Alisaburi Co., Ltd. has taken careful legal advice
and consulted with CB Richard Ellis in structuring with the most
straight forward system of home ownership available in Phuket which
accords to Thai law and practice and minimizes unnecessary costs
for owners or complex legal frameworks.
All built homes will be sold to the purchaser as
freehold property. Buyers at Karon have the opportunity of purchasing
land plots freehold title under a registered Chanote provided they
are a Thai legal entity; either a Thai person or a properly constituted
Thai company. Buyers wishing to establish a Thai company should
take specialist qualified legal advice. Alisaburi Co., Ltd. suggests
that with a purchase price of up to US$ 350,000, a buyer may not
wish to over complicate purchase by setting up a company purely
to hold the property.
For a foreign owner who wishes the land plot registered
in his name, Alisaburi Co., Ltd. will arrange for the registration
of a 30 year lease register at Phuket Land Office in the name of
the foreign buyer.
The purchase price will purchase a 30 year lease
and two pre-paid extensions of 30 years each. Alisaburi Co., Ltd.
will contract with the purchasers to lease for two further terms
of 30 years each making a total of 90 years.
In addition to the purchase of the lease, Alisaburi
Co., Ltd. will also sell the lease holder one share in the owning
company of the property. The owning company's articles and structure
will be such that any shareholder will on demand and at any time
apply and be granted a new 30 year registered lease, subject to
meeting, the legal and tax costs involved.
The articles of the land owning company will state that this automatic right to perpetual lease extensions may only be revoked by a 100% majority shareholders vote. Therefore, unless a shareholder votes against his own extension, he will have a secure and contracted right to continue leasehold ownership.
Alisaburi Co., Ltd. has contracted with CB Richard
Ellis to provide property management consultancy in return for which
they will appoint CB Richard Ellis Thailand as the initial property
managers for a term of 3 years. The contract provides performance
standards for CB Richard Ellis to maintain or face dismissal on
3 month notice. At the end of the first 3 years, the appointment
of a property manager will depend on a 75% majority vote of the
owners of freehold and leasehold title on the estate. Provided Alisaburi
Co., Ltd. has no ongoing ownership in the land plots or buildings,
and they confirm that they will not be directly involved in the
ongoing appointment of a property manager.
The land owning company articles will also provide
that the leaseholders and property owner will be able to appoint
and dismiss external property managers for the management of the
Alisaburi Co., Ltd.'s objective in property management
is to handover the management of the estate as soon as possible
to well qualified professional property managers. We have no wish
to be involved in providing property management services and state
for the record that we will not be receiving any income from property
CB Richard Ellis is the one of the oldest established
professional property managers in Thailand having been set up since
1988. They currently manage approximately 2.5 million sq.m. of properties
For further details on CB Richard Ellis, please refer to www.cbre.co.th
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