An under-construction residential development that is allegedly operating without permission on the outskirts of Phnom Penh. FB
The Real Estate Business and Pawnshop Regulator (RPR) has issued a warning to the public to exercise caution before buying, selling, renting or investing in four residential development projects in Phnom Penh, noting that the four are operating illegally and have not been licensed.
An announcement by the regulator named the four as Borey TV Star in Dangkor district’s Prey Sar commune, Borey Try Kim (Kour Srov) in Dangkor district’s Prek Kampues commune, Flat House LV in Por Sen Chey district’s Chaom Chao commune and the Royal Garden borey in Sen Sok district’s Krang Thnong commune.
“The public should be wary of doing business with the above four projects, as they may lose their investment,” it said.
Official representatives of the four companies could not be reached for comment.
However, an employee of Borey TV Star, who asked not to be named, told The Post that he has worked with the company for around a decade, and believed it has the correct documentation. He was unable to provide any official comment on behalf of the company or its owner.
Huy Vanna, secretary-general of advisory organisation the Housing Development Association of Cambodia (HDAC), said the regulator was following standard legal procedure, and had almost certainly issued many reminders to the firms in question before issuing the public announcement.
He warned that businesses that do not adhere to the law pose a serious risk to potential investors and members of the public who do business with them.
“Any company working in any industry must adhere to the laws, otherwise it may affect people’s confidence in the whole sector, as well as the company itself. If a business is unregistered, it is illegal, and should not be conducting any transactions,” he said.
He added that of the 370 residential developers working legally in the Kingdom, more than 70 are members of the HDAC.
He made it clear that the four subjects of the warning were not members of the association, and called on all property developers to follow the laws and regulations in force, in order to avoid any negative impact on their business and clients.
Phnom Penh Municipal Hall spokesman Met Meas Pheakdey and Seng Lot, spokesman for the Ministry of Land Management, Urban Planning and Construction, did not respond to a request for comment.
