📺 Cambodia Construction and Property News #Week57 (ព័ត៍មានសំណង់និងអចលនទ្រព្យប្រចាំសប្តាហ៍)


Hello, welcome to Construction & Property weekly news. Every week, we bring hot news regarding
construction and property in Cambodia to you. With no further delay,
let’s go to the news contents of this week. Cambodia inks deal with Laos on the 2900-megawatt power purchase Cambodia, Thailand agree to resume OCA talks Collection of stamp duty on property transfers increases by 60% Sihanouk International Airport to be able handle 10 million
passengers Hilton to open its first hotel in Phnom Penh by 2022 Cambodia inks deal with Laos on the 2900-megawatt power purchase On 12th September, the Cambodian government has inked a deal with the Laos
government to purchase a total of 2,900 megawatts of power to fulfil the current shortage of electricity as well
as to reduce the cost of electricity in the future. The agreement is signed by Cambodian Prime
Minister Hun Sen and Laos Prime Minister. The project is an exclusive purchase
agreement worth almost US$5 billion with a term of 30 years. Cambodia can purchase electricity for only US$7.7 cents/kWh which is relatively cheaper than other coal-fired power plants in
Cambodia. Moreover, the project will help backstop the current electricity
shortage, especially during the hot summer period. Cambodia, Thailand agree to resume OCA talks Cambodia and Thailand have agreed to resume talks on development of their overlapping
claims area (OCA) on offshore oil fields after nearly a decade of hiatus. The agreement to resume talks was made in a meeting between the Cambodian Ministry of Mines and Energy
and the Thai Energy Ministry held in Bangkok. Cheap Sour, spokesman of the ministry said the two sided agreed to resume discussions on development of the
OCA as quickly as is feasible for sharing mutual benefit to
both countries. Cambodia and Thailand have claimed sovereignty of the OCA, a 27,000-square-kilometre area in the Gulf of Thailand that is believed to be rich in oil and gas. Cambodia and Thailand signed a memorandum of
understanding (MOU) to set a joint-development. Thailand, however, suspended the agreement in 2009. Collection of stamp duty on property transfers increases by 60% The General Department of Taxation has
collected almost US$2 billion in tax revenue over an eight-month period with stamp duty on property transfers
seeing the sharpest increase about 60%. According to a GDT press release dated 12 September, the department collected US$1,952 million achieving about 85.33% of the national plan. This shows an increase of about 29.89%
compared to the same period last year. In July the government began imposing
a new tax base for stamp duty tax to increase tax revenue and match the growth
in the real estate sector in Cambodia. Sihanouk International Airport to be able handle 10 million
passengers Cambodia Airports will upgrade the capacity of Sihanouk Airport to be able to handle 10 million passengers
per year through their master plan. The master plan for terminal expansion was approved
by the State Secretariat of Civil Aviation on Thursday to expand the capacity to handle more passengers. The initial construction is set to start earlier next year with the increased capacity in the first phase
being able to handle 3.6 million passengers and the next phase of construction to handle up to 10 million. The terminal capacity expansion is being undertaken at the same
time as Cambodia Airports is upgrading the
runway from 2,500-metres to 3,300-metres in length allow landing and take-off of long-haul aircrafts. Figures from Cambodia Airports show that the number of passengers through Sihanouk
International Airport rose by 210% in the first half of this year, to 755,000. Hilton to open its first hotel in Phnom Penh by 2022 Hilton has recently signed a management
agreement with a real estate firm GFC to open the first Hilton hotel in Phnom Penh by 2022. The Hilton Phnom Penh will be comprising of 280 guest rooms. The property will also include restaurant, café, fitness centre, swimming pool, and other functional space. According to Singapore’s Ideal Property Map, Hilton Phnom Penh will be located in a Mixed-use development
located near The Gateway on Russian Boulevard. Paul Hutton, vice president, operations,
South-east Asia, Hilton, told that Cambodia is one the country in the region with the
very high potential for hospitality investment. He believed that the strength of the
Hilton brand will go a long way in helping to boost Phnom Penh as a tourism destination. Hilton is an international hotel brand based in United States; nowadays the brand operates 39 properties across Southeast Asia. Dear audiences, Construction & Property weekly news has come to the end. Thank you for spending time with us. We will come back to you next week. I’m Bun Saosopheakneath,
and our staffs thank you again and goodbye.

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