Phnom Penh, Dec 27 (IANS): Cambodia had granted licenses to 3,827 construction projects with a total investment of $2.63 billion in the first 11 months of 2022, according to a Ministry of Land Management, Urban Planning and Construction (MLMUPC) report released on Tuesday.

Major foreign investors in the Southeast Asian nation's construction and real estate are from China, South Korea, and Japan, reports Xinhua news agency.

"Over the last decade, investment in construction has grown steadily and will continue to grow, especially in the construction of high-rise buildings such as condominiums, shopping malls, business centres, office buildings, hotels, multi-purpose buildings, schools, hospitals, and banks, among others," MLMUPC's Secretary of State Leang Monirith said.

He attributed the rapid development in the construction and real estate sector to the strong confidence from investors in the country's peace, security, and political and economic stability.

Construction is one of the four pillars supporting the kingdom's economy.

Three other sectors are garment export, tourism and agriculture.

According to the MLMUPC, currently, the country had 2,534 high-rise buildings (between five and over 40 floors), and 510 locations of new towns and residential complexes, mostly in capital Phnom Penh and Preah Sihanouk province.

There are about 1,184 construction and home design companies operating in the country, the Ministry said.