The number of applications for construction projects submitted to the Ministry of Land Management, Urban Planning and Construction nearly doubled during the first two months of this year compared to the same period last year.
Speaking at a press conference at the Council of Ministers on Monday, ministry spokesman Seng Lot said despite the novel coronavirus pandemic, investments in the Kingdom has not slowed down.
“More than 520 applications for construction projects were submitted to the ministry in January and February. This is a significant increase from the same period in 2019 when only 300 applications were filed,” he said.
Lot said he was unsure how the sector will fare in March and beyond.
On March 6, the Ministry of Economy and Finance issued a directive to reduce expenses and raise funds to fight the Covid-19 outbreak.
KW Sen Sok operating principal Sam Soknoeun told The Post on Monday that since the coronavirus outbreak began in Korea and Europe, activity in the construction and real estate sectors in Cambodia has steadily declined.
“There were a lot of project applications before Covid-19. After the outbreak began, growth in the sector began to slow down,” he said.
Soknoeun said the disease will significantly weigh down the world economy, and that the local construction and real estate sectors could not escape its impact.
“I think the construction and real estate sectors in Cambodia will not have a good year. I think growth could stagnate or even decline,” he said.
According to a report by the Ministry of Land Management, last year it approved a total of 4,446 construction projects on a total of 18.54 million sqm. Their combined value was $9.3 billion.
In 2018, 2,867 construction projects were approved with a total value of $5.2 billion.