THE government kicked off a publicity campaign Thursday to promote a newly passed measure allowing co-ownership of buildings in the hope of boosting the depressed property market.
Minister of Land Management, Urban Planning and Construction Im Chhun Lim said promotion of the sub-decree, which was approved earlier this month, would give confidence to developers and investors currently constructing apartment buildings.
The measure will be promoted through advertisements, he said.
The Sub-Decree on Co-ownership allows Cambodians for the first time to own apartments. Previously they could only rent or lease them. It also paves the way for a forthcoming law allowing foreign nationals to buy space on or above the first floor of a building.
National Valuers Association of Cambodia President Sung Bonna urged the government to push through the law on foreign-owned apartments. "Developers have been waiting for this law for many years," he said.
Im Chhun Lim said the law had already been drafted. "We have already agreed with the Ministry of Justice, so the law will be here soon," he said.
Chhean Dara, project manager of the US$30 million Young's Commercial Centre and Resort on Chroy Changvar peninsula, said he hoped the sub-decree on co-ownership would boost apartment sales.
The sub-decree, which does not allow the purchaser to own the land on which the development is constructed, also covers the sale, exchange, donation and inheritance of apartments.