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Real Estate

Real Estate

Key Contacts

Cambodia

Laos

Myanmar

Thailand

Vietnam

Jay Cohen

     +855 23 964 210

     [email protected]

Prisna Sungwanna

     +66 2056 5656

     [email protected]

Yuwadee Thean-ngarm

     +95 9 772 440 002

     [email protected]

Derrick Khoo

     +66 2056 5618 (TH) | +95 9 782 655 556 (MM)

     [email protected]

Chaiwat Keratisuthisathorn

     +66 2056 5507

     [email protected]

Cynthia M. Pornavalai

     +66 2056 5559

     [email protected]

Long Gia Nguyen

     +84 28 6284 8188

     [email protected]

Tram Ngoc Bich Nguyen

     +84 28 6284 5668

     [email protected]

OVERVIEW

Our real estate advisors spur sustainable and successful growth in Southeast Asia

Tilleke & Gibbins provides efficient, cost-effective, business-oriented representation on real estate transactions in Southeast Asia. We work with domestic and multinational companies to develop tailored solutions for regional investment and global growth.

In addition to advice on contractual and conveyancing matters, our team provides a holistic approach to property transactions, advising on joint ventures, licensing and permits, zoning, insurance, tax, and, when necessary, dispute resolution and litigation. We are also one of the most trusted authorities on environmental law in the region, helping clients to ensure that their developments are compliant and sustainable.

We help clients across industries, from manufacturing to hospitality, capitalize on opportunities for business success in the region. Whether helping a manufacturer acquire land to build a new factory, securing licenses and permits for a developer to start construction of residential or commercial real estate, or advising investors on land deals, Tilleke & Gibbins is proud to be a catalyst for the smart and sustainable development of Southeast Asia.

Case Studies
Thailand | Automotive | Real Estate

USD 3.2 Million Land Acquisition for Factory in Thailand

Assisted Precious Dragon Technology (Thai) Limited, the wholly-owned Thai subsidiary of a Hong Kong-listed automotive aerosol product manufacturer in its THB 100 million (approx. USD 3.2 million) land acquisition in Thailand.

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Experience

  • Advised a major Japanese construction company in a USD 140,000,000 mixed-use office, condominium and serviced apartment project in Hanoi, including all licensing matters, land title issues, zoning variances, land subdivision, joint venture negotiations, corporate governance, and property management regulations.
  • Represented an American global investment bank in a joint investment with an American private equity firm to provide USD 235 million in equity injection and financing to a Thai property developer, to enable the development and completion of a mixed-use 77-storey luxury skyscraper and a nearby retail building in Bangkok’s central business district.
  • Worked with a leading Hong Kong law firm on the Southeast Asian elements of an acquisition of a chain of over 40 hotels, including extensive holdings in emerging markets such as Cambodia, where our team advised on extensive market entry and localization concerns as part of the client’s due diligence.
  • Advised on a mixed development of an entire island, including land acquisition, development and construction permits, joint venture agreements, financing, customer and supplier contracts, and the legal and tax structure.
  • Retained to represent a hospitality and real estate development company on the development, division, and sale of one of the most valuable stretches of beachfront real estate in Thailand, including the division and sale of several parcels of land to hospitality groups, real estate development companies, and medical and retirement facility operators, as well as the construction and operation of the client’s own properties. Every transaction is tailored to maintain the future integrity of the entire beachfront, and interacts with a complex web of interrelated easements and other obligations on each owner.
  • Assisted a property developer backed by Swedish investors in restructuring their corporate structure for an ambitious multimillion-dollar condominium and villa project in Phuket Province.
  • Advised a key client on its various property joint venture projects with a major property group, including financing agreements, project joint venture agreements, and legal and tax structuring of specific condominium projects.
  • Advising a major Thai hospitality developer and operator on its development of a 100 acres golf club and resort city in Thailand, including shops, restaurants, a hospital, a football field, a stadium, and tourism attractions
  • Represented one of the world’s most recognizable fashion and luxury goods retailers in several commercial real estate disputes in Thailand arising from the disputed termination of a 30-year franchisee relationship. This representation includes negotiation and settlement of lease hold and commercial franchisee contracts with both the outgoing franchisee and the incoming franchisee partner, one of Southeast Asia’s largest and most successful commercial retailers.
  • Helped a major U.S. hospitality chain to structure, draft, and negotiate management contracts and conduct due diligence for six hotel, resort, and condominium projects in compliance with Vietnamese law, including  land title, zoning issues, complex brand licensing, and various taxation issues.
  • Acted as counsel to the developer of various condominium projects in Pattaya. Our involvement covered all aspects of the condominium project, including legal structuring of investor groups, financing, land acquisition, and contracts.
  • Represented a client as a joint defendant in a civil lawsuit filed by the owner of adjacent land. The land owner petitioned the court to register a right-of-way across our client’s land to a public road. The trial court rendered judgment in favor of our client and dismissed the land owner’s complaint.
  • Assisted an international investor with all legal aspects of a land deal, including corporate structure, contract negotiation, and transfer of property. The investor secured ownership of over 20 individual plots of prime beachfront property, which allowed for the eventual establishment of a high-end resort project valued at over THB 1,500,000,000.
  • Restructured the complete set of home loan documents for a global financial institution. The documentation set includes the facility agreement, mortgage agreement, and tripartite agreements between the bank, borrowers, and real estate developers.

