¤à ¥Ê©´£¥»Ë´¥¥²Â£¶Ê´¥³ ¤Î¬¶¯¬³´¥¶£¥³ ¤Î´¥ ³´·Ê¶Ã§²Â£¹¯Â ¹Ê¯¥²Ä¤Î¬´´¥² ISSN 1685-845X ©´¥¬´¥¥´¤Æ¥£´¬ £»§¶¶¥²Â£¶Ê´ ¥³ ¤Î¬¶Æ¤ Vol.3, No.2, April - June 2004
CIPS: Certified International Real Estate Specialists July 26 to August 1, 2004 (except July 29), the Shangri-la, Bangkok A total package course consisting of Essentials of International Real Estate, Europe & International Real Estate, Asia/Pacific & International Real Estate, the Americas & International Real Estate and Investment and Financial Analysis A World Class Education Taught By Carmela J. Ma, CCIM, CIPS Ms. Carmela Ma was awarded the CCIM Instructor of the Year 2003, The People’s Choice Award 2003, Senior Instructor of the Year for Financial Analysis in Commercial Real Estate CI-101-CCIM, and CIPS International Instructor of the Year. She is the President of CJM Associates, Inc., a California based company specializing in Real Estate investment Brokerage, Advisory and Global Transactions. She has been involved in international real estate since the 1970s. She is an American Citizen with years of management experience in the USA and offshore. Her projects have taken her on business trips worldwide (over 30 countries) and produced and hosted her own weekly radio program on city planing, development and design. She was a publisher and an international speaker in numerous cities in USA, Europe and Asia. Ms. Ma served as the faculty chair/dean of the NAR International Section, president and founding member of the CCIM Chapter of Greater Los Angeles, and Chair of the CCIM International Coordinating Committee.
with the collaboration of: National Association of Realtors (USA) Real Estate Broker Association (Thailand) Thai Appraisal Foundation
World Class Program : Register Now! §³¬»¥¯¬³´¥¶£¥³ ¤Î¥²³Ä§§²Â·¤Ê© details at: www.thaiappraisal.org
International Course: Advanced Valuation Techniques in the Global Context by HOWARD C. GELBTUCH, MAI, CRE Advanced Income Approach (real estate statistics, lease terms and analysis, capital markets & investment analysis, risk analysis, mortgage vs. equity & cashflow analysis, capitalization rates, DCF analysis, valuation of partial interests), Global Case Study (feasibility analysis, valuation: office, retail, industrial, multifamily apt & hotels around the world, special purpose properties, environmental issues), Business Valuation (economics of business firms, essence of business valuation, business vs. real estate value, separating values of (im)movable property and intangible assets), Global Valuation (valuation techniques around the world - country by country, requirements for the MAI and FRICS designations, government regulation of appraisers and international standards, REITs in USA, Japan, and UK) Aug. 16-28, 2004, Queen Sirikit National Convention Centre, Bangkok Mr. Gelbtuch is an editor of the Real Estate Valuation in Global Markets. He is the Chairman, Counselors Consulting Corps of the Counselor of Real Estate and was a Past Chairman, National Publications Division of the Appraisal Institute. He earned an MBA in Real Estate (City University of New York) and BS in Finance (New York University). His 30 years of experience was with Greenwich Realty Advisors Inc., Coopers & Lybrand, Morgan Stanley Realty, Inc., Metropolitan Savings Bank and Crossland Savings Bank. He has written a number of articles and books in real estate. Sponsored by Thai Appraisal Foundation - Thai Real Estate Business Scl.
