New Sub-Decree: Foreigners Can Own 70% of Condominiums – Monday, 19.7.2010

Posted on 21 July 2010. Filed under: Week 674 | Tags: , , , , , , , , , , , , , , , , , , , , , , |

The Mirror, Vol. 14, No. 674

“Construction development companies have received some information about a new sub-decree that allows foreigners to own about 70% of condominium buildings, in order to promote the real estate and the construction sectors in Cambodia.

“The sub-decree adopted by the Council of Ministers states that foreigners in Cambodia can have about 70% of ownership rights of houses.

“This figure is lower than that which had been proposed in the draft of the Ministry of Land Management, Urban Planning, and Construction which had determined that foreigners can own 80%. Nevertheless, this percentage is still higher than that had been proposed in the first draft about foreign ownership in 2009 which was only 49%.

“The spokesperson of the Ministry of Land Management, Urban Planning, and Construction, Ms. Nun Pheany, said on Sunday, ‘Such a decision is to allow Cambodians to own more real estate in order to prevent too much ownership by foreigners.’

“Though the percentage for the control of real estate by foreigners is now lower, the sub-decree is still a starting point to encourage foreign investors to help develop the real estate market in Cambodia.

“Ms. Pheany believes that to develop that field cannot rely only on local buyers.

“Analysts agreed that the adoption by the government about the ownership rights of foreigners can help to boost the Cambodian economy that is being seriously affected by the global financial crisis.

“Prices of land and houses in Cambodia declined by 40% to 60% compared to 2008 when prices went sky-rocketing.

“A senior partner of the Sciaroni & Associates Company and a legal adviser to the government, Mr. Bretton G. Sciaroni, said on Sunday that the sub-decree will provide a new opportunity for the Cambodian economy. He said, ‘It can help Cambodia in many ways. It helps create not only long term operations, but also attracts new foreign investors. He thinks that the sub-decree will turn Cambodia to be a country with some attraction in the region, as the decree is not too strict compared to neighboring countries.

“He said, ‘We are more open and have a better atmosphere than Thailand.’ In Thailand, foreigners can own houses merely up to 49%.

“Companies constructing satellite cities in the Phnom Penh area welcomed the decision of the government and hope that this will assist the development of the real estate market in Cambodia and increase the selling of houses, when investors can purchase more real estate property.

“The director of the construction project on Koh Pich island, Mr. Touch Samnang, said, ‘This sub-decree is good for the development of the real estate market in Cambodia. We expect that through the provision of ownership rights, more foreign investors will consider investing in Cambodia.’

“His company is constructing 168 houses and villas at Koh Pich island, and this has been achieved already by 40%.

“The executive director of the Bunna Realty Group, Mr. Sung Bunna, thinks that this sub-decree will make Cambodia become an attractive place for foreign investors. But he warned that this sub-decree alone is not sufficient to attract investors to come to Cambodia, adding, ‘Cambodia needs to have other incentives.'” Phnom Penh Post [Khmer Edition], Vol.1, #217, 19.7.2010

Newspapers Appearing on the Newsstand:
Monday, 19 July 2010

Kampuchea Thmey, Vol.9, #2304, 18-19.7.2010

  • Cambodia Will Send Deminers for a Peace Keeping Mission in Lebanon [under the system of the United Nations, said Prime Minister Hun Sen – in September 2010]

Koh Santepheap, Vol.43, #7011, 19.7.2010

  • Big Mineral, Oil, and Gas Companies Have to Declare the Amount of Money Paid to the Royal Government [Oxfam praised the US Senate for requiring the declaration by US registered mineral, oil, and gas companies of payments to different governments around the world as a legal obligation]
  • Samdech Dekchor: Cambodia and the United States of America Still Have the Potential to Expand Cooperation [he said so during a meeting with US Under-Secretary of State Mr. William Burns]
  • A Firefighter Association in Japan Donated 20 Firefighter Trucks to the Phnom Penh Municipality

Nokor Wat, Vol.1, #7, 18-19.7.2010

  • [Sam Rainsy Party member] Mu Sochua Called the Legal Institutions Controlled by the King Powerless [when there is no response to a Sam Rainsy Party letter to the King to ask for intervention regarding her defamation case against Prime Minister Hun Sen; so far there is no reaction yet from officials of the Royal Palace]
  • Cambodia Has a High Potential to Plant Rubber Trees on as Many as 600,000 Hectares [at present rubber trees are planted on 139,210 hectares, and Cambodia can already produce more than 40,000 tonnes of rubber each year for export]

Moneaksekar Khmer, Vol.17, #3935, 19.7.2010

  • The Legal System and Corruption Are Priorities for Reforms in Order to Encourage a Good Atmosphere to Attract Investors
  • [Sam Rainsy Party parliamentarian] Mu Sochua: The Sam Rainsy Party Asked the United States of America to Guarantee the Return of Sam Rainsy and Free and Fair Elections [during a visit of Mr. William Burns]

Phnom Penh Post [Khmer Edition], Vol.1, #217, 19.7.2010

  • New Sub-Decree: Foreigners Can Own 70% of Condominiums
  • A US Official [Mr. William Burns]: Military Ties between Cambodia and America Are More Than Donations of Materials [but they aim at national defense reforms towards the encouragement of civil and military relations that are crucial for a political system]
  • The United States of America Delivered Seven Artifacts to Cambodia [as part of the celebration of the 60th anniversary of diplomatic ties between both countries]

Rasmei Kampuchea, Vol.18, #5253, 18-19.7.2010

  • Seventy Five Guards Are Deployed to Protect Porpoises from Extinction [in Stung Treng]
  • Barai Tuek Thla Reservoir Resort Will Face Drought if There Is No Rain [it was built during the Angkor era – Siem Reap ]

Have a look at the last editorial – you can access it directly from the main page of the Mirror.
And please recommend The Mirror also to your colleagues and friends.

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