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Logo of Phnom Penh Post newspaper Phnom Penh Post - Local firms sign MoU to ensure trust in affordable housing project

Sear Rithy shakes hands with Sok Siphana at the MoU signing ceremony earlier this year.
Sear Rithy shakes hands with Sok Siphana at the MoU signing ceremony earlier this year. Moeun Nhean

Local firms sign MoU to ensure trust in affordable housing project

Worldbridge Land this week inked a memorandum of understanding (MoU) with domestic money-transfer service Ly Hour Pay Pro and law firm Sok Siphana & Associates for the company’s affordable public housing project.

According to Sear Rithy, chairman of Worldbridge Land, the MoU will help ensure a smooth transition for the financial and legal aspects of the development.

“The MoU creates trust, legality, and convenience to all the customers for the first affordable housing project in Cambodia,” he said at the signing ceremony on Tuesday.

Rithy said it was the company’s aim to partner with local businesses because the affordable housing development was first and foremost a local project that would benefit the people of Cambodia.

“In order to make it convenient and trustworthy for Worldbridge Land customers to purchase low and middle-level houses, our company has discussed with Dr Sok Siphana’s firm to provide legal consultation for the public, so that they understand what this project is about and what the legality of it is, and in that way they will get accurate information and gain a better understanding of our company’s project,” Rithy said.

“When Worldbridge Land begins selling this project, a legal representative from Sok Siphana’s company will provide [legal] consultation to our customers, as well as government officials and armed forces who are interested in purchasing these low and middle-income houses.”

Furthermore, Rithy said partnering with Ly Hour’s money transfer service would assist customers, wherever they are located, with their payments for their house.

“We have to make proper arrangements to provide the best service for the customers in addition to the project that will create comfort for them so they can make payments through Ly Hour’s Ly Hour Pay Pro,” he said.

“Thereby, all the money will reach our project without [the customers] having to take out their cash and wasting time and money to travel here.”

Agreeing that the affordable housing project is by far the biggest and most important project for the Cambodian people, Ly Hour, chairman of Ly Hour Group and administrator of Ly Hour Pay Pro, said his company’s involvement with Worldbridge Land’s affordable project was aimed at putting customers at ease.

“We work together to make it easier for the Cambodian people,” he said.

“Regardless of whether they’re located near, far, or are busy, they are still able to transfer their money for the housing payment through the Ly Hour money transfer.”

He added, “The money transfer service uses the latest [cash transfer] technology that is extremely safe.”

Meanwhile, Sok Siphana, principal attorney of Sok Siphana & Associates, said the company was looking forward to participating in a project that would derive many benefits for Cambodians.

“This project is for people with the lowest income so they are able to afford a house for their family with dignity,” he said.

“As for the cooperation with our law firm, what’s vital is to ensure trust for the customers who can’t afford to hire a lawyer to double check.”

Together with the government, Worldbridge Land officially launched the Kingdom’s first affordable housing initiative earlier this month following protracted talks with the Ministry of Land Management, Urban Planning and Construction (MLMUPC).

The housing project’s focus, however, is on government officials married with kids, who, due to their low monthly salaries and low retirement payouts, are unable to purchase a home within market value.

Following this prioritisation are normal families, whose monthly income is less than $500.

A 56 square metre house will set a customer back $25,000 while an 86 square metre house in the complex will cost $30,000.

The project will see phase one completed on 24 hectares of land out of the grand total of 45 hectares set aside at its location in Phum Toul Krosang in Kandal province, eight kilometres south of Takhmao.

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