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CASE STUDY: Appraisal of An Embassy Compound in Bangkok

Valuation

Key Information

Client

An Embassy

Location

Bangkok, Thailand

Topline

Valuation of embassy compound for disposal and relocation strategy leading to the land transaction which has the highest record.

Services Provided


Valuation of embassy compound for disposal and relocation strategy. The valuation was undertaken under multiple specific scenarios provided by the client.

 

Overview


The Embassy had considered disposing their entire compound or a part thereof, and relocating their office under multiple specific scenarios. Each scenario has different land dimensions and accessibility and sale conditions which would affect the development potential of the subject property to prospective buyers. CBRE VAS was appointed to provide opinion of land value under each scenario.

Strategy


  • The Embassy compound is one of the largest land plots in Bangkok’s CBD with high development potential. To provide the most accurate opinion of land value, CBRE has considered not only recent land transactions but also generated residual analysis for each specific scenario.
  • The assumptions used for hypothetical developments were based on physical feasibility and inputs from various teams. Close collaboration between in-house experts from residential, office and retail sectors contributed to sensible valuation backed by real data.
  • CBRE worked in close collaboration with the embassy’s local and overseas representatives as well as CBRE’s overseas office. Timely responses to questions, market data support and quality assurance on deliverables in accordance with international standards met the client’s expectations.

 

Results


  • CBRE was appointed in 2016 for the preliminary study of 7 specific disposal options.
  • In 2017, CBRE was reappointed to value the compound after the disposal option had been determined.
  • Our opinion and recommendations allowed the client to understand the land value and decide on the best disposal option. The embassy deal has set the highest land transaction record in Thailand to date.
  • CBRE also closed relocation deals for the Embassy’s new office premises and staff housing.

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