Thursday, February 5, 2009

SihanoukVille, Cambodia is growing bigger.

The bridge to Snake Island (which has a new official name for the Island that nobody knows yet) is set to be completed by the middle of 2010.

A $70 million port expansion has been announced.

The marina is still almost finished, with some of the condos now occupied.

Stoplights, ATM's and casinos are mushrooming throughout the town.

Oil drilling may officially start.

The airport still doesn't have any scheduled flights.

More island facilities are being approved.

More hotels are being built and expanded.

Tourism has hit new records.

7 cruise lines now have port calls here.

Land prices have stabilized or dropped a bit, but not too much. The number of land sales has dropped considerably.

All 10 (or 11) banks in town are still in business, and actually doing quite well. We'll probably get a few more new banks in 2009.

New construction has slowed down, but most projects started in 2008 or before, will be or have been completed. Construction labor and material have dropped in price, though some skilled tradespeople are getting more money.

Banking laws have been changed, to allow banks to lend more to real estate and construction purchases. Laws are also tending to be more strict for developers to keep their promises.

Everyone's having a great time in SihanoukVille!

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