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



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.

MOST VIEWED

  • Kingdom's Covid cluster cases jump to 194

    The Ministry of Health on February 25 confirmed 65 new cases of Covid-19, with 58 linked to the February 20 community transmission. The latest cluster cases include nine Vietnamese nationals, five Cambodians, one each from Korea, Singapore and Japan, with the rest being Chinese. This brings the total number

  • Locations shut, dozens more Covid-19 positive

    The Ministry of Health has closed 23 locations in connection with the February 20 community transmission of Covid-19 and summoned for testing anyone who had direct contact with affected people and places. The number of discovered related infections has risen to 76, including 39 women. In a press release,

  • Cambodia's Covid cluster cases rise to 137

    The Ministry of Health on February 24 recorded 40 more cases of Covid-19, with 38 linked to the February 20 community transmission. Of the 40, two are imported cases involving Chinese passengers. The 38 include two Vietnamese nationals and one Cambodian, with the rest being Chinese. This brings the total cases

  • Covid cluster raises alarm, health bodies urge vigilance

    The Ministry of Health and the World Health Organisation (WHO) in Cambodia have expressed great concern over the February 20 cluster transmission of Covid-19 in the community. Both entities appealed for vigilance and cooperation in curbing further spread of the virus. Ministry spokeswoman Or Vandine said

  • PM confirms third Covid-19 community transmission

    Prime Minister Hun Sen on February 20 announced the Kingdom's third outbreak of Covid-19 community transmission after 32 people tested positive in just over 10 hours. Addressing the public from his residence after an emergency meeting, Hun Sen said: "I dub it February 20 Community Event, in which 32 cases

  • Cambodia to make auto-rickshaws

    Locally-assembled electric auto-rickshaws could hit the Cambodian market as soon as early in May after the Council for the Development of Cambodia (CDC) gave the greenlight to an investment project at the weekend. According to a CDC press release, it will issue a final registration