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CASE STUDY: CPN Commercial Growth Leasehold Property Fund (CPNCG)


Key Information


CPN Commercial Growth Leasehold Property Fund (CPNCG)


Bangkok Central Business District


CBRE was appointed for the valuation of The Offices at CentralWorld which is an underlying asset of CPNCG.

Services Provided

Annual valuation for financial reporting of CPNCG. The scope of work includes valuation of the underlying asset and assessment of market rent.



The Offices at CentralWorld is part of CentralWorld, one of the largest mixed-use developments in Bangkok’s Central Business District, comprising offices, over 200,000-sq.m. shopping center, and an approximately 500-key hotel. The building area for the office component spans over 120,000 sq.m. with a lettable area of around 80,000 sq.m. It is an underlying asset of CPNCG – an office-focused property fund listed in the Stock Exchange of Thailand (SET).


  • In compliance with International Valuation Standards (IVS) and requirements set by The Securities and Exchange Commission (SEC) Thailand for public purpose valuation
  • The valuation was conducted amid the COVID-19 pandemic; CBRE had to thoroughly assess the (1) market situation, (2) office rent movement, and (3) potential demand from our unparalleled database and expert opinion from office advisory team, who covers the majority of the office market in Bangkok



After a successive record with SCB Asset Management (SCBAM), the fund manager, CBRE was appointed, in 2021, for the valuation of CPNCG after having completed the valuation of two other property funds also managed by SCBAM since 2019.

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