PM Tells Real Estate Developers in SR to Embrace Cultural Value, Not Only Profit

• 4 April 2022
• Local News
• 1286 Views

Prime Minister Hun Sen has told all real estate investors who wish to or are currently investing in Siem Reap to embrace the common interests and cultural values of Angkor park rather than focusing solely on profit.

Said during the inauguration ceremony of 38 roads in Siem Reap on 4 April, PM Hun Sen used a Khmer proverb “Don’t grab benefit from only one tree, but instead look at the whole forest.”

His remarks were in response to criticism by a local real estate analyst who once said that the real estate market in Siem Reap is stagnant because there are too many regulations, especially the building height limitation, not only in the area nearby Angkor Wat but also in downtown Siem Reap.

The analyst said that the ban on high-rise buildings over five floors has discouraged investors to build any large-scale projects there as it gives them less benefit.

In response, PM Hun Sen said that Siem Reap Angkor is protected and overseen by ICC Angkor experts, and they have already studied clearly where construction is allowed and where it is not.

“If we break the rules, they have the right to remove Angkor Wat from the World Heritage List. Is the benefit gained from the real estate sector worth risking Angkor Wat being removed from the World Heritage list? Please reconsider the statement,” said PM Hun Sen.

“Siem Reap is a special city, so don’t treat it like other cities in terms of real estate development. All development must consider the harmonisation of both old and new infrastructure,” he added.

Before the pandemic in 2018, Angkor Park earned US$116.6 million from tickets.

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