Regulator, property sector meet on fairness, standards

Real Estate July 16, 2014 00:00

By Petchanet Pratruangkrai


At least 200 companies engaged in condominium, detached-housing and office-building business will be organised this year in a move aimed at ensuring fair treatment and living standards for residents and other property owners, the Business Development Depa

After a seminar on "Increasing efficiency for asset management", director-general Pongpun Gearaviriyapun said her agency had been in discussions with the Property Management Association of Thailand over the establishment of rules, regulations and a standard for businesses in regard to operating the assets of condominium and house owners under fair conditions and good governance.

The move forms part of preparations for the seamless market under the Asean Economic Community. When implemented next year, the AEC is expected to see more foreigners coming to live and work in Thailand, and especially in Bangkok.

Moreover, the department’s plan will ensure good living standards for Thais, as many of them live in condominiums, she said.

Under the Asean Framework Agreement on Services, developers of housing-business assets and office buildings, as well as brokers and asset consultants, will be liberalised under Asean integration.

Some 200 Thai enterprises in these businesses will be managed under the standard.

Pongpun said the department needed to manage this type of business as many consumers complained about unfair treatment by enterprises after they had brought a property.

As a regulator, the Business Development Department has therefore got together with enterprises to discuss how to create fair conditions and standards that satisfy both consumers and businesses, she added.