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It has emerged that luxury condominiums which have failed to comply with the Thai Government´s Environmental Impact Assessment (EIA) requirements can lead to buyers loosing their right to transfer ownership after purchase.
Mr. Kasemsun Chinnavaso, Secretary General of the Office of Natural Resources and Environmental Policy and Planning, said that between 2006 and 2007 a number of buyers invested in the condominium business in Bangkok and other provinces without complying with the EIA directives.
Mr. Kasemsan added that there are numerous such projects scattered around Bangkok with several concentrated around the Sukhumvit, Ladprao, and Phaholyothin areas. Under planning law the EIA comes into effect for developments which consist of more than 80 units. However, unscrupulous developers are submitting plans for projects of 80 units and under, before splitting units once construction is complete. Buyers can then be prevented from selling their units on as the development they have bought into is no longer either of less than 80 unit or EIA compliant.
The Secretary confirmed that should projects be found to be unable to meet EIA requirements, the buyers may not be allowed ownership transfer. Eight Ua Athorn low-cost housing projects have fallen foul of the EIA regulations and despite the fact that the developments have already been completed, they have failed on EIA and ownership transfers have therefore been restricted.
By Asia Property Report : (9 January 2008) |
