The Department of Business Development (DBD) of Thailand has revealed its plan to join hands with the Condominium Association in drafting new regulations to raise the management standard in condominiums and housing units to international level.

According to DBD Director-General Pongpan Jiarawiriyipan, the attempt aims at improving the quality of life of people living in condominiums and housing units through management and service improvements in those properties.

New regulations will cover management, general services and allotment of communal zones to prevent efforts to make them individual property.

Pongpan said the improvement is set to protect local condominium business operators against competitions from foreign operators when the ASEAN Economic Community is established next year.

She added that currently condominium business operators from the Philippines, Hong Kong and China are trying to enter the market in neighbouring ASEAN member countries. This kind of business is rather lucrative in the ASEAN region at the moment, she said.

The Director General said her department will request a budget of 4-5 million THB to spearhead the improvement, and the new regulations should come into force in 2015.-VNA