Affordable houses now a reality

KHMER TIMES
SOK CHAN

Sear Rithy (left), chairman of WorldBridge Land (Cambodia), and Sok Siphana, principal partner of Sok Siphana & Associates, at the agreement signing ceremony. Supplied

WorldBridge Land (Cambodia) yesterday signed an agreement with a money transfer company and a legal firm as part of its initiative to debut the kingdom’s first ever affordable housing project.

The company’s chairman Sear Rithy said that WorldBridge Land (Cambodia) inked a deal with Ly Hour Group, which will facilitate the money transfer of potential buyers, and Sok Siphana & Associates, a legal firm that will offer legal assistance to keen homeowners.

“We will have a representative from Sok Siphana legal firm to offer consultations to potential homebuyers. We want to provide a convenient way for the rural people to make payments and transfer their money to the contractor via Ly Hour money transfer services,” he said, adding that the agreement was intended to build trust between the company and the public.

“Thus, [Cambodians] need not bring their cash to pay at the WorldBridge Land office,” he added.

Ly Hour, chairman of Ly Hour Group, said that the cooperation will save potential buyers time and money by providing them with a convenient way to make payments.

“The important thing is to reduce cost, save time and have a secure money transfer via Ly Hour for those who want to purchase a house with WorldBridge Land company,” Mr. Hour said.

“Customers can pay the service fee, which is about 1,600 riel [about $0.40] per transaction for payments up to $500 and their payment will be secure since Ly Hour uses the latest technology to detect any fraud,” he added.

Sok Siphana, director of prominent legal firm Sok Siphana & Associates said that their participation in the affordable housing project was meant to gain the trust of Cambodians as well as a means to fulfill their corporate social responsibility.

“Our vision is to build trust with our customers so that we can help them and the company. We will explain to them their rights and their obligations when they purchase the affordable houses,” he said.

“Thus, we want them to understand the legal perspective of things,” said Mr. Siphana, adding that buyers needed to understand the legality of their purchases.

“It is crucial to ensure they have all the relevant documents in hand, to prevent them from being cheated.”

WorldBridge Land’s initial $60 million investment will be channeled to the development of 24 hectares of the 45-hectare plot of land located in Kandal province’s Saang district, some 18 kilometers from the district capital and just eight kilometers away from the Takhmao roundabout.

Each of the 2,297 units, all of which will be two-story homes, will cost from $25,000 to $30,000 and will only be sold to married couples, with priority given to those in the civil service.

The first group of 2,025 units will come with two bedrooms and one bathroom, measuring at four by seven meters. The second set of 272 units will have three bedrooms and three bathrooms, measuring at six by seven meters.

According to the Ministry of Land Management, Urban Planning and Construction, the demand for housing in Cambodia will be one million units in 2030, of which the demand in the capital will be about 52,000 units.