Executive summary of purchase structure
The purchase price is divided into two parts; land lease and villa construction. Both are contracted by Orchid Land & Property Co. Ltd. Luxury Leisure Co., Ltd. acts as the developer of the project.
The land lease is for 30 years, with 2 renewal options of 30 years each. This will effectively give 90 years of lease ownership. The lease will be registered with land owner Orchid Land & Property Co. Ltd as soon as the land lease payments have been made.
The lease agreement will allow the lease to be re-registered when Thai law approves a longer than 30 year lease period (i.e. 50 or 90 years), with a maximum of 90 years. Lease registration fees (currently1.1% on total lease value) are paid by the Buyer.
The developer will subdivide each land parcel, which allows a foreign Buyer to purchase the land freehold, provided that the Buyer has a Thai partner or Thai company. The freehold option is available as soon as the subdivision has been completed. All purchase fees are for the buyer.
Estate management and villa rental management by IndoChine Resort & Villas, who will have this right for the first 30 years.
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Service charges
Service charges are expressed per villa and charged to each owner equally. They are paid annually on the 1st January for the entire year, and shall be accounted for by the management company with an annual report.
The charges are fixed* at THB27,500 plus 7% vat/month & cover the following basic services:
• 24-hour estate security
• Common area maintenance
• Pest control of common areas
• Provision for sinking fund
• Management of the above
• Access to IndoChine Resort & Villas facilities
• Cleaning and maintenance of private swimming pools (optional)
• Upkeep of villa gardens (optional)
• Maintenance of villa and exteriors (optional)
• Villa cleaning and laundry of linens (optional)
*these charges are fixed until December 31, 2008 and may change after that date |
