Housing developers and the MLMUPC held an emergency meeting to discuss three important issues

On October 23, 2023, the Housing Development Association of Cambodia and the Ministry of Land Management, Urban Planning, and Construction held an emergency meeting on "Discussion on the Situation of the Construction Sector in Cambodia." The meeting was presided over by H.E. Say Sam Al, Deputy Prime Minister and Minister of Land Management, Urban Planning, and Construction, and Neak Oknha Ly Hour, President of the Association.

The meeting discussed the following important topics:

1. Discuss the situation of the joint construction sector in Cambodia, which is currently facing challenges.

2. Discuss the financial situation to find financing to support the construction sector in Cambodia.

3. Discuss legal aspects to allow foreigners to have legal rights to purchase houses and land in the Borey project.

At the same time, H.E. Deputy Prime Minister Say Sam Al also mentioned that the Ministry has prepared a number of additional proposals and policies to submit to the head of the Royal Government to support the construction sector.

Neak Oknha Ly Hour, President of the Housing Development Association of Cambodia, told local media on October 25, 2023, that this was just a proposal to find a way to solve the problems faced by housing developers. However, Cambodia's laws and constitution need to be studied, as this solution is possible for the neighbors and other countries.

"This case involves a lot of legal aspects, so we cannot say in advance until we do a proper study," he added.

Please be informed that the Law on Providing Foreigners with Ownership Rights in Private Units of Co-Owned Buildings (Condos), dated May 24, 2010, was established, which provides special conditions for foreigners to acquire the right to become legal owners of the private part of the co-ownership building. The law also aims to make it easier for foreigners to invest in Cambodia, as well as support the growth of the real estate and construction sectors in the country.