Written by DAP NEWS -- Friday, 11 September 2009 02:37
The draft law on providing the ownership rights for private units of co-owned buildings to foreigners on Thursday was put forward for consultation with the private sector, developers and other general law experts to improve the law before it goes before the National Assembly later this year.
The draft law on providing the ownership rights for private units of co-owned buildings to foreigners on Thursday was put forward for consultation with the private sector, developers and other general law experts to improve the law before it goes before the National Assembly later this year.
Breton Sciaroni, head of Sciaroni and Associates, expressed gratitude that the Land Ministry had put the draft law forward for consulting with the private sector, though he said that there are some points that private sector needs further explanation from the Government side before the law is introduced.
Matthew Rendall, member of a Government working group on real estate and a partner at Sciaroni and Associates law firm, said at the consulting meeting that the private sector needed an explanation about some points of the law. “Can a co-owned building can have private units involving foreign ownership not exceeding 49 percent of the total amount of private units in a co-owned building?” Rendell asked. Sek Setha, undersecretary of state of state of Ministry of Land Management, Urban Planning and Construction, and chairman of the working group for strengthening the new law, clarified that the 49 percent of surface buildings would exclude ground floor and land plot. If the building was sold and they would be compensated according to the proportion of the building’s value.
The draft law on providing ownership rights in private units of co-owned buildings to foreigners has 6 chapters and 25 articles.
The law provides ownerships rights in private units and the right to use common areas of co-owned buildings to legally qualified foreigners who are considered by the Government “to be useful to the Kingdom of Cambodia,” Setha said.
According to the draft law, “legally qualified foreigners” refers to “foreign nationals, whether natural or legal persons, who enjoy legal capacity according to Cambodian laws and who have legally entered into or legally registered with Cambodia.”
“Foreigners who are considered by the Government to be useful to the kingdom of Cambodia refers to foreigners who have contributed to national economic development or have provided assistance in social and cultural sector in environmental and natural resources protection or have provided assistance in the physical infrastructure development in Cambodia,” the draft law said, adding that this law determines general principles, rights and obligations for foreigners who have ownership rights in private units of co-owned buildings and use rights relating to the common areas, as well as procedures for registration of these rights.
According to the law, foreigners may have ownership rights in private units of co-owned building only from the first floor up. Foreigners are not authorized to acquire ownership rights in the ground floor.
Sek Setha said that each building will have its one committee management for controlling and consult with other residents in the building and for those people who want to buy the parts of the building; they need to ask the chairperson of the building.
Foreigners are not authorized to acquire ownerships rights in private units of co-owned building located with thirty 30 km of the any land borders, except for co-owned building located in special economic zones or in important urban areas as determined by the Government, the law stipulates.
No comments:
Post a Comment