| by Kenneth Chase | No comments

πŸ“Ί Cambodia Construction and Property News #Week79 (αž–αŸαžαŸαž˜αžΆαž“αžŸαŸ†αžŽαž„αŸ‹αž“αž·αž„αž’αž…αž›αž“αž‘αŸ’αžšαž–αŸ’αž™αž”αŸ’αžšαž…αžΆαŸ†αžŸαž”αŸ’αžαžΆαž αŸ)


Hello, welcome to Construction and Property Weekly News. For this week, we bring hot news regarding construction and property sector in Cambodia. With no further delay, let’s go to the news content: Phnom Penh-Sihanouk Expressway 20% Complete Economics Ministry Cautions The Public On Property Fraud PM Postpones Construction Projects To Fight Against COVID-19 Gov’t Calls For Property Developers to Join With Stamp Duty
Tax Exemption Including Condo, and Labours Delay Payment Five Major Streams in Sihanoukville Have Already Recovered 55.96% Phnom Penh-Sihanouk Expressway 20% Complete The Phnom Penh-Sihanoukville
expressway construction is 20% complete and plans to finish early because the company
has enough strength and equipment. H.E. Yith Bunna, Secretary of State of
the Ministry of Public Works and Transport held a field visit on 2nd March at the construction site to inspect the activities and the progress of the expressway construction as well as understanding the issues related to the ongoing construction. H.E Yith Bunna said, “Relevant ministries and institutions have closely cooperated in accelerating the construction, particularly the Ministry of Economy and Finance has solved about 70% of the compensation problems affected by the construction project and plans to finish the compensation by May 2020.” Cambodia’s first expressway is a mega infrastructure
project which is built with four lanes stretching over 190km across five cities and
provinces from Phnom Penh to Sihanoukville. Economics Ministry Cautions The Public On Property Fraud The Ministry of Economy and Finance recently issued a warning to the public that caution must be exercised during real estate transactions, especially land plots and homes, to understand the information and ownership of the land before deciding to buy aiming to avoid the occasional risk posed by scammers. The declaration is divided into two major parts, firstly, information for the purchase of a plot of land that requires the buyer to know the real name of the property holder through the Certificate of Property. Also, a Land Development Permit issued by the Authority or competent authority as stated in the Prakas of the Ministry of Land Management,
Urban Planning, and Construction No. 087 on Land Development (“Prakas”) issued on 11 May 2018. Meanwhile, the necessary information to check before
purchasing a house includes a building permit, a residential development permit, and
other relevant documents, as stated in the Prakas. Mr Sorn Seap, CEO of Key Real Estate
and a well-known real estate analyst, said, “The ministry’s announcement is a
good thing because it puts people in a more responsible position to make decisions
before buying (land plots and houses).” PM Postpones Construction Projects To Fight Against COVID-19 Construction projects scheduled to start in 2020 must be postponed due to COVID-19, according to Samdech Techo Hun Sen’s speech on 3
March 2020 at the 2019 Annual Review Conference and the 2020 Ministry of Health’s Continuing Direction. Samdech Hun Sen said about the projects’ suspensions, “Any construction sites that have not been built must be suspended, must be suspended, except for foreign-funded or Cambodia’s budget contribution,” “Any construction sites that have not been built must be suspended, except for foreign-funded or Cambodia’s budget contribution,” Lastly, Samdech ended his speech on Cambodia’s campaign against viruses, “the task of Cambodia this time is fighting the spread of COVID-19. For this reason, [national budget] must be deducted
from other sectors to support the health sector.” Gov’t Calls For Property Developers to Join With Stamp Duty
Tax Exemption Including Condo, and Labours Delay Payment The government has imposed a tax
on real estate buyers under US$70,000, which is exempt for the whole 2020, including condos. The government also called on all property developers
to lower their interest rates on home purchases and to help labor workers by reducing conditions
and delaying payments as much as possible. Samdech Techo Hun Sen made this request at the inauguration ceremony of National Road 55 and the official groundbreaking of National
Road No.10 on the morning of March 9, focusing on those who suspended work by the effects
of the Coronavirus, especially workers and hoteliers. H.E Kong Vibol, Director General of the General Department
of Taxation, also urged all property developers, all property developers should reduce rates on house equity as low as possible to help the government ensure sustainable growth
by the government’s one-year tax relief strategy. The property tax exemption is seen as a government strategy to push the medium real estate sector out of the tax obligation and as a result, people will be able to get affordable housing. Five Major Streams in Sihanoukville Have Already Recovered 55.96% Up to the beginning of March 2020, the five major streams in Sihanoukville,
with a total length of 29,791 meters, have reached 55. 96%, after 3 months of rehabilitation work, according to the Ministry of Public Works and Transport. The purpose of the rehabilitation of these important natural streams is to prevent flooding due to rainfall in vulnerable areas of the city, as well as to build the city drainage
system in a clean and hygienic environment. The recovery plan of the five major streams
in Sihanoukville is costing around 10 billion Khmer riel and has been under
construction since Monday 9 December 2019, presided over by HE Sun Chanthol, Senior
Minister, Minister of Public Works and Transport, HE Kouch Chamroeun, Governor of Preah Sihanouk Provincial Council, and local authorities, expertise groups and relevant stakeholders. H.E Sun Chanthol also pointed out the purpose
of redeveloping the city’s natural water system to open water frontage and to deal with rainfall through
the construction of a wastewater treatment station, drainage expansion and other supporting infrastructure development. In the past few years, Sihanoukville has experienced flooding in the city, which has been seen as a result of blockages
in the drainage system and the natural stream along with increased construction in the city due to economic development. In 2018, the volume of wastewater in
Sihanoukville reached 25,000 cubic meters per day and is projected to continue to increase to 47,000 cubic meters per day by 2023. The amount is projected to grow up to 64,000 cubic meters per day by 2030. Notably, the five streams in Preah Sihanoukville are Andong Untac Stream, Spean Chhes stream, Sam’art Stream, Amario Stream and Or Chher Teal Stream. The Ministry of Public Works and Transport,
in collaboration with the local authorities, is committed to speeding up and finish the restoration work before the rains come. Dear audiences, Construction and
Property Weekly News has come to an end. We will come back to you next week. I’m HongTholly Sonit, and our staffs thank you again and goodbye.

Leave a Reply