Your Thai Contact in Property and Appraisal Professions Thai Appraisal Foundation: Exceptionally Active Real Estate Organizations in Thailand
National Institute of Valuation, Malaysia invited Thai Appraisal Foundation to present a theme paper and to participate at the 2nd International Real Estate Research Symposium, Kuala Lumpur, April 13-15, 2004 µ¦³Á¤´ · µ¦n ¡¥´ r ®· nµ·¤µÁ¨Á¥Á¸ ¤· ¨¼ · ¦³Á¤· · µ¦n ¡¥´ r · µÁ°ªµ¤®¨Î ĵ¦¦³´ ¤µµµ» Á¦· °µ¦ªºÉ ·´¥°´®µ¦·¤¦´¡¥r ¦»ª¨µ¨´ ¤Á°¦´ r
The 6th International Study Visit, Bangkok, organized by Thai Appraisal Foundation during March 30 to April 2, 2004 Á¥Â¡¦n °ÁºÉ ¥ °¦³Á«¸ ª¥µ¦o µµªÎ µ¦³Á«¤µn µ°¼ ®µ¦´ ¤¦· ¡¥´ r Á¤°Å¥ °Á¦µ¤º ¸ ·É ¸ ÇÄ®«o ¬µ¤µ¤µ¥¹ µ¸Ê ´¤µ 6 ¦´Ê¨oªÂ¨³¥´¤¸°¸°¥nµn°ÁºÉ°
International Workshop: Valuing Infrastructure and Utility Properties, March 28-30, 2004 at the United Nations Conference Centre jointly organized by the International Propety Tax Institute (IPTI) and the Thai Appraisal Foundation ¤¼¨··¥´´µ¦³»¤µµµ· Ã¥¤¸¼oÁ oµ¦nª¤´¤¤µµnµ¦³Á«Á oµ¦nª¤Á}媤µ Á¡ºÉ°Âµµ¦nÁ¦·¤ªµ¤¦¼oµ¦¦³Á¤·nµ¦´¡¥r·Ä¦³´µ¨
As Thailand’s principal member of , Thai Appraisal Foundation went to introduce valuation profession in Thailand at the world largest annual real estate exhibition in Cannes, France, March 9-12, 2004. ¤¼¨··¦³Á¤·nµ¦´¡¥r·Äµ³°r¦¤µ· FIABCI ¹ÉÁ}¤µ¡´r°´®µ¦·¤¦´¡¥r¸ÉÄ®n¸É»Äè ¹ÅoÅ Á¥Â¡¦nª·µ¸¡¦³Á¤·nµ¦´¡¥r·Å¥Äµ·¦¦«µ¦°´®µ¦·¤¦´¡¥r¸ÉÄ®n¸É»Äè Á¤º°µr
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Sopon Pornchokchai President, Thai Appraisal Foundation
¤à ¥Ê©´£¥»Ëƣʧ§² More International THE OFFICIAL QUARTERLY JOURNAL Events by Thai OF THAI APPRAISAL FOUNDATION nµ¦µ®¦º°Å¤n ªµ¦µ¦´Á¨ÈÇ Appraisal Found. ¸É´¡·¤¡r ¹Êe¨³ 4 Á¨n¤¸Ê ¤¸¥°¡·¤¡r¹ Please join us 3 From the President ... 4,000 - 5,000 Á¨n¤n¤µ·Â¨³Â ¦³µ ¨
nµ¥Å¥´¼o¦³Á¤·nµ¦´¡¥r·Ä¦·¬´ Thai Appraisal Foundation is 5 £µ¼o¦³Á¤·nµ¦´¡¥r·... ¹Áª¨µÂ¨oª: Á¡ºÉ° nµ Ç Äµ´µ¦Á·®nª¥¦µµ¦¸É consider a gateway for international ¤¦°¼o¦·Ã£ ª»¤´ª·µ¸¡j°´µ¦Â¦ Á¸É¥ª o° ¹É¤¸¦ª¤´¹ 2,000 beneficiaries to contact us in ª·µ¸¡Â¨³Ä®oµ¦«¹¬µÂnµµ¦ Thailand. We also help bring in ŤnÁ¡¸¥Ân¼o¦³Á¤·nµ¦´¡¥r·Á¦µ experts and educators to Thailand so 6 International Perspectives: ¥´nÅ¥´®nª¥¦µµ¦ ®o°¤» µ´ that our valuation profession can Valuation & Real Estate Worldwide µ¦«¹¬µ ¤µ¤ ¤¼¨··¸ÉÁ¸É¥ª o°´° steadily be developed. Amporn Chantranukul - You may know that we already ´ ®µ¦·¤¦´¡¥r ¨°°r¦¦³®ªnµ 11 CAMA - GIS Applications in 200 organized six international study ¦³Á«´ÉªÃ¨°¸¦µª ®n visits, two international training Thailand since 1990 Á¦µ¥´´µÁªµ¦µ¥Áº°Á¡ºÉ°¼o course (valuing properties in {¤µ ´¦µ»¼¨ Ä´ÊĨ³°ªµ¦°´®µ¦·¤¦´¡¥r°¸ fluctuating condition and valuation of 12 ¨µ¸É°¥¼n°µ«´¥ BMR 4 Áº°Â¦e 47 »Áº° Ã¥Ân¨³Áº°¤¸¼oÁ oµ¦nª¤¹ 60- brand name) and an international workshop on valuing infrastructure ¡¦£´¬r ¼¦r° 100 nµ Á¦µ¥´Åo´¹Â¨³Á¥Â¡¦nºÉ° and utility properties. 13 Valuing Infrastructure and Utilities °nµ¸ÉÁ oµ¦nª¤¨ÄÁªÈÅr °¤¼¨·· We are going to organize the next two international study visits Á¡ºÉ°Á}Á¸¥¦·¦³ª´·Ânnµ°¸oª¥ 14 (please see our back cover) and ±ª»o¥Å¤nÄn{´¥Â¦Â®nªµ¤ÎµÁ¦È Á¦µÎµÁ¡¦µ³Á¦µÁºÉ°¤´Éªnµ¤¸Ânµ¦¸É another two education session with ´¤¤¸ªµ¤¦°¦¼oĪ·µ¸¡µ¦¦³Á¤·nµ the cooperation with other leading 15 ¦µµ¸É·£¼ÁÈ´µ¦Á·Ã “ª¦³Â” international organizations i ¦´¡¥r·Â¨³°´®µ¦·¤¦´¡¥r µ¦¨» Contact Us Please consider to participate at ®¦º°ºÊ°- µ¥-¨Á¨¸É¥nµ Ç ³Á· Sopon Pornchokchai, President our events. You can see how Wason Khongchantr, Editor ªµ¤Á}¦¦¤ ´¤³¤¸ªµ¤Á}°µ¦¥³ impressive and knowledgeable our Amporn Chantranukul, Coordinator, Int’l Affairs ¤µ ¹Ê µ¦Ã °¦´´Énµ Ç È³¨¨ participants said about us at our web: Nonglak Jatutane Coordinator, Education www.thaiappraisal.org. Pornpak Boonthong Coordinator, Research Á¡¦µ³¦³µ¦°¦¼o¥·É ¹Ê Atinach Chanbanyong Coordinator, Prof. Devt See you in Bangkok. ¤µ¦nª¤´´»·¦¦¤¸ÉÁ} Telephone 66 2 295 3171 ¦³Ã¥rn°nª¸Êoª¥³¦´ Facsimile 66 2 295 1154 Sincerely Email [email protected] Mailing Address 55/40-42 Nonsee Road, ã ¡¦Ã´¥, ¦³µ¦¦¤µ¦ Sopon Pornchokchai Bangkok 10120, Thailand
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Thailand should have an Appraisers’ Council to Control the Profession for the Public In Thailand, there is no legal body to control appraisers and no examination to grade appraisers. Current associations are profit groups of professionals or trade association of company owners. Associations can work for public interests like a volunteer but it it not their mandate or responsibility. Like architects, engineers, medical doctors, there should thus be a council to control the profession in order to protect the benefit of the public. Council members should consist of authorities involved who have direct responsibility to protect the consumers, valuation professionals, major beneficiaries such as financial institutions and other related professionals.
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5 Â¥¹Ê¯´ International Perspectives COVER STORY Valuation and Real Estate Worldwide Amporn Chantranukul, MBA (finance), Monash Univ. Director, Foreign Affairs, Thai Appraisal Foundation
Presidents and Directors of leading real estate organizations worldwide kindly gave interviews to our ThaiAppraisal Journal where we convey their insights to the public to learn more about real estate. Here at Thai Appraisal Foundation, we believe that knowledge is not private property. We do thank the presidents and directors for their generosity and time.
