"Property developers have suspended work on 12 condominium projects in Bangkok, in some cases because they face financial difficulties in a deteriorating market. The suspended projects were to provide 209,230 square metres of floor space and were scheduled for construction in 2008 and 2009.
According to a source at the Bangkok Metropolitan Administration (BMA), construction licenses were sought under article 39 (2) of the Building Law for 133 condominium projects in 2007. Of these, 92 are complete . . . Thirty-six of the projects are still under construction, and five have been suspended. . .
Additionally, five condominium projects out of a total of 23 that applied for full construction licensing after being completed have now been suspended. They were to offer 35,595 square metres of floor space, and their licences have also expired. Meanwhile, of 156 condominium projects given construction licences under Article 39 (2) in 2008, a further two have been suspended. . .
He said about 70 or 80 residential property projects in Bangkok, many of them complete or nearing completion, are waiting in a queue for Environmental Impact Assessment approval and final approval by the BMA. . . The source said that, in order to presell city condominiums, developers commonly applied for a construction licence under Article 39 (2) of the Building Law. This allowed them to go ahead with pre-sales and construction.
However, before the residences could be transferred to the new owners, the buildings had to have an Environmental Impact Assessment and also had to meet city regulations in order to receive construction approval from the BMA. He said home-buyers should be aware that they could be buying units in a property development that was not properly licensed for sale and transfer."
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12 Bangkok Condo projects suspended
Started by Haloi, Feb 05 2009 02:07 PM
1 reply to this topic
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Posted 05 February 2009 - 02:43 PM
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The source said that, in order to presell city condominiums, developers commonly applied for a construction licence under Article 39 (2) of the Building Law. This allowed them to go ahead with pre-sales and construction. However, before the residences could be transferred to the new owners, the buildings had to have an Environmental Impact Assessment and also had to meet city regulations in order to receive construction approval from the BMA.
Where else can you construct a condo without a construction license ? Amazing Thailand.
Hehehe....
