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White Building deal reached

Ven Rathavong / Khmer Times Share:
A resident of the White Building gives a thumb print to an official from the Land Management Ministry collecting statistics. KT/Chor Sokunthea

Residents of the iconic White Building in Phnom Penh have agreed to a deal of $1,400 per square metre as compensation to give up their properties.
Land Management Minister Chea Sophara announced the deal to the media after a more than three-hour meeting between residents, ministry representatives and Japanese investors Arakawa at the ministry on Friday. 
While a few of the 493 families living in the building have not yet agreed to the deal, Mr. Sophara said: “Most of them agreed.” 
He said he hoped the remaining families would now decide to agree to the offer. 
He added that demolition of the famous building will start on June 6 and finish on July 6 and the company will provide an extra $100 fee to help residents move their belongings out. 
Mr. Sophara said the working group would measure their units again if the residents were suspicious that the square metre measurements of their units were not correct. 
Resident El Ny said he was happy and agreed with the $1,400 per square metre deal as he had two units in the White Building that measured 35.1 square metres in total.  
“I decided to take it because most of us agreed,” Ren Nareth, another resident, said. 
The Japanese company plans to make a new 21-storey building with three floors of parking, one floor for stores and five floors for accommodation – which they claim will be 10 percent larger.
Investors Arakawa will own everything from the ninth floor up and it is unclear what they plan to put there.

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