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likely to invest, but long term countries other than the US Important recent innovations investors and home buyers will 3. The change in the political 1. Liberalization in housing continue to view the property vision of private property rights by finance market with favour. Home loan several governments and the 2. Real Estate Securitization affordability will however remain a recognition of the importance, not 3. Globalized perspective of significant issue for individual only of the real estate industry, real estate Australians and governments. but of the legislation on property Best strategy for the Important recent innovations rights, for the economy of a development of sustainable 1. Retention of negative country. property markets in Thailand gearing for property investments Best strategy for the Strong domestic demand, good (an income tax benefit) development of sustainable infrastructure, stable inflation 2. Use of internet property markets in Thailand Suggestion to develop Thai 3. Better access to training and Today, the development of a valuation profession education for both agents and market depends to a large extent To develop more sophisticated consumers on the country’s capacity to attract valuation tools. the capital of institutional investors. Ms Kareena Ballard So the best strategy for any country President, Real Estate should be to make its market and property titles capable of satisfying Institute of Australia the expectations of these investors : good security (including political), Future performance of property a return on investment (ROI) markets in Australia proportional to the risk, a total Steady growth but at a slower transparency, a possible liquidity, pace than growth in 2003. The and a favourable tax system. Australian property market in 2003 Suggestion to develop Thai was characterised by strong valuation profession performances in all sectors of the There are probably two market, and in all cities and regions conditions for the development of across Australia. The year ahead, the valuation profession in any according to current indications, country. First is the existence of promises a buoyant but less education programs teaching extraordinary marketplace as Mr. Jean-Marc Levet notably international standards of market forces, affected by rising valuation and second is the interest rates, slow the rate of President, FIABCI publication of national and local growth. (Int’l Real Estate Federation) statistics allowing professionals Mr Nicholas Brooke Anecdotally, agents are seeing to know the maximum prices a slowing in market growth. Global property industry, 2004 practised in the market(s). President, Royal Institution There are less homebuyers In spite of the real estate of Chartered Surveyors visiting at open house inspections globalisation phenomenon, and and auction clearance rates are the fact that, because Global property industry, 2004 falling. While this may be in part international investors such as There are an ever increasing attributed to the Christmas / New pension funds, property funds, number of funds, institutions, and Year holiday period, interest rate banks, and insurance companies private individuals seeking to increases are also a likely factor. are becoming more and more invest in the real estate sector as The REIA believes that similar all over the world, the well as more than adequate December quarter 2003 statistics, trend is towards a certain liquidity. This is going to put which will be published next harmony between the property pressure on values and yields. month, will show that market industries and markets. However Important recent innovations growth has settled. I don’t think it is possible yet to which have improved the property Looking ahead, the REIA speak of a “global property industry”. investment environment believes that while sound Too many factors are still local, 1. more flexible leases economic fundamentals remain in such as workforce quality and 2. a new approach to landlord/ place, 2004 will offer strong costs, security, inflation, transp- tenant relations, which is now potential in the property market, arency, liquidity, taxation, etc. more akin to a partnership than a albeit at a slower pace than that Important recent innovations Prof. Seow Eng ONG contractual relationship set during 2002 and 2003. As a 1. The fall in interest rates 3. the proposed introduction of result of interest rate increases, (even if not exactly an innovation) Ex-President real estate investment trusts speculative investors may be less 2. The creation of REITs in Asian Real Estate Society
6 Assessment on the real estate 3. As a consequence of the Global property industry, 2004 centrality and stylishness of these markets in Thailand increased investment activity Moderate gains. The gains older buildings. Many of these There are some signs of referred to in the preceding line, can be, from an European point buildings were built in the first half overheating and a correction supply of rental accommodation of view – due to the fall of the of the twentieth century, some would seem likely in the in the residential sector increased USD towards the Euro - even earlier. foreseeable future. I am not sure sharply and thus rental levels converted into losses if 2. The growth of property unit whether present values are declined, in turn restricting further transnational transactions trusts and property loan stock sustainable in the long term. investment. involves more currencies. companies. These are similar to Best strategy for the Suggestion to develop Thai Important recent innovations the REITS in the USA and the development of sustainable valuation profession 1. The creation oft the global Listed Property Trusts in property markets in Thailand Affiliation with the International database Australia. The past few years Greater transparency and the Valuation Standards Committee www.worldproperties.com have seen a boom in these listed continued implementation of and compliance with its standards. 