Tuesday, November 27, 2007

A man involving in illegal land deal arrested in Siem Reap

According to CTN report this morning, a man was arrested and charged with fake signatures on the land documents in Siem Reap Province. He used the signatures of Prime Minister Hun Sen, Senate President Heng Samrin and Vice-Minister Sok An in order to get approval on the 10500 sqm to a private company.

This is the new warning to all land investors to be very and very careful before purchasing any properties. If possible, it has to check in details and make sure that it has the right information.

And must stop immediately for anyone who always commits the illegal action on the land deals. As the above shown example, finally he and his friends lost the face and will be charged against the laws.

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Friday, November 23, 2007

Foreigners can own properties in Cambodia by legal ways

Even though, in Cambodia, there is no laws to allow foreigners to own properties, they still can have an ownership on the properties through some following legal ways:

1- Foreigners can get married with Cambodian women. By then, they can purchase any property which will be owned by their Cambodian wives.
2- Foreigners can have a Cambodian ID card through the donation with sum of about $40,000. With the Cambodian ID card, they can easy own any property under their names.
3- Foreigners can have any trusted Cambodian friends who will help them to purchase the properties on their behalf. Thereafter, Foreigners will lease the property from their Cambodian friends and hold the title deed.
4- Foreigners can incorporate a company with a Cambodian partner (Cambodian partner 51% and Foreigners 49%). They could purchase any property by using the company's name. Then, Foreigners can simply own the property by asking their partner to issue a power of attorney letter that he/she will give all right of power in decision making to Foreigners partner.

One more tip,before purchasing any property, make sure that the title deed is ok and due diligence must be completed. And finally,their partner must be honest.

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Sunday, November 18, 2007

Flat houses being flourished like Mushroom in Phnom Penh

Just for recent years, there are numbers of flat houses being built in Phnom Penh and its suburds. Some of them are built with quality that is good and I would like to appreciate to the builders. Although, there are also many houses being built illegally without any construction permit or maybe without any quality. Maybe the builders just think about the quantity and make the profit as soon as possible and don't have any vision for the future (ex. the collaspe of the building, if this case happen, who will be responsible?). I would like to suggest and recommend to the builders that they should cooperate with the authority and make up the master plan of the real estate development. For the nice view of the city. Look at Paris or Singapore! and Think about the future for long vision. The country is being developped and all of us will benefit from the development if we do the correct works and have a good plan.

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Why the government don't stop the illegal builders?

From the morning news of TV3, "the City Hall have accounced the warning to any real estate buyers that today there are many illegal builders who develop the house or flat house (Borei...) without construction permit from the Cadastral or the City Hall". This make me supprise when hearing that story! How and why the government still let them continue or don't stop them? Should the government check them one by one?

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Thursday, November 8, 2007

Will Phnom Penh Look be changed for the next 5 years?

A message from CEO Sang Ho LEE that " World City Co., Ltd. is now developing the Phnom Penh New Town located in the Pong Peay Lake Development Zone in Phnom Penh, Kingdom of Cambodia. Phnom Penh New Town is the first modern urban development project in Kingdom of Cambodia. This project is planned and invested by Korean investors. Miracle of the Mekong River , Phnom Penh New Town will offer successful international business opportunities with the global standard of the city, as well as will present an ideal urban planning to guide future urban development in Cambodia. We believe that it will improve the quality of life and change the Cambodian life style. We hope that you will discover the miracle coming true in CambodiaWe will do our best to satisfy all of your needs by introducing the most advanced facilities, convenient services and good amenity to you."

Thanks to World City that come and help to promote Cambodian life through its billion dollars real estate investement for the new satellite city of Phnom Penh, Cambodia.

Will the real estate development on those islands of Sihanoukville become reality?

According to Phnom Penh Post's article in title" Islands in the stream of cash", a massive wave of proposed investment is prompting a sea change off the coast of Sihanoukville Municipality. Billions of dollars worth of development projects are being promised to the Royal Government in the hope of luring 99-year lease agreements for Cambodia's pristine tropical islands. The proposal price tags range from a modest $20 million to 2.5 billions, with economists and observers wondering what these figures mean in real terms, and at what cost to the government?

How many Real Estate Agents or Brokers have the real estate license in Cambodia?

Prakas on Professional Certificate and License on Appraisal Service on Real Estate and Real Estate Service (No 142 MoEF PRK dated 13 February 2007)

The MoEF will issue certificates and licenses to individuals and companies operating in real estate and or/providing valuation services in Cambodia. Individuals and companies who wish to operate or who are currently operating real estate business and/or providing consultancy services on real estate can apply for the professional cerfificate and license with the Department of the Department of Financial Industry of the MoEF.
The certificate holders are legally permitted to be a representative of the real estate or valuation company. There are different type of certificates and license depending on the services to be provided. The Prakas also outlines the conditions to obtain a license or certificates from the MoEF.

Wednesday, November 7, 2007

Property's value going up in Cambodia without any control?

With stable polical situation in Cambodia recently, its economy is also going well as there are foreign direct investments from South Korea, Japan, Thailand, Malaysia, Singpore and China etc...come doing business in Cambodia. The real estate business is also improved. Many properties'value appriciated noticeably in almost everywhere now in the kingdom of Cambodia! Why without any control???

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Should foreign ownership laws in Cambodia pass?

Cambodia’s private sector has urged the government to allow foreign ownership this week saying an open-minded real estate market would promote economic growth. The Cambodian investment law was amended back in 2005 to allow foreign ownership of permanent fixtures, but as yet has not been enforced. The non-implementation of the act has in fact rendered the amendments as a forgotten law, and as such has now become out dated. In the current legal understanding, the old law will only allow a property investment in the name of a Cambodian national but with the pressure from the private sector to increase wealth, urgent action will be required.

Chris Green, Head of Research at Obelisk International says ‘The key improvements to the property investment law would open up a whole new economic world to the country of Cambodia. These measures would not only further develop Cambodia’s property investment market, but the new interest from those investors who want to take advantage early, will not only create a boom putting Cambodia on the map, but will also make the country more competitive with its neighbours.’

American lawyer and chairman of the International Business Club, Bretton Sciaron comments on the property investment news ‘There are several reasons for urgent action, this is already a sector of the economy that is dynamic, but foreign ownership of apartments, condominiums and other such structures on the land will help spur further economic growth. Such a regulatory development will provide a dramatic indication that Cambodia has an investor-friendly environment.’

Vast new building projects have increased over the past few years, including a great number of satellite cities worth billions of dollars that when completed will fundamentally alter the appearance of the capital. After years of disorder within Cambodia, the country is now turning things around as a growing economy posting a steady 11% growth over the last three years, fuelled by a strong tourism industry and clothing manufactures.

Cambodian Commerce Minister, Cham Prasidh said that Cambodia still relies on international aid for half of its annual budget, but must now diversify by seeking more varied foreign investments. ‘There are other sectors we are trying to encourage, but we have to find out what are the sectors where we can be competitive. If we try to produce the same thing as Thailand or Malaysia, it will be very difficult’.

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Real Estate Development in Cambodia

Cambodia: New Investment Destination in Southeast Asia