Cambodia’s investment in the real estate and construction sector in 2016 capped off at $8.53 billion, a 155.7 percent increase compared to the same period in 2015.

Lao Tip Seiha, undersecretary of state of the Ministry of Land Management, Urban Planning, and Construction (MLMUPC), stated on Wednesday that authorities from the national and provincial levels had approved 2,636 projects in 2016, the size of which amounts up to 14 million square metres. This has significantly risen from data in 2015, when 2,305 projects covering 7 million square metres of land amounted to $3.34 billion in investment.

“Most of the projects approved last year were condos, apartments, hotels, office buildings, malls, boreys, factories, and many more commercial centers,” Tip Seiha said, adding that the boost has created an enormous number of jobs for Cambodians while appealing more to foreign investors.

President of the Cambodian Valuers and Estate Agents Association, Kim Heang, however, questioned the validity of the $8 billion figure – specifically whether it was a true figure or just a registered amount at the ministry.

He explained that some investors practice a double-standard trade, quoting a land price of, for example, $10 million and a construction capital of $50 million, while exaggerating the cost of their project as $200 million.

He continued, “The investors who registered their capital investment with only 50 percent of the actual principle is already good enough. However, we’re happy to welcome more new projects into Cambodia.”