The bridge to Snake Island is finished, and the island construction has begun.
The Marina is virtually finished, and most of it is already sold out.
Construction of the power plant in Steung Hauv has begun. Should be finished in 3 years.
The Special Economic Zone by the port is nearly complete, and is filling up fast.
The Special Economic Zone outside of town on Route 4 near Ream National Park may have to be expanded to accommodate the demand.
The old Holiday Palace Casino is undergoing a complete renovation (or complete teardown?) to make a new casino / hotel resort under a new company. (The old one moved to Independence Beach) SihanoukVille now boasts 5 casinos with the addition of Sokha Vegas, Golden Sea, and Diamond Sea Casinos.
Around downtown, several large residential / business parks have been completed or are near completion.
News of the SihanoukVille Airport re-opening the end of 2011 or 2012 with flights to and from Siem Reap (home of Angkor Wat) with 2 airlines serving the route.
Several new hotels and restaurants have opened up around town in the last year (even in the last month).
The islands around SihanoukVille now have many small bungalow/restaurant/dive shops, and it's not known about the progress of the major developments on the islands (except for Morakot Island and Mirax Island). Koh Rong and Koh Rong Samloem promise to be the largest.
New roads are being built, new housing developments are starting all the time. And old buildings are being torn down and replaced with new and bigger buildings.
Not much news on the offshore oil drilling, but they have rented or purchased a lot of property in town.
Even the Wats (Buddhist Temples) are doing a lot of construction.
Most importantly, Cambrew, the home of Angkor Beer (and soon Carlsberg Beer) has expanded, because the 24/7 schedule can't meet demand.
Probably some more, but it's too much to think of at one time.