2. An growing acceptance in vehicles and the growth shows no improvements and reforms to the Europe for the need of formation sign of slowing. Over the last regulatory framework and in the of still more property-funds, year, several new portfolios were area of Corporate Governance dealing with pension investments. added to the listed stock. During Suggestion to develop Thai Best strategy for the the boom in listed property, the valuation profession development of sustainable discount to underlying asset the adoption and recognition property markets in Thailand value that these units where by local valuers of international The creation of a nationwide selling at has evaporated and valuation standards and the rigor- database with the possibility for they now sell at a premium to ous application of those standards foreign investors to get an direct property. Considering the in the case of all valuations. overview of the market. increased liquidity and lower risk, Suggestion to develop Thai this is to be expected. valuation profession Suggestion to develop Thai To get reliable data on the valuation profession market in question, and thus In South Africa the Valuer's establishing the possibility of profession is under pressure from documentation for recent sales low cost competitors that are not and actual offers of same type of trained as valuers. At the upper buildings as the ones in question end of the market, management + benchmark of performance for consultants and chartered Mr. Saadat M Keshavjee different property-types over the accountants perform property President, Real Estate last years. consultancy, for which they are not qualified. Again, the valuers Institute of Canada lose work. The only way that valuers can escape this two-sided Global property industry, 2004 pressure is by continuous Moderate gains. The world is professional development and going through major changes and advanced degree study. Such the US position on interest rates topics as corporate real estate has a major bearing on how the asset management, financial world evolves. Real Estate, in management and real estate such times offers opportunity. portfolio management should be Important recent innovations included. Mr Alan Cooke 1. Improved technological Chief Executive, Irish advances Auctioneers & Valuers 2. Lower interest rates 3. Access to quick and reliable Institute (IAVI) information Best strategy for the Global property industry, 2004 development of sustainable It is difficult to accurately property markets in Thailand estimate a global performance To emulate successful models due to regional variations. My such as those in successful use of a "C" rating reflects that in neighboring countries that share some countries the property similar cultural nuances industry is thriving, while in others Suggestion to develop Thai it will have been affected by valuation profession recent downturns in economic Emulate the canadian model or performance and activity. the british model as it has history Prof. Valmond Ghyoot Important recent innovations and has worked successfully 1. An increase in the Purchase Director, African Real Tax (Stamp Duty) on Commercial Estate Society Property Investments to 9% (from 6%) at the beginning of 2003 has Global property industry, 2004 driven much investment from No change overall. The major Ireland abroad. Although the markets are mature and develop- strategic sale of a number of ing markets such as Thailand, major commercial investment Malaysia and South Africa will Jose Eduardo Macedo portfolios helped boost tax takes experience moderate gains. President from this sector in 2003, we Important recent innovations APEMI – Portuguese Real cannot see this being repeated in 1. Refurbishment of and Estate Agents Association 2004 and we expect tax revenues conversion of office buildings in from this sector to fall, which may central business districts to loft Global property industry, 2004 persuade Government to restore apartments and up market The International real estate the original tax rate of 6%. apartments. This innovation has market has known, in the recent 2. The restoration of interest blown new life into the central Steen Winther-Petersen years, a situation of decline in the relief for residential property parts of cities such as level of property investment and investors at the beginning of 2003 National President, Danish Johannesburg and Cape Town. capital spending on the part of brought such investors back to A recent development in Cape Association of Chartered economic agents and the public the market. Town was sold out in two weeks, Estate Agents & Valuers in general. as buyers discover the utility,
7 2004 it promises to be the year Important recent innovations Assessment of the real estate of the change, the economic 1. Transatlantic investments markets in Thailand indices demonstrate it, the main 2. Very bad "stock year" The savings and loans crisis financial markets start to give 3. Mezzanine capital from in the United States in the samples of recovery that allow to opportunity funds 1980's precipitated the foresee a generalized economic Best strategy for the development of the Uniform growth, nevertheless, the development of sustainable Standards of Professional economic improvement will property markets in Thailand Appraisal Practice as developed depend on how long the recovery Responsible master planning, by The Appraisal Foundation. If can be sustained. diverse investors, strong city mayor there are no standards in APEMI, in representation and Suggestion to develop Thai Thailand, there is the possibility support of its members, tries to valuation profession that much can be learned by uniting and strengthening the Bring in existing know how and adopting professional appraisal sector in Portugal, defending the experts to train and develop this standards before a crisis looms. interests of professionals of real profession estate activity and guaranteeing Best strategy for the credibility as