NRPC Issues Warning Against Purchasing Plots in Four Unlicensed Projects

• 18 March 2024
• Property Focus
• 1369 Views

The National Real Estate and Mortgage Regulator (NRPC) has issued a cautionary notice advising residents to exercise caution when engaging in the sale, purchase, or lease of land in four unlicensed projects located in Prey Veng and Kandal provinces. The announcement was made by the regulator on 11 March 2024.

The unlicensed land development projects, for which the developers have not obtained licenses from the National Committee for Sub-National Democratic Development (NCDD), include:

1. Sky Galaxy Investment Co., Ltd.’s “Galaxy Lot Project” is situated in Prey Khla 2 Village, Prey Khla commune, Svay Antor district, Prey Veng province.
2. The “Golden City Lot” project is located in Tan Phleung village, Smaong Cheung commune, Kamchay Mear district, Prey Veng province.
3. TD Real Estate Co., Ltd.’s “Siem Reap Angkor Ek Takhmao Lot” is situated in Chhmar Puon village, Cheung Kep commune, Kandal Steung district, Kandal province.
4. The “Sambo Meas Lot” project is located in Sambo Meas commune, Muk Kampoul district, Kandal province.

The NRPC emphasises that engaging in transactions related to these unlicensed projects may lead to various risks, including the loss of benefits such as the inability to transfer ownership rights.

Residents are advised to exercise caution and verify the legality and licensing status of any real estate projects before entering into any agreements or transactions.

• Laws and Regulation