Search form

Login - Register | FOLLOW US ON

Logo of Phnom Penh Post newspaper Phnom Penh Post - Campaign to boost market for apartments

Campaign to boost market for apartments

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.

Speed urged
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.

0

Comments

Please, login or register to post a comment

Latest Video

Turkish Embassy calls for closure of Zaman schools

With an attempted coup against the government of President Recep Erdogan quashed only days ago and more than 7,000 alleged conspirators now under arrest, the Turkish ambassador to Cambodia yesterday pressed the govern

CNRP lawmakers beaten

Two opposition lawmakers, Nhay Chamroeun and Kong Sakphea were beaten unconscious during protests in Phnom Penh, as over a thousand protesters descended upon the National Assembly.

Student authors discuss "The Cambodian Economy"

Student authors discuss "The Cambodian Economy"

Students at Phnom Penh's Liger Learning Center have written and published a new book, "The Cambodian Economy".