Buyers of Thai property could have their dreams quashed if their developer has failed to secure environmental impact assessment (EIA) approval. Those that are unable to get this for their project are being forced to put on the brakes, meaning investors will have to endure a delay at best to see their money returned, the Global Property Guide reported. This was the case for those involved in two completed condo projects by Grand Unity Development Co.
The developer was unable to get EIA approval for the two sites, which already had condos launched for sale. The firm says it will return all booking money, plus interest, as per the contract arrangements, the news portal revealed. U Delight @ Phaholyothin Station and Condo U @ Phaholyothin Station are the two projects affected. The former had its 400 units opened to buyers in September 2012, while the latter’s 409 units were launched in March of this year.
Unfortunately for the market, this is part of a wider trend and condos across Thailand are failing to get EIA approval. Indeed, of the 301 projects proposed in 2012, just 98 passed the EIA, the Global Property Guide explained. Thailand’s Agency for Real Estate Affairs claims that in Greater Bangkok alone, nine residential projects were cancelled or suspended in the first half of this year after failing to secure EIA permits.
With demand for condos strong in Thailand, the current approval crisis is unlikely to deter buyers. A survey by Kasikorn Research Centre recently showed that in Bangkok and its suburbs, 62,500 to 65,500 projects have already been started this year – up between 4.9 per cent to 9.9 per cent from last year, Pattaya Mail reported. These are on top of over 80,000 units of completed condos, rising from 78,000 in 2012. Demand is provincial areas is also increasing, with around 23,000 units launched in this market during the year. This equates to 179 per cent growth and it is likely numbers will rise further between 2014 and 2015, the newspaper noted.Article by +Steve Binge on behalf of Propertyshowrooms.com
ที่มา : propertyshowrooms.com
อ่านเพิ่มเติมได้ที่…Environmental impact assessments causing problems for Thai property