Kong Leanghour
29 March, 2012
The Ministry of Land Management, Urban Planning and
Construction announced that it is drafting a new prakas, or edict, in an
attempt to reinforce regulations in Cambodia’s construction sector.
The ministry is drawing up the new construction law with the
assistance of local architects, engineer and international law makers, Lao Tip
Seiha, construction department director at the Ministry of Land Management
Urban Planning and Construction said.
“The law will strengthen the construction sector and provide
an improved living environment for potential customers”; he said adding that it
will also provide more transparency and attract investors to the market.
The proposed prakas will complement the Ministry of Economy
and Finance’s Housing Development Law, which, among other requirements,
obligates developers to deposit 2 percent of the total value of the project. It
is slated for implementation in the third quarter of 2012.
The drafting of the law was overseen by members of Singapore
based group PEMASEK, which has previous experience drawing up similar edicts in
the city state, according to Beng Hong Socheat, spokesman for the Ministry of
Land Management, Urban Planning and Construction. He added, however, that a
completion date for the draft has yet to be set.
While the sector has experienced reasonable recovery from
the economic downturn, some victims were claimed, such as the South
Korean-funded Gold Tower 42 and Camko City, which both stand incomplete.
Some members of the sector, however, questioned the
significance of another development-related prakas.
“What worries us is that the laws from different ministries
will start to overlap. It requires prior consultation, so the same cake isn’t
baked twice”, Sung Bonna president of the National Valuers Association of
Cambodia.
He added that an increase in the number of regulators would
help to minimize bad practice in the sector
Source: Phnom Penh Post
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