Abandoned Structure Valuation
In Thailand, there are many construction projects that have already been constructed but failed to complete. These are abandoned structures, abandoned properties or vacant buildings. These happen as there might be a delay occurred in the project. However, in order to recontinue the project, there will be a repetition start-up fee once again. For example, the abandoned housing project for both low-rise projects and high-rise condominium but in some cases, there are various kinds of structures such as hotels, apartments or even shopping malls. Sometimes, the properties and structures have been abandoned for a very long time which leads to a proper inspection that must be conducted to know if they are still able to use or not. As for the valuation method, besides appraising cost based on the current condition, the Residual or Hypothesis Method must also conduct which the results of these 2 methods will be compared whether who gives the most plausibility and appropriate value. The documents that are required in this valuation are a construction permit, plan, Bill of Quantities (BOQ) and the utilization of the buildings when it is completed. Sometimes the alternative use would be applied upon special assumption from the client who wants to know, for example, the construction permit was originally an apartment. However, the client wants to know the feasibility to change the utilization to be a hotel which can be conducted.