Saturday, 29 January 2011

Cambodia’s new foreign ownership laws giving condo sales a lift

The Camko City development outside Phnom Penh has reported an uptick in sales.

via CAAI

Byron Perry
Jan 28, 2011

New foreign-ownership laws in Cambodia have boosted condo sales at several developments in the capital Phnom Penh.

The new law, which was rubber-stamped by King Norodom Sihamoni in May of 2010, allows foreigners to own property above the ground floor of a building that is not within 30km of a border.

Kheng Ser, Assistant to the Project Management Team of World City, a South Korean developer behind the US$2 billion satellite city as known as the Camko City development project, told the Phnom Penh Post that sales to foreigners were increasing every month.

“Until now, we had sold 45 units to foreigners, who come from South Korea, Australia, Singapore and China,” he said. “We have sold better since the National Assembly approved the foreign ownership law, and we strongly hope that we will get more and more foreigners to buy our condos this year. I think it’s a good idea to allow up to 70 percent of units to be owned by foreigners.”

The Camko City project started in December 2005 and is expected to be finished in 2018. The development lies on 119 hectares of land in Phnom Penh’s Russei Keo district that was reclaimed from Pong Peay Lake.

Un Mouy, sales and marketing manager for Taiwanese developer Two Town Co, said that she’s seen a jump in demand from foreigners for their Bal Resort development since the law was passed. 

“We have already sold 80 percent of the project and 60 percent is foreign-owned. Thanks to the new law my project sales [condos] are better and better,” she said. “It was the right time and a good time to invest in housing development. Now we are going ahead with the second lot of apartments.”