it relates to the development of sustainable public, to the other agents and to property markets in Thailand the governmental entities. One possible strategy is to Important recent innovations Mr. Wayne D. Llewellyn emphasize the deployment of Maintenance of reduced credit President-elect mass appraisal practices in taxes; development of the International Association addition to single property Information Society where the appraisal techniques. While the knowledge appears as a basic of Assessing Officers valuation processes for both are resource in the level of the Global property industry, similar, there are some application of new technologies to 2004 significant differences that the service of the real estate In terms of the global require analytical techniques market; increasing concern with Mr. Jeff Finkle property industry, I would prefer that operate on a completely the urban environment in order to President/CEO to speak from the perspective different scale. Depending on bring the young population back International Economic of property appraisal and the the current competencies of real to the city. Development Council products and services offered estate appraisers, it can be far Assessment of real estate by the International Association more efficient to learn mass markets in Thailand appraisal rather than single Global property industry, 2004 of Assessing Officers (IAAO). Companies in Asia are property appraisal techniques. I do not think property can be IAAO's efforts are focused on currently a model for how the While there are some limitations analyzed well globally. While providing sound decision business community and on mass appraisal, mass some parts of the United States making processes and government agencies can work appraisal can assist greatly in are doing poorly others are doing standards that facilitate together to create a good making good business decisions well. While overall the United accurate property appraisal, business environment, therefore that consider entire sectors of States has some eaknesses in effective assessment it’s important not to lose this the real estate market compared the property market, China and administration and fair property perspective and develop new to individual property appraisal several Asian markets are doing tax policy. In my experience, strategies for workplace practices that emphasize quite well. The movement of the property appraisal industry innovation and efficiency having making decisions on the basis of industrial jobs from the United has changed to the extent that in consideration the unique local a few sales transactions, limited States, Mexico and Canada and mass appraisal is becoming and national business numbers of income comparables Europe has created real more accepted than ever. considerations. and so on. opportunities in Asia. This is largely as a result of Best strategy for the Best strategy for the the efficiency associated with development of sustainable Suggestion to develop Thai development of sustainable automating parts of the property markets in Thailand valuation profession property markets in Thailand valuation process and more There are three characteristics As a Canadian observing Good appraisals, good cost-effective valuation that are fundamental: economy events throughout North government policy that protects procedures being used. For diversity, development strategies, America I have come to believe investment and strong zoning and example, I am employed with and connectivity. that the valuation profession code enforcement. Do not have The City of Calgary Suggestion to develop Thai depends on collaboration among endless sprawl like in the US Assessment Business Unit and valuation profession appraisal organizations. Various markets that erodes values very we need to deliver estimates of The role of the real estate sectors of the appraisal quickly. market value and market rents profession have different evaluation, in a society each annually for approximately more demanding toward its educational and certification 375,000 accounts. Over the needs. In my opinion, the single rights, assumes, today, a basic course of a year, this is and increased importance most important suggestion is to equivalent to managing the develop a professional because it cross the interests of preparation, communication the market with institutional designation program that covers and defense of one appraisal the minimum competencies strategies with private interests. about every 20 minutes per To this concern it can be needed to provide good real property appraisal staff estate appraisal services. A indicated some essential elements member. It is quite plausible to the exercise of the activity: focused professional that in the not too distant designation program that offers Adequate quality technique to future, real time assessments the notebook of incumbencies specialties in areas such as will make it possible to produce residential and personal presented by the customers estimates of value in less than (banks, insuring institutions, etc.) property appraisal with options a minute. that lead to a comprehensive In addition, where designation offers a multi- Mr. Steven Podolsky jurisdictions prepare assessed disciplinary approach to values on the basis of market President, FIABCI-USA property appraisal, value, assessed values are administration and policy being used more frequently for matters as well as flexibility for Important recent innovations purposes other than property individuals that chose to 1. The continued refinement of taxation and to support major specialize. Dr. Eugen OTTO technology business decisions that are Principal 2. Mezzanine financing being made by private 3. Real Estate Investment Trusts FIABCI Austria corporations and governmental agencies.
