Property Rental - Our Succeses

EMBASSY STAFF HOUSING PROJECT 1. The Challenge A major embassy in Bangkok owned an apartment block that housed 40 families from the diplomatic mission. A decision was made to sell the property and to relocate the families to various properties. The CBRE Thailand Residential Leasing team was asked to identify suitable properties (both apartments and condominiums). These needed to be within budget, secure and close to the embassy, and be of appropriate quality, reflecting the status of the diplomat. The relocations also needed to be completed within two months as the existing property was being sold. 2. The Solution The property leasing team pre-qualified a selection of apartment and condo properties in Bangkok to match the size, budget and safety requirements, inspecting each building in cooperation with the embassy’s safety and security officer. Viewings were arranged for the properties that matched their approved size and budget. Following the acceptance of the embassy housing officer, the lease terms on the selected properties were renegotiated, thus achieving the best rates and securing specific embassy terms (including a break clause). 3. The Result The CBRE Thailand team relocated all the families within the time period, within the budget, and with a high level of satisfaction expressed by the diplomatic families. This enabled the embassy to sell its existing property with vacant possession, maximizing the price achieved.

LEASE ADMINISTRATION FOR MULTINATIONAL COMPANY 1. The Challenge A foreign multinational company employing over 70 expatriate staff at its Bangkok office and at three factories in Thailand appointed CBRE Thailand on an ongoing basis as its corporate leasing and lease administration agent. The Residential Leasing team was requested to locate suitable residential properties whenever any of the company’s expatriate staff were relocated to Thailand, and to manage the expiry or termination of each lease for departing staff. Each property lease needed to match the company's rental budget and needed to include a number of specific lease clauses such as options for early termination, renewal and deposit recovery. The final challenge was to ensure that the leases were in the company’s name – a clause that most landlords are reluctant to accept. The team was also asked to provide an overview of international schools and to conduct an orientation programme for the staffs’ spouses, many of whom only spoke French. 2. The Solution A dedicated leasing team was formed in order to ensure a continuous point of contact. Standard processes and tools were tailored to meet the client’s requirements and manage the long-term communications with the client’s Human Resources department. The team arranged temporary accommodation in suitable properties and an orientation programme for each staff member’s arrival in Bangkok. Shortlists and inspections of suitable homes were organized as soon as possible, in order to minimize the cost of temporary housing. French speaking members of the CBRe Thailand team assisted the non-English speaking spouses inspect the selected properties. Once the required lease terms had been negotiated, the team managed the handover procedures and assisted each member of staff in settling in to their new home. Thereafter, the individual leases were monitored, with advance notice given to the company and the landlord on expiry and lease renewals. In addition, CBRE Thailand assisted in revising the budget based on the rental market index for the renewal period. 3. The Result Over the past eight years, all the company’s new expatriate staff have been housed in a range of suitable apartments, condos and houses, within budget and on the lease terms set by the company. The company and its staff have expressed a high degree of satisfaction with the service provided by CBRE Thailand's Residential Leasing team