Govn't decides to waive fines for Borey or condominium development project for one year

The Real Estate Business & Pawnshop Regulator has issued a notice on the implementation of the obligations of developers of residential and co-owned buildings. This is according to the announcement that local news received on July 2, 2024.

According to the announcement on the results of the 19th Royal Government of Cambodia-Private Sector Forum on November 13, 2023, regarding the measures to support the construction and real estate sectors, and under the guidance of Samdech Thipadei Hun Manet, Prime Minister of Cambodia, for the implementation of Prakas No. 047 UNHCR dated September 26, 2023, on the rules and procedures for licensing and business licenses for real estate development and related regulations, real estate regulators, and mortgages of non-bank financial services authorities, please inform the following:

1. Exemption from various penalties for housing development projects in Borey or condominium buildings, but the housing development company in Borey or condominium buildings needs to fulfill its obligations in accordance with Prakas No. 047 UNHCR above and related regulations. In particular, for housing development projects in Boreys or condominiums that do not have a license, you must apply for a license at the Real Estate Business & Pawnshop Regulator.

2. The waiver of this penalty is valid for one (1) year from the date of issuance of this notification and can be continued according to the decision of the Royal Government of the Kingdom.