8 THAI REAL ESTATE BUSINESS SCHOOL under the supervision of the Ministry of Education ¥¥£·· ©Ê´£§ www.trebs.ac.th ¥¥£··©Ê´£§¬¹¬¥Ë´ºª§ ·©Ê´³Ê§˴¯§³ TREBS’ BOARD OF ¥²Â¥¹Ê¯²¥º¯º³§ºÂ¬Ã¬£³´£³Ê飳ʥ³¥º TRUSTEES ·Ë§´©´§³©³©¤ºÊ¶Â§¬ÂÉ£ º £§¯²Æ¥Æ˺ˣ ¯³ ´§¹Ë¯´£´º£ÂÉÂ¥¹Ê¯¯º§º£ ¯´¤Ê´¤Â¥¹Ê¯¥´¯
Hon. Chairman ¥¥£²Ê´´ÂɯÂÉÂ¥¹Ê¯ºË£¥¯  ¥´²©Ê´ÂÉ ¥²¯Î¥¶ Prof. Manop Bongsadad Fac. of Arch Chulalongkorn Uni £·¥¥£¦´£·Å¥¤¶Æ¥Ë¥¥£·¬¶Æ£Ê¤¶É´¤Â¶´¤ º³ËÂ¥´Ê´¶´¤Â¥Ê©Â¥Ê©´¤ ´¥¥££´ÂÉ£§ ¥²³Ê¥¥§º£¥¥§£³©£ ˴¶ÃÊÂÉ´¤ Academic Chairman Prof. Niputh Jitprasonk ¥¶¬º¶ÎºÊ¯Å´¤¯º³©²³Ë§´¤ Æ£Ê Ë¯Æ£Ê ´¬´Å Fac. of Acct., Thammasat Uni ¹¯Ä§Â¹¯¥¥£¯µÆ ¶Â§¬´¬©²Æ ƣʯ´¤Êµ¤··´±
º´¬¢¶ºhttp://www.thai.net/watthasai/kamma01.html Chairman, Advisory Prof. Asawin Bhichayayothin Fac. of Arch, Chulalongkorn Uni Our Clients for In-house Real Estate Training
Chairman Pratak Simapichaicheth Secretary General, Land Institute Bangkok Metropolitan Administration Bank for Agriculture and Agricultural Cooperatives
Bank of Thailand BankThai Plc. Electricity Generation Authority of Trustee: Prof. Arlo Woolery Lincoln Institute of Land Policy
Thailand Industrial Finance Corporation of Thailand National Finance Plc.
Trustee: Mr. E. Rene Frank Hon. World President, FIABCI Provincial Electricity Authority Siam City Bank SME Bank of Thailand ¯¥£¬³££´¢´¤Å¯Î¥ Trustee: Prof. H.D. Kammeier VP. Int’l Soc, City & Reg Planners ÆË¥³©´£Æ©Ë©´Å´¯Î¥³Ë¢´¥³Ã§²¢´Â¯Å´¥¥²£³©¶´· ³©¶´´¥ ·Ê¥»Ë¥¶µ¥¶Åº¬´´©¶´· Ë´¯¬³´¥¶£¥³ ¤Î£´¯¥£Å˳ʴĤ ´²
Trustee: Prof. John Cooper Australian Expert to Thai Govt.
