......The Iguana development group has become the first property company in South East Asia to be granted membership of the worldwide Association of International Property Professionals (AIPP).
The AIPP was formed in London a few years ago with the sole aim of “improving the standards of professionalism in the international property market, helping the industry and the public”.
Being accredited by the AIPP is a big boost for everyone at the Jomtien-based developers. Miki Haim (pictured below), the managing director at Iguana, said: “We are delighted to be recognised by an association dedicated to high levels of professional conduct. It can only say good things about us to our customers.”
AIPP members are bound by an industry code of conduct to act professionally, or face a reprimand or, even expulsion. For example, a Romanian member was expelled when it was found that he had acted improperly. His actions received considerable adverse coverage on the BBC-TV Watchdog consumer affairs programme.
The non-profit making AIPP has its own dispute resolution procedure with an optional legal settlement system available for members and their clients.
This starts as informal mediation, then, if necessary, the case goes to arbitration at the London Court of International Arbitration (LCIA). This British-based common law court system is one of the best in the world.
Members of the public are not obliged to use the AIPP dispute resolution procedure, but it is comforting to know that it is there if required.
As an international property organisation, the AIPP produces interesting research which is regularly reported elsewhere such as in Overseas Property Professionals (OPP) publications.
Property related companies such as Premiership Developments & International Development Registry (IDR) regularly liaise with the AIPP. One interesting new concept being introduced is title insurance which helps developers protect their projects and the interests of buyers. This also keeps estate agents happy.
Title problems are common in northern Cyprus (with hereditary claims) and Spain, due to highly publicised corruption scandals. And Thailand is not exempt from title disputes, of course!
AIPP research among British buyers revealed that 94 per cent of property purchasers want agents and developers to follow professional guidelines or face disciplinary action; 69 per cent are worried about being misled with unreliable information; and 78 per cent believe that independent legal advice taken before signing a contract would make them feel more secure in their overseas property purchase.
The CEO of AIPP, Paul Owen, says that the aim of any trade body should be to change attitudes and fortunes and to help the industry adapt.
He comtniued: “As a member of the AIPP, the Iguana Company has voluntarily agreed to follow the professional guidelines set out in our code of conduct. Their membership illustrates their commitment to honesty, integrity and professionalism in all they do.”
Iguana’s international sales manager, Ashley Tiernan (pictured above), said: “We are going from strength to strength, even in these hard times, and currently have four projects under construction. We are in the process of designing a 22-storey building with top architects in Bangkok.”
Iguana’s acceptance as the first SE Asian member of the AIPP can perhaps best be summed up by their often quoted sales slogan: “We Build Our Promises.” Ω

l For more information regarding the AIPP, go to their website at www.aipp.org.uk or contact Iguana in Chateau Dale Plaza off Thappraya Road (e-mail sales@iguana-group.com).