Due diligence: Sansiri asks for more time

Due diligence is a vital part of any property purchase.

The buyer needs to be sure that what he or she is getting is what he or she expects, and that the purchase is legally watertight.

On November 7 last year, Sansiri signed of Memorandum of Understanding (MOU) with Pace Development for an exclusive option to buy 53 under-construction units of Pace’s The Ritz-Carlton Residences at MahaNakhon (pictured), as well as its entire completed Nimit Langsuan development.

Late last week, Sansiri asked for an additional 30 days – on top of the 60 days they asked for in early November – to continue its due diligence for this property purchase.

Both property developers are listed on the Stock Exchange of Thailand yet the buyer, Sansiri, clearly understands the importance of due diligence in any property purchase.