Written by DAP NEWS
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.
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