By Romesh Navaratnarajah:

Real estate will play a pivotal role in the on-going development of ASEAN (Association of Southeast Asian Nations), noted the heads of Jones Lang LaSalle (JLL) who attended the World Economic Forum on East Asia 2012 in Bangkok last week.

According to Chris Fossick, Managing Director at JLL South East Asia, “the calibre of the attendees, which included senior politicians, academics and business leaders, was testament to the commitment within the region to reaching ASEAN’s objective of economic integration by 2015”.

Fossick reckons that the two-day forum highlighted “how the real estate industry will need to play a vital role in the growth and development of the ASEAN nations”, providing great opportunity and responsibility to advisors, developers, investors, or occupiers involved in the industry.

The theme of the forum was ‘shaping the region’s future through connectivity’. Several discussions took place that delved on the future social, political and economic development of ASEAN countries.   

Suphin Mechuchep, Managing Director of JLL Thailand, said: “Major differences between ASEAN markets such as foreign property ownership, alien business laws and tax system need to be fine-tuned.”

She added that efficient management of these areas will narrow the gap in competitiveness among ASEAN real estate markets. As a result, “every market will then be able to capture most, if not all, of the opportunities that will follow the connectivity and collaboration within the sub-region”.

 

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