Source: Deum Ampil newspaper
Reported in English by Khmerization
World City who is the owner of Landmark Worlwide Ltd, the builder of Camko City, a satellite city just outside Phnom Penh city, has just announced the temporary suspension of construction works at Camko City.
The company said it is suspending its construction works for one month only. It added that it has the capacity to complete the construction of the city which started in 2005 and is scheduled to be completed in 2018.
World City who is the owner of Landmark Worlwide Ltd, the builder of Camko City, a satellite city just outside Phnom Penh city, has just announced the temporary suspension of construction works at Camko City.
The company said it is suspending its construction works for one month only. It added that it has the capacity to complete the construction of the city which started in 2005 and is scheduled to be completed in 2018.
Mr. Lee Sang Ho (L) shaking Mr. Soy Sopheap's hand (R).
Mr. Lee Sang Ho, planning director of Landmark Worldwide Ltd, told Deum Ampil in an interview with Mr. Soy Sopheap that in the first phase, 182 houses among many buildings, including the 16-storey building and a number of condominiums, had been completed. On top of this, 182 apartments had been completed and 40 apartments had been occupied.
Mr. Lee Sang Ho said: "The reason for the suspension of constructions is due to the decline in the prices of real estate and the drop in sales (deposits)."
Mr. Lee said currently the company had spent $200 million building the city, out of the budgetted investments of $2,000 million for the construction of the city from 2005 to 2018. He added that the company had just paid $4 million in taxes to the government in 2006, "so the company cannot withdraw from the projects."
Mr. Lee said he supports the Cambodian government's plan to introduce the laws which allow foreigners to own properties in Cambodia. He said if the government approved these laws, the real estate markets in Cambodia will recover sooner because foreigners like the Japanese, Koreans, Europeans or other foreigners will start to buy real estate properties in Cambodia.
The government has flagged the ideas of introducing the laws allowing foreigners to own real estate properties in Cambodia more than a year ago, but the ideas have so far been temporarily shelved.
8 comments:
Hi Khmerization, that is great ! great job,, that you could put read more..
To bring economic prosperities to Cambodia, foreigners must be allowed to own their properties in Srok khmer. Otherwise, Khmers will remaim suffer from its country mismanagements.
that's right!
ha ha ha ha ha
Why does the road so small?
Aloowing foreigners to own properties in Cambodia is not a good option for the simple fact that they can force up the property prices because they have more than Khmers. Then the Khmer people will suffer if the property prices go up.
The next step is the foreigner the foreigners will allow to own lands in Cambodia. Imagine if Thai people and Vietnamese people bought lands and properties a long the borders. After 50 years, all Viets or Thais will occupy the whole village or town and those lands will become parts of Vietnam or Thailand.
Your comments are so good, but most of Khmer they don't know about these problems. Why?
I think the developments should be less focus in Phnom Penh. There are several modern towns of tall buildings being built or will be built around the city. The infrastructures will have to be improve. Traffics congestion and pollution will be a major obstacle for Phnom Penh.
Cambodian government should promote developments in other areas of Cambodia such as in Koh Kong, Sihanoukville, Kep, and Kompot. I know Sihanoukville has the potential to be a second largest city in Cambodia due to seaport and a good backdrop of Phnom Bokor, very Hong Kong or Seattle.
The prices of those homes or condos are too much for average Cambodian to afford. Mainly those real estates are aiming toward foreign buyers. It's not new or unusual for foreigners to own property outside of their country. A lot of skyscrapers, stadiums, etc. in America are not necessarily own by Americans. This is very normal for global business to prosper. So for foreigners to purchase a home or a condo in Cambodia for permanant resident or a vacation home, is a boost in real estates business and economy of Cambodia. I praise any development.
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