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AEC promises increased demand for property managers

By on Jun 07, 2013 in Property News

The property-management sector will benefit from the launch of the Asean Economic Community (AEC) in 2015, property expert CB Richard Ellis (Thailand) said.

The company’s managing director Aliwasa Pattanthabutr said that when the AEC comes into effect, the demand for services to manage property assets will increase. Co-owners must also realise the necessity of raising CAM (common area maintenance) fees in cases where the budget is insufficient to manage and maintain a property to a high standard.

As the Asean economies become integrated through the AEC, Thailand will be one of the most important markets within it. Given its strategic location as a regional hub and its proximity to the borders of emerging economies such as Myanmar and Laos, its property market stands to benefit in various sectors from offices, serviced apartments and residential leasing to hotels.

The opening of Myanmar has been particularly highlighted, with Thailand expected to be the principal beneficiary. At present, there is an extreme shortage of serviced apartments, hotels and office space in Myanmar. However, there is no clear understanding of the market by foreign developers, nor land laws at present. There is significant potential for property development and investment in the Myanmar market; however, there are huge risks. The risks equal the rewards. CBRE Thailand is advising a number of international parties for projects in these areas.

The market will always present challenges and opportunities. The key to success in any market conditions is the ability to adapt to the changing trends and the need for quality personnel and a strong team.

Source : The Nation 7 June 2013

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