Original report from Phnom Penh
07 September 2009
One year after an economic crisis swept across the globe, experts say Cambodia’s key construction sector—which had been booming—is showing no signs of recovery.
The crisis, which spread in August last year and eventually engulfed world markets and economies, shuttered several major construction projects in Cambodia, while delaying others.
A $400-million Korean project to build a mini-city on four hectares of land was dashed. Another project, to build a 53-story building, never got off the ground. Other projects, big and small followed, as the price of land tumbled as much as 50 percent.
“The land and housing markets have remained silent,” said Sung Bunna, head of a self-named real estate group. “Up to now, everything is still quiet. There are not yet potential investments that could make the real estate market warm.”
Only private housing construction remained active, he said.
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