PROFESSIONALS

RELATED INSIGHTS

October 6, 2023
On August 25, 2023, Thailand’s Ministry of Interior issued the Ministerial Regulation Prescribing the Types of Hotels and the Criteria for Hotel Business Operation No. 2 B.E. 2566 (2023), which amends the threshold for hotel license exemption and hotel business operation requirements specified in the similarly named ministerial regulation from 2008. The ministerial regulation, issued by virtue of the Hotel Act B.E. 2547 (2004), adjusts the hotel type classifications and introduces new compliance requirements for other types of structures that can be used as hotels (e.g., rafts, tents, or containers). The 2023 ministerial regulation was announced and published in the Government Gazette on August 30, 2023, and will come into effect after 60 days (i.e., on October 29, 2023), amending certain provisions in the original 2008 ministerial regulation. Key changes and new requirements under the 2023 ministerial regulation are detailed below. Hotel License Exemption Threshold The 2023 ministerial regulation raises the threshold for exemption from the requirement to obtain a hotel license. Under the new rules, accommodations with up to 8 rooms accommodating no more than 30 guests (previously no more than 4 rooms and 20 guests) are not regarded as hotels under the Hotel Act, and thus, a hotel license is not required. Hotel Types The 2023 ministerial regulation also changes the definition of the types of hotel accommodations that require a hotel license under the Hotel Act. The new classifications are: Type 1: Hotels with up to 50 guest rooms only. Type 2: Hotels with more than 50 guest rooms only, or hotels with (1) guest rooms and (2) a dining room, restaurant, or kitchen. Type 3: Hotels with (1) guest rooms, (2) a dining room, restaurant, or kitchen, and (3) an entertainment venue under the law governing entertainment venues, or a conference room. Type 4: Hotels
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April 11, 2023
On April 3, 2023, the government of Vietnam issued Decree No. 10/2023/ND-CP (“Decree 10”) to resolve a number of existing land-related problems pending the expected promulgation of a new Land Law later this year. The changes under Decree 10, which will take effect on May 20, 2023, include the following: New Regulations on Land Use Right Bidding Decree 10 outlines the conditions for organizations and individuals to participate in the bidding process for land use rights, as well as the conditions that must be met for the land site to be eligible for bidding. Specifically, in addition to the conditions already stated in Article 58.3 of the Land Law 2013 and Articles 14.2 and 14.3 of Decree No. 43/2014/ND-CP, organizations seeking to participate in the land use rights bidding process must ensure that no more than one company with cross-ownership participates in the bidding. Furthermore, they must also submit a 20% deposit of the total value of the land site, which is the starting price for the bidding. After the announcement of the auction results, the down-payment and any interest earned will be converted into a security deposit to ensure the bidder’s financial obligations are met. If the winning bidder fails to pay the full amount for the land use rights, the security deposit will be forfeited. In addition, a land site put up for bidding must satisfy certain conditions, such as having a starting price of bidding determined by the state authority and having an approved 1/500 detailed plan for the land used for investment and construction of residential buildings. The auction must be conducted on a plot-by-plot basis. Certifying Ownership of Real Estate for Tourism Accommodation Ownership of buildings on commercial and service land that are used for tourism accommodation purposes (such as condotels or other types
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March 21, 2023
