BANGKOK, 16 July 2014 – The Department of Business Development (DBD) is planning to tighten rules in the management of condominiums and housing projects, to promote transparency and provide greater protection for tenants and buyers from false advertising and unfair management of common fee collections.
Director General Phongpan Jiarawiriyapan stated that her department has joined hands with the Property Management Association of Thailand in tightening the regulations for condominiums and housing estates, requiring operators of those projects to be more responsible to their clients and communities by sticking to transparency and good governance. The move is to make the property market more reliable and attractive to buyers in preparation for the opening of the ASEAN Economic Community next year.
Miss Phongpan said the Department is set to implement a 3-step development scheme for the housing sector. The steps involve building management skill and knowledge, then raising the sector’s business standard, and finally creating an operator’s network to expand market opportunities.
The DBD has initially set an aim to lift the quality of 200 property businesses out of the 1,091 companies registered with the DBD nationwide.
