Department to set standards for property

Real Estate April 11, 2014 00:00

By Petchanet Pratruangkrai


The Business Development Department will cooperate with condominium, office-building, and detached-home enterprises to set up standards for operating building assets in order to ensure fair treatment and living standards for residents.

The move is part of the preparations for the seamless market under the Asean Economic Community (AEC), which is expected to see more foreigners coming to live and work in Bangkok. Also, the plan will ensure good living standards for Thais, as many of them live in condominiums.

Pongpun Gearaviriyapun, director-general of the department, said he would soon call a meeting with involved enterprises such as condominium and detached-home firms to discuss plans on setting up standards for operating the assets of condominium owners and houses.

The plan is expected to be finalised in a year and implemented in 2015. The department will spend about Bt4 million to Bt5 million on the project. It will use models from the United States, Hong Kong and Australia.

Pongpun said the project would help increase the standards of Thai enterprises and ensure quality living for condominium and other home-buyers. Also, it will help increase the competitiveness of Thai enterprises under the AEC, as other Asean and non-Asean enterprises, such as from the Philippines, mainland China and Hong Kong, are highly interested in investing in the property business in Thailand.

The project will clarify residents’ assets and those of the community. No individual or company should have the authority to reap benefits from public areas or assets.

According to the department, 1,093 property developers and enterprises have registered with it. It also plans to develop standards for Thai logistics and franchise businesses in the future.

The department yesterday launched a project called "a linkage to help develop traditional retailers and wholesalers" to ensure they survive amid the aggressive expansion of modern retailers.