The land under a condo project is owned by the condo project, which owners, both Thai and foreign, own a share of. In the unlikely event the condo project is disolved and the land sold, each owner, Thai and foreign would get a portion of the proceeds based on their share percentage. Google spells it out: If a condominium project is dissolved and sold in Thailand (such as for redevelopment or due to severe structural damage), the legal process is governed strictly by the Thailand Condominium Act. Owners receive a proportional share of the net proceeds from the sale of the building and the underlying land based on their exact ownership ratio of the common property.
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