Tuesday September 4, 6:45 am ET
Investors Push Cambodia to Allow Foreign Ownership of Buildings, Condominiums
PHNOM PENH, Cambodia (AP) -- Foreign investors pushed the Cambodian government Tuesday to allow foreign ownership of buildings, apartments and condominiums, saying such a step is important to advance the country's economic growth.
"It will help further develop the real estate market in Cambodia," said Bretton Sciaroni, an American lawyer, in a speech at a government forum Tuesday.
Sciaroni was representing a group of investors in a regular meeting with the government to discuss the investment climate and the difficulties of doing business in Cambodia.
He noted that real estate is already a dynamic sector in Cambodia. "But foreign ownership of apartments, condominiums and other such structures on the land will help spur future economic growth," he said.
The Cambodian constitution prohibits foreign ownership of land but doesn't explicitly ban foreigners from owning buildings.
Two years ago, the government amended a land law with the aim of allowing foreign ownership of such permanent fixtures.
But since then, the government has not issued any implementing regulation on the amendment, leaving lending institutions uncertain about investing in Cambodian real estates, Sciaroni said.
Sciaroni cited the examples of Singapore, Thailand, Malaysia, Indonesia and the Philippines, which all permit foreign ownership of apartments and condominiums.
"Cambodia not only has a chance to match our competitors, but depending on how the regulation is written, we can actually offer more favorable terms than our competitors in the region," he said.
Prime Minister Hun Sen made no commitment to the appeal at the meeting Tuesday, saying the issue must be thoroughly studied.
Hun Sen added that only the constitutional council, the highest body with power to interpret Cambodian law, can rule on the regulation regarding foreign ownership of property.
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