Director: Sopon Pornchokchai President, Thai Appraisal Foudation ¶Ê¯¯¯¶³´¥¥¤¥¯»Ë¯µ©¤´¥Ä¥Â¥·¤º¥¶¯¬³´¥¶£¥³ ¤ÎƤ æ. 0.2295.2294 °n 107, 102 ®¦°º Email: [email protected]
9 REITs: Introduction of REITs in Global property industry, 2004 markets in Thailand Japan has promoted a flow of No Change. Signs of recovery Real estate markets should be properties, such as office are very diffuse and vary from in line with the strong areas of the buildings and rented houses in country to country. Stock market Thai economy. Mr.Takamasa Matsumoto Japan. reactions are very nervous in the Best strategy for sustainable Secretary General, FIABCI-Japan case of negative facts, especially property markets in Thailand Real Estate Companies terrorist attacks. Consumer Development should follow Association of Japan(FDK) spending low, investments in the demand from the major capital goods are being industries, restrictive in any Important recent innovations postponed, where possible. speculative new construction 1. Promotion of urban Important recent innovations Suggestion to develop Thai redevelopments: An enactment of 1. Benchmarking and real valuation profession special measure on urban estate indices being introduced in Look for international redevelopment promotion law in Europe and elsewhere appraiser requirements, the 2002 has improved property 2. Increased transparency in requirements from TEGoVA are investment environment in Japan Real Estate Markets in all major a good example : uniform areas of the property industry requirements for the appraisers and new systems on taxations Mr. Aart C.Hordijk and finance that promote its 3. Introduction of the Euro profession accross Europe. business has been established. Director, Real Estate cross border property investments. 2. Introduction of Japan Council of the Netherlands Assessment of the real estate
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RE:120: Marketing Intelligence for Real Estate 5(§¤º©¶³¤ §´¯¬³´¥¶£¥³ ¤Î ¥ºÊ·Ê ´¥Î¬© §»ªº¥Î¬´¥Î£¶º´¤ ´ µ¦Îµ MI º°µ¦Âª®µ o°¤¼¨µ»¦· Ã¥Á¡µ³»¦·°´®µ¦·¤¦´¡¥r¹É¤¸µ¦¨»¼ ¨³ªµ¤Á¸É¥¼¹o°µ¦ o°¤¼¨¸É ¼o° ¤n¥Îµ®¨´¼¦¸Ê¤»nÁoÄ®o¼o¦³°µ¦»¦·°´®µ¦·¤¦´¡¥r ´µ¦¨µ ¼o¦·®µ¦¦´¡¥r· ¨³¼o¸ÉĴɪŠµ¤µ¦Á oµÄ¹Á·Â¨³ ´Ê°µ¦®µ o°¤¼¨µµ¦¨µ Á¡ºÉ°µ¦¦³¥»rÄoµ°¥nµ¤¸¦³··£µ¡ ´ÊÁ·µ¦Îµ¦ªª·´¥ εÁ¨¸É´Ê µ¦ª·´¥«´¥£µ¡µ¦Îµ¦ªªµ¤o°µ¦ °¨»n¤Ájµ®¤µ¥ Á·µ¦ªµÂÁ¡ºÉ°ÁÈ o°¤¼¨ ¨³¦³¤ª¨¨ o°¤¼¨Á¡ºÉ° µ¦ªµÂµ»¦· · n° iµ¥°Îµª¥µ¦ æÁ¦¸¥»¦·°´®µ¦·¤¦´¡¥rÅ¥ æ. 0.2295.2294
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10 CAMA - GIS Applications ©³¥¥£Å©´¥ in Thailand since 1990 INNOVATION ³£´³¥´º»§¥¯¥¥£´¥»Ë³´¥Agency for Real Estate Affairs ([email protected])
