Currently, in the real estate sector, there is no issue as hot as 'Ashton Asoke', a luxury condominium in the heart of the city. It is uncertain how distressed and shocked the residents of Ashton Asoke are since the Administrative Court ruled to revoke the construction permit for the 'Ashton Asoke' project issued to Ananda MF Asia Asoke Co., Ltd., citing that the land used for the Ashton Asoke building does not have one side of the land extending at least 12 meters adjacent to a public road with a right-of-way of at least 18 meters, continuously connecting to another public road with a right-of-way of at least 18 meters, as stipulated in Clause 2, Paragraph 2 of Ministerial Regulation No. 33 (B.E. 2535) issued under the Building Control Act B.E. 2522.

 

            This project has been completed and ownership transferred for over 2 years, and currently, more than 578 families have moved in, consisting of 438 Thai families and 140 foreign families from 20 countries. Undoubtedly, this revocation has created a tsunami effect on the project, particularly impacting many residents directly, and it has also shaken the entire real estate sector, affecting other developers who may also be implicated due to claims of 13 similar projects.

            Amid the concerns of Ashton Asoke residents bombarding Ananda's management with numerous questions since the news broke, today Mr. Chanont Ruangkritya, CEO of Ananda Development Public Company Limited has held a press conference with the media, stating that the company has operated with caution and placed great importance on legally acquiring land, studying information regarding access routes from other projects.

            The Ashton Asoke project is not the first to utilize access routes from the Mass Rapid Transit Authority (MRTA). Furthermore, the company has followed all procedures correctly under government regulations and has received approval from relevant government agencies at every level, thus ensuring that the operations of the Ashton Asoke project are conducted lawfully and transparently.

 

           

 

            The company has not been idle; over the past period, it has taken care of all 578 families by providing information through LINE groups and Zoom to reassure both Thai and foreign residents. Additionally, it is working with its legal team to urgently find solutions to this issue. Initially, the company will expedite filing an appeal to the Supreme Administrative Court to confirm the correctness, integrity, and transparency of the Ashton Asoke project.

            The company will seek a clear approach to involve residents as co-appellants if possible, and if so, will proceed swiftly. The company is confident in the justice process to protect the rights of affected citizens and ensure fairness for operators. The company is ready to move forward with #SaveAshtonAsoke and is prepared to fight the case to the end, resolving this matter as quickly as possible with minimal impact, and is confident that it will win this case.

 

 

 

            Regarding the bonds that will be offered to the general public and institutional investors on August 5-6 and 9-10, the Ananda management team acknowledged that this situation has significantly impacted investor confidence, causing investors to delay their investments to monitor news and the situation. The company has already provided additional information to the banks, and further clarifications will be made to the investor group.

            However, in the worst-case scenario, if the Supreme Administrative Court upholds the revocation of the construction permit for the 'Ashton Asoke' project, the company is prepared to take the best care of customers in the project based on fairness to the extent that the company can manage. The company also calls on the government to take care of the residents in this project, as this case could serve as a precedent that may have long-term impacts on the real estate business, not just residential projects but also hotels and shopping malls that need to share access with the government.

            Therefore, we would like to request time to establish a framework for resolving issues in collaboration with the government to prevent direct impacts on over 578 families and the confidence of foreign investors who have partnered with the company.

            Ananda's legal team commented that the Administrative Court's view that the MRTA used the land outside the purpose of expropriation should also consider the actual circumstances, as the land in question is leftover land from expropriation, and the MRTA has not lost ownership or other rights. Additionally, it can be used as a public benefit route between the government and private sectors, benefiting those who use the MRT services. Ultimately, it depends on the interpretation of the use of that land, and the company has previously discussed using that area with the MRTA.

            The ruling is not the conclusion of this matter, but it must be closely monitored, as in this case, 'consumers-buyers' have become the direct victims. Moving forward, we must look for concrete solutions to ensure fairness for all parties, minimize impacts, and ultimately use this case as a precedent for the real estate sector in the future.

 

Knowledge Note

            The size of the building that can be constructed depends on the size of the public road connected and the size of the land at its narrowest point connecting to the public road. Many projects often purchase additional land to create access roads, which can increase the size of the building as follows: