Owning a home abroad can be appealing, and interest in overseas property, especially across Southeast Asia, has grown. But along with the appeal comes legal risks that buyers ought to be mindful about.
A recent case has brought these risks into sharp focus. The Circle Sukhumvit 11 condominium project in Bangkok, Thailand, was completed after twelve years. However, more than 30 Singaporean buyers found that they were unable to obtain their title deeds due to an ongoing dispute between the property developer and its finance company.
To shed light on the legal aspects of such overseas property transactions, Lianhe Zaobao spoke with Tris Xavier, Head of Integrated Property Practice at Yuen Law. Drawing on his extensive experience in insolvency and real estate law, Tris highlighted key challenges faced by foreign buyers.
He noted that a major concern lies in the differences between legal systems and land ownership laws, particularly where rules and restrictions for foreign buyers may differ from those applicable to local purchasers. Moreover, where developers face liquidation, legal action may have limited practical value. Buyers could be treated as unsecured creditors, and their compensation, if any, will be ranked after the liquidator and other priority creditors.
Read the full article on the legal implications of cross-border property transactions, with legal insights from Tris Xavier.
Read the full article about the Bangkok Circle Sukhumvit 11 property dispute.
Learn more about Tris Xavier’s expertise in insolvency and real estate matters.
Contact Information
For more information and/or assistance on insolvency and real estate matters, you may contact:
Tris Xavier
Associate Director, Head of Integrated Property Practice
E: tris@yuenlaw.com.sg
