Changing a single owner property to multi-owner juristic condominium

[Senechal]

Something I've been wondering about for a while, and I'm wondering if anyone has experience or knowledge on this subject: is it possible to buy a floor in a large shophouse or building that currently isn't foreign-ownership, by changing the legal status of the building and purchasing less than 49% of it? In other words can you convert the legal status of a building to juristic condominium for the purposes of buying some (minority) percentage of its space?

And if so, how difficult/expensive/time consuming is that process?

Edited October 29, 2013 by Senechal

[Delight]

The condominium act specifies that the condo must have minimum 3 members on its committee. Therefore at least 3 separate Condo Title deeds must be issued.

Can that requirement fit into your plan?

Edited October 29, 2013 by Delight

[Senechal]

The condominium act specifies that the condo must have minimum 3 members on its committee. Therefore at least 3 separate Condo Title deeds must be issued.

Can that requirement fit into your plan?

I have no specific plan as of yet. But as I look at the real estate market here in BKK, it's an avenue that I don't see anyone taking -- and I wonder why. As everyone knows, in most Western cities the process of refurbishing old buildings into individual condo units is common. While some of the reluctance here can probably be chalked up to the standard Thai desire to live in a new building (something Europeans and Americans really don't care about) I was wondering if the larger issue was a difficulty in changing the legal status of a building.

So are you saying that any building (commercial, single-owner residential, shophouse, etc.) can be reconfigured as a multi-unit condominium as long as there are 3 members on the committee and 51% of the building remains Thai?

-Senechal

[Delight]

The condominium act specifies that the condo must have minimum 3 members on its committee. Therefore at least 3 separate Condo Title deeds must be issued.

Can that requirement fit into your plan?

I have no specific plan as of yet. But as I look at the real estate market here in BKK, it's an avenue that I don't see anyone taking -- and I wonder why. As everyone knows, in most Western cities the process of refurbishing old buildings into individual condo units is common. While some of the reluctance here can probably be chalked up to the standard Thai desire to live in a new building (something Europeans and Americans really don't care about) I was wondering if the larger issue was a difficulty in changing the legal status of a building.

So are you saying that any building (commercial, single-owner residential, shophouse, etc.) can be reconfigured as a multi-unit condominium as long as there are 3 members on the committee and 51% of the building remains Thai?

-Senechal

Each of the 3 must own a condo.

Each condo must be separated from the others,i.e have its own independent access/entrance.

You will ,of course have to generate Rules and Regulations- and have a Manager. One of the 3 can occupy this role. You will need to set up a Thai Company that will own the land . Transfer taxes have to be paid. Suggest that you read the Condominium Act

[donx]

There have been building that were converted from either hotels or apartments to condos, but I have a feeling that converting a shophouse to a condo would be difficult. A row of shophouses, however, many be possible but I think there is an application process involved in defining a building as a condominium.