agents Association, the number of foreign visitors to Cambodia increased in the first few months of this year. There are also tourists and investors, which bodes well for the real estate industry in general, including Sihanoukville. It is a popular destination province for foreign investors, especially Chinese investors.
Furthermore, since the completion and operation of the Phnom Penh-Sihanoukville expressway project, many foreign and domestic investors have begun to develop their projects, and there are investors. Others are researching investment opportunities in Sihanoukville, with the expectation that many development projects will be completed in the near future. This province’s appearance.
There are currently 1,006 high-rise buildings in Sihanoukville, 400 of which have been completed and are operational, and another 200 which have been completed but are not yet operational. More than 200 other buildings have been halted, but more than 100 are under construction or renovation, according to the latest various reports.
Between 2016 and 2019, an influx of foreign investors rushed to invest in Sihanoukville due to the construction of large buildings, particularly in the hotel and casino sectors, causing real estate prices in the province to skyrocket. However, due to the closure of online games, the spread of Covid-19, and global issues such as the war between Russia and Ukraine, some buildings have been suspended since the end of 2019.