Buyer Beware !

January 12, 2022
Real estate company pledges to settle dispute

The dispute between RN VIP Real Estate and more than 200 families living in Phnom Penh’s Dangkor district, will be settled in a few days, according to a representative who asked not to be named.

The representative told Khmer Times yesterday that his company will set up a talk with its customers who have bought apartments in the gated community known as “VIP” to settle the problem.

“We will invite them to come to talk with us in a few days. It is not a big deal. All problems will be solved in the near future. We have already been talking with them twice at the district hall. They all understand what we have explained to them,” said the representative of RN VIP Real Estate.

On Monday, 248 families who paid the company to buy apartments in VIP sent a letter to Prime Minister HE asking him to intervene to urge RN VIP Real Estate to settle the problem.

According to the letter, 28 families have already paid in full to buy their apartments but the company has not finished construction nor provided ownership titles. Another 80 families have occupied their apartments but not received ownership titles.

A total of 88 families are paying in monthly installments and want the land title in order to get a bank loan to pay the company for the apartment in full.

Finally, 52 families are also paying monthly installments and have obtained the ownership rights but not the land title. They also want the company to provide a land title in order to pay for their apartments in full using a bank loan.

According to the apartment buyers, the company did not follow the deadline indicated in the contract to finish the construction of apartments on time which was three years ago.

However, the buyers said that the district authorities already called them and representatives of the company to settle these problems twice in November last year. As a result, the company said that they would send their men to finish the construction of the apartments in mid-December last year but the apartments are still unfinished.

The cost to buy a unit in the VIP gated community is from $20,000 to $100,000. The monthly payment is from $300 and up.
https://www.khmertimeskh.com/501005233/ ... e-dispute/