A proposal that will lead to substantial changes to the existing law governing land management and urban planning in Cambodia is moving forward.
The Ministry of Land Management, Urban Planning and Construction (MLMUPC) conducted an online consultative meeting regarding the proposed law. The meeting was led by Pen Sopahal, secretary of state, with other senior officials of the MLMUPC.
The Real Estate and Construction Committee of the European Chamber of Commerce (EuroCham) Cambodia was among the stakeholders that joined the meeting, according to a report in ScandAsia.
The multi-sectoral consultation, according to ScandAsia, centred on the impact of the proposed law on the Land Use Index and other matters related to urban planning and land management. The Land Use Index delineates the areas that are intended for residential, industrial or touristic development.
The ScandAsia report further said that EuroCham Cambodia will follow-up on the progress of the proposed legislation and work together with the Cambodian government to ensure that the interests of its members will be heard and considered.
The MLMUPC is working overtime to have a new law on land management and urban planning in place as soon as possible in light of the developments in the Kingdom’s real estate sector.
Cambodia is in the middle of a building boom, which is most evident in Phnom Penh, Siem Reap, Sihanoukville and other urban areas of the country.
Investors from China, Japan, South Korea, Europe and many other countries are coming to Cambodia in droves, with an eye on the many opportunities and potential which the real estate and related sectors offer.
Although the COVID-19 pandemic slowed down its growth, the property sector is expected to rebound swiftly once the pandemic is over. “Recent developments have given rise to hope of recovery for Cambodia’s real estate sector, with increasing confidence and interest from investors and occupiers,” James Hodge, a senior director of real estate firm CBRE Cambodia, said in a prior media interview.
Experts noted that Cambodia needs to have a proper and comprehensive law governing land management and urban planning in order to boost investors’ confidence in the construction and property sector.
The proposed law, which still needs to go through additional consultations and the legislative process, is expected to be approved this year.
The Palms, an iconic development project, is one of the numerous properties springing up in Cambodia.
Sitting on prime land overlooking the majestic Mekong River, The Palms is a combination of comfort, convenience, luxury and beauty. Lush greenery and a grove of palm trees add lustre and a sense of serenity to the area around the property.
The Palms features more than 200 cluster home and luxury villas. Residents will have access to an artificial beach, a swimming pool, hydrotherapy pools, a water playground, a barbecue area and other amenities of modern living.
The Palms is situated in the Meanchey district area of Phnom Penh and is conveniently located close to malls, shopping centres, markets, fine-dining restaurants, government offices, transportation hubs, embassies, banks, sports clubs and entertainment joints.
The Palms is being developed by Oxley WorldBridge, one of the leading property developers in the Kingdom. Oxley WorldBridge is a collaboration between Oxley Holdings Ltd of Singapore and Cambodia’s WorldBridge Land.