Logo of Phnom Penh Post newspaper Phnom Penh Post - Developers prompted to register

Developers prompted to register

Developers prompted to register

MORE than 50 real estate developers attended a government meeting Tuesday at which they were encouraged to apply for new licences ahead of an April 30 deadline.

Developers were confused by some points in the new regulation and on how to apply, but “now they are all clear and understand well”, Mey Vann, director of the Department of Finance Industry at the Ministry of Economy and Finance, told the Post on Tuesday.

“We hope that they all will come to apply for a new licence,” he said. “If they still do not come to ask for a new licence before the deadline ... they will be closed or penalised.”

Property developers are required to re-licence under a December 2009 directive meant to protect customers that requires some companies to make security deposits on their developments into a government account.

Prakas 1222, which also regulates advertising of developments, was put in place after a number of companies absconded during the economic crisis, a time when the property sector was hit badly – it has yet to recover.

“We were not clear on some points in the new regulations, but now we’re clear and understand,” said Gunadi Wirawan, project director of Indonesia’s Ciputra and YLP Group of Cambodia, which has a US$600 million development in Grand Phnom Penh International City.

“We will go to apply for a new licence before April 30,” he added.

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