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Cambodia Property | New building regulations
By property | November 22, 2008
ABC Radio Australia
Cambodia Property | New building regulations
A group of foreign developers say Cambodia’s new building regulations could stifle the Kingdom’s construction boom.
The new laws require builders to place large cash deposits with the government and apply for several additional licences before starting projects.
Shin Woo Kim, a legal adviser to the Korean Real Estate Development Association has told the Phnom Penh Post that Cambodia would be seen as a high risk country if the new regulations on housing developments take effect.
The new Finance Ministry rules also require developers to purchase site insurance and deposit at least two per cent of the total project cost in a ministry account.
The Ministry says the regulations will tighten a largely unregulated construction sector.
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