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Georgist Books, Compliment to ThaiAppraisal’s Members Ò ªµ¤µª®o µo ´ ªµ¤¥µ Progress and Poverty by Henry George Ó ªµ¤¥µÅ¤¸É Án ¦¦¤} Á«¦¬«µ¦r ¨¦µ¨¸É ¹ Ò¨ÓÁ ¥¸ Ã¥ ¡¨Á¦°Ãº » ®· ¦³¸ ´ r ¤¦¤µ´ · 1 e ThaiAppraisal (200 µ) µ³Ån ¦o ¢¦´ ¸ Further information on Henry George at: www.askhenry.com, www.geocities.com/RainForest/3046, http://foldvary.net/cepa.newschool.edu/het/ Henry George’s Books: www.schalkenbach.org/library/george.henry/ppcont.html or in Thai at: www.thai.net/econ_buu/suthon). °£· µµ¦Ã¥´ ¡¨Á¦°Ãº » ®· ¦³¸ ´ r æ. 02.411.4808, 02.848.9110 ([email protected])
11 ¥´¤´¬´´¥Î BMR ¹¯Ã¥· MARKET SURVEY §´·Ê¯¤»Ê¯´ª³¤ ¥´¤´´ª»¤Î©¶³¤Ë¯£»§¯¬³´¥¶£¥³ ¤ÎÃÊAgency for Real Estate Affairs ¥¢³«Î»¥Î¯»Ë¯µ©¤´¥Ê´¤©¶³¤§´¯¬³´¥¶£¥³ ¤ÎAgency for Real Estate Affairs ([email protected])
Real Estate Projects Launched in January-April, 2004 by Prices ¨¤Ä®n» n ¸É » ¤¸É µ¦¡¸ µ´ È °º µo Á¥ª¦µµ¤µª¸É µn 5 ¨µµo ¤¤¸ ¨¼ µ¦ª¤n 媮nª¥Ê®¤´ | Total No. of Units ´ ¹ 13,602 ¨µµo ®¦°º 26% ° ( .) RE ( ) ¦³´¦µµ ¨ oµÁÉ¥ª¸ oµÂ µªrÁ±oµr ¹Âª °µµ¦»É¸ ´¦¦ °ÉǺ ¦ª¤ ¨µ´Ê ¨³¦µµÁ¨¥¸É °®n ª¥ °n µo Price Range (mil.Baht) Detached Duplex Townhse Shophse Condo Land Sub Other R.E. Total 5.243 <0.501mil.Baht 536 240 776 Á¥ªÃ¥¦ª¤³¸É ¼ ¹ ¨µµo 0.501-1.000 1,394 834 2,228 ª°µµ¦n ¦µµ¤µª» µn 5 ¨µµo ¤¸ 1.001-2.000 281 276 1,575 88 1,624 17 126 3,987 ¤¨¼ µ¦ª¤n ´ 12,409 ¨µµo ®¦°º 25% 2.001-3.000 556 6 119 133 779 1,593 ¨³¦µµÁ¨¸É¥n°®nª¥ °°µµ¦»Ã¥ 3.001-5.000 1,519 204 15 684 160 2,582 ¦ª¤³¼ ¹ 3.713 ¨µµo 5.001-10.000 1,440 104 37 690 24 34 2,329 µ¦¦³µ¥ª °Ã¦µ¦Á´ Ä®¤· n ³ 10.001-15.000 299 428 28 755 ¡ªnµÃ¦µ¦nª¤µ¤´³´Ê°¥¼nŤn®nµ >15.000 27 96 123 µÄ¨µÁ¤°¤µº ´ å³Ť¤n ¸ Overall 4,122 386 3,865 236 5,375 41 348 14,373 浦Į¤Á¨¥Ä¦n Áª· Án ´ Â´Ê n ¤¼¨nµÃ¦µ¦´Ê®¤ (¨oµµ) | Development Value (mil.Baht) Á¨¥¨°¦´ · ŵ¹Ê «Á®· °º ´ ´Ê <0.501 mil.Baht 234 105 339 ÂÁ¨¥n Â·É ªÅµ³ªo °°´ ®¦°º 0.501-1.000 1,290 663 1,953 ´ ´ Â´Ê Â¥n 345 µ³ª´ 1.001-2.000 504 502 2,058 138 2,075 18 178 5,473 Á¥Á®¸ °Áº } o µ¦°µÁ¸Ê °¤µµºÉ 2.001-3.000 1,487 14 279 346 1,967 4,093 ÄÁ Á¤°º ®¦°Á º · °¦³®ªn µÁ¤n °º ¤¸ 3.001-5.000 6,018 663 54 2,740 512 9,988 5.001-10.000 9,241 736 303 4,771 186 271 15,508 ¦³µµ¦Ã£¼ ª¸ µ¤n «¸ ¥£µ¡´ ¼ 10.001-15.000 3,932 5,480 336 9,748 ªµn ¨³°µÁÅ´ ªo µn 浦ÄÁ Ä >15.000 429 2,158 2,587 ¨µÁ¤°¤º Á¸ ¤µ · ¹Ê ´Ê Á¸Ê Á¡¦µ³} Overall 21,611 1,251 4,827 538 19,959 205 1,298 49,688 ¦³ ¤ª¨n ¤¸É ªµ¤³ª¸ ¨³ Agency for Real Estate Affairs: «¼¥rª·´¥- o°¤¼¨°´®µ¦·¤¦´¡¥r¸É¤¸µ o°¤¼¨¸ÉÄ®n¨³´¤´¥¸É»ÄÅ¥ (www.area.co.th) ¨°n ªÄµ¦Á´ µ¤µ · ¹Ê °µ¸Ê ¥¡ª´ µn µÁ¨Î ¤¸É ¸ µª®Î ª¥ µ¥¤µn ¸É » °º µÁ¨¥µµªµÎ -¨¤¸ ¤®¸ ª¥ µ¥n ¼ ¹ ¤Ã¦µ¦Á¸ d ªÄ®¤´ ¦ª¤n ´ 104 Ã¥ ¼ ¹ 149,064 ¨µµo ¹É ª¼ µn e ¡µ¦µ¤· ¨¼ µÃ¦µ¦Än ªn 4 Á°º 1,811 ®ª¥n ¤¤¸ ¨¼ µÃ¦µ¦n ¼ ¹ Á浦°} ®µ¦´ ¤¦· ¡¥´ r ¸É °¥´Ê ÄÁ n¼ 2546 ¸É 140,000 ¨µµo ®¦°Á¡º ¤ ·É ¹Ê ¦ ³¡ªµ°n ®µ¦´ ¤¦· ¡¥´ r ¤¸É ¤¸ ¨¼ µn 7,158 ¨µµo ¦°¨°º µÁ¨Î » ¤ª» · - ¦Á¡Â¨³¦» ¤¨· µªