Phnom Penh: International-standard market opens

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The first international-standard construction materials market – the Difa International Decoration and Building Materials Market – which has famous brand products from around the world, was officially launched last Saturday with about $5 million of investment capital to cater to the growing needs in Cambodia.

Lin Shao Jie, the chairman of the board of the Difa market, was quoted in a local media report as saying that the market in Cambodia is their first branch after China.

The market is along National Road 1, Niroth Ampov Capital district, and this location was chosen because the road is an important international and economic route to the Vietnamese border and is also near the central part of the city, where customers can easily buy the good they need, said Mr Lin.

“The reason to establish the market in the country is due to seeing the construction sector in the country, which has grown year-on-year, and especially for serving the special needs of people who prefer well-known construction and bathroom material imported from countries worldwide,” he added.

“The market cost about $5 million and there are plans to spend more on advertising through the media, so people can know and buy the products at the market.”

Work on building the market started in June 2016 and was completed in June 2017 and it covers an area of 20,000 square metres. The market is 8,600 square metres with 192 stalls selling construction material.

The size of the stalls ranges from 36 square metres, with rents ranging from $19 to $25 per square metre, according to Mr Lin.

Official data from the National Bank of Cambodia released in July showed that total imports of construction material went up 34 percent in the first half compared with the corresponding period last year, while imports of cement also went up by 10 percent after a sharp drop of 40 percent in the first half of last year.

The report also pointed out that construction investment in the first six months of 2017 reached $4.94 billion, compared with $3.87 billion over the same period last year, an increase of 27.44 percent.

“The increase in demand for housing for adults and the increase in middle-class households and the favourable investment climate policy for foreign investors will encourage the flow of both foreign and local investment in the sector,” said the report.

Courtesy: Khmer Times | By Sum Manet / Khmer Times

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