Thailand’s Department of Business Development (DBD) has announced plans to tighten rules for the management of condominiums and housing projects.
The aims, according to a statement issued by the organisation, will be to promote transparency and provide greater protection for tenants and buyers against false advertising, as well as protection against the unfair management of common fee collections.
Director General Phongpan Jiarawiriyapan said her department has joined with the Property Management Association of Thailand to tightening regulations for condominiums and housing estates, requiring operators to be more responsible towards their clients by sticking to transparency and good governance.
The move is intended to make Thailand’s property market more reliable and attractive to buyers in preparation for the opening of the ASEAN Economic Community in December 2015.
Miss Phongpan said the department is set to implement a three-step development scheme for the sector, with the steps involving building management skill and knowledge, raising business standards and creating an operator’s network to expand market opportunities.
The DBD has initially set an aim to lift the quality of 200 property businesses. Currently there are some 1,091 companies registered with the DBD throughout the kingdom.
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
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If you have a news story or comment for publication about Thailand property or real estate email: andrew@propertyguru.com.sg