A SOUTH Korean housing developer has sold almost half of its US$4 million condominium development project in Phnom Penh’s Dangkor district, and the foreign property ownership laws passed three months ago has helped sales, an official said yesterday.

“We have already sold 25 units out of 56. We sold our condos since the National Assembly approved the foreign ownership law, and we hope to sell all of them by the end of the year,” Sy Veacha, personal secretary to the Maison Ruby condominium developer In Keun Oh, said yesterday.

The National Assembly passed the law providing foreigners with ownership rights in private units above the ground floor in April. It was followed by a sub-decree last month capping foreign ownership of such buildings at 70 percent.

Sy Veacha said the law had paved the way to attracting foreigners to buy the Maison Ruby condos, slated for completion early 2011. All the condos sold so far have been bought by South Koreans.

“Despite the economic crisis affecting Cambodia’s property market, we never delayed our project construction because we were confident of the foreign co-ownership law,” she said.

Once complete, Maison Ruby will be seven storeys high, with 56 units ranging from US$65,000 to $79,000 each.

The site spans over 1,595 square metres at Chom Chao Commune, Dangkor district.

Mang Savandara, property manager of the Cambodia Property Ltd Co, agreed yesterday that the foreign property co-ownership law had boosted confidence.

“Our company has received calls from so many foreigners since the law was approved,” he said.