Thailand has issued a royal decree officially reducing the land and building tax due in 2023. The Royal Decree on Land and Building Tax Reduction (No. 3) B.E. 2566 (2023), which was announced and published in Thailand’s Government Gazette on March 19, 2023, and came into effect the following day, will effectively reduce land and building tax payments by 15% in 2023 for the following types of land and buildings: Land or buildings used for agricultural purposes; Land or buildings used for residential purposes; Land or buildings used for other purposes; and Vacant or unused land or buildings. Owners of these types of land or buildings are therefore only required to pay 85% of the land and building tax normally owed for 2023. Furthermore, owners of certain types of land or buildings that were eligible for tax reduction of 50% or 90% under the Royal Decree on Land and Building Tax Reduction B.E. 2563 (2020) will enjoy an additional 15% reduction of the tax amount that was reduced by 50% or a continuation of the 90% tax reduction, depending on the circumstances. For more details on these measures, or on any aspect relating to Thailand’s land and building tax, please contact Chaiwat Keratisuthisathorn at [email protected] or +66 2056 5507.
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February 22, 2023
The Contract Committee of Thailand’s Consumer Protection Board has issued a new notification relating to home renovation business operations. The Notification of the Contract Committee Re: Services for Providing Renovations of Buildings for Residential Purpose as a Controlled Business in Relation to Details Regarding Payment Receipts B.E. 2566 (2023) (the “Notification”) was published in the Government Gazette on February 13, 2023, and will come into effect after 90 days (i.e., on May 14, 2023). Once the new Notification is effective, a contractor who provides residential building renovation services will be required to provide a receipt for the payment received from the customer which contains specific details, terms, and conditions as required under the Notification. Key Definitions Under the Notification, a “service for providing renovations of buildings for residential purposes” is defined as a business in which a business operator is engaged by a customer to make additions, modifications, alterations, repairs, or improvements to a building (including any house or any structure) which can be used for residential purposes, either in whole or in part. “Residential purposes” means for residing in the building (in whole, or in any part), whereby the building will not be sold, leased out, hire-purchased, or subject to other arrangements relating to the building with compensation or other benefits involved. Key Required Content The Notification requires that the payment receipt be provided by the business operator to the customer immediately upon receiving payment in whole or in part. The receipt must be clearly legible in Thai language, with a minimum font size, and include the following material terms and conditions: Details about the business operator, customer, and service, including contact information, milestones and payments, the daily penalty rate, and other related information. If the business operator is unable to complete the work within the agreed period,
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AWARDS & RANKINGS
January 18, 2024
Law.com International has unveiled the shortlists for the Asia Legal Awards 2024, and Tilleke & Gibbins has been nominated for awards in four categories.  The nominations include:  Southeast Asia Firm of the Year  Intellectual Property Firm of the Year (Asia-wide)  M&A Firm of the Year (Asia-wide)  TMT Firm of the Year (Asia-wide)   In addition to these regional firm nominations, Tilleke & Gibbins has also been acknowledged for its exceptional work in the field of restructuring and insolvency. The efforts of Tilleke & Gibbins’ dispute resolution team in connection with Thai AirAsia X’s business rehabilitation plan earned the firm a nomination for Restructuring and Insolvency Matter of the Year.   The winners of the Asia Legal Awards 2024 will be unveiled on March 14 at an in-person event in Singapore. For more information on the Asia Legal Awards 2024, and to browse a full list of nominees in all categories, please visit the Law.com International website. 
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January 18, 2024
Tilleke & Gibbins once again earned high marks across all six jurisdictions in the 2024 rankings from The Legal 500 Asia Pacific, which was released on January 17. This year, Tilleke & Gibbins’ rankings reflect continued excellence in the practice area rankings, plus new individual recognitions for eight more Tilleke & Gibbins practitioners. In total, Tilleke & Gibbins received 30 practice rankings—over a third of which are Tier 1.  The firm’s Thailand office earned 15 practice-area rankings:  Tier 1: Dispute Resolution, Intellectual Property, Labor and Employment, TMT (Technology, Media, and Telecommunications), Tax  Tier 2: Banking and Finance, Capital Markets, Corporate and M&A, Customs and International Trade, Insurance, Projects and Energy, Real Estate and Construction, Restructuring & Insolvency, Transport  Tier 3: Dispute Resolution: International Arbitration  Tilleke & Gibbins’ offices in Vietnam received rankings for 10 practice areas:  Tier 1: Data Protection, Intellectual Property (International Firms), Labor and Employment, TMT  Tier 2: Corporate and M&A   Tier 3: Dispute Resolution: International Arbitration, Dispute Resolution: Litigation   Tier 4: Banking and Finance, Projects and Energy  Firms to Watch: Real Estate and Construction  Tilleke & Gibbins earned five additional practice-area rankings in Cambodia, Indonesia, Laos, and Myanmar:   Tier 1: Laos (General Business Law), Myanmar (Corporate and M&A)  Tier 2: Cambodia (General Business Law); Indonesia (Intellectual Property); Myanmar (Projects)   In addition to the practice-area rankings, a record number of Tilleke & Gibbins lawyers were honored with individual recognitions. The Tilleke & Gibbins practitioners included in the 2024 rankings from The Legal 500 Asia Pacific are listed below:  Alan Adcock – Thailand – Intellectual Property  Athistha (Nop) Chitranukroh – Thailand – Insurance, TMT Chaiwat Keratisuthisathorn – Thailand – Real Estate and Construction Charunun Sathitsuksomboon – Thailand – Corporate and M&A Chusert Supasitthumrong – Thailand – Labor and Employment Darani Vachanavuttivong – Thailand – Intellectual Property  David Mol
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December 22, 2023
The latest edition of Asian Legal Business (ALB) magazine includes Tilleke & Gibbins partners Chuyen Hong Huu Le and Tram Ngoc Bich Nguyen in the magazine’s inaugural Vietnam Rising Stars list. This is the first time that ALB has published a list of rising stars in Vietnam’s legal profession, showcasing the exceptional talent and immense potential they bring to the industry. Chuyen and Tram are highly regarded for their acumen in dealing with various corporate and commercial legal matters, and their inclusion in the Vietnam Rising Stars 2023 list further showcases the dedication and skill that they bring to their work representing Tilleke & Gibbins’ clients. ALB‘s Vietnam Rising Stars 2023 list spotlights individuals demonstrating some of the most exceptional talent and potential within the legal profession in Vietnam. The list is determined through careful research into the lawyers’ work and consideration of feedback from clients and other market commentators. To read more about the Vietnam Rising Stars 2023 and explore the full list, please read the December 2023 issue of ALB.
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December 14, 2023
The recently released 2024 edition of Chambers Asia-Pacific gives Tilleke & Gibbins high marks across all of the firm’s jurisdictions in Southeast Asia. In addition to the practice-area rankings, individual practitioners from the firm’s offices across the region received a record total of 35 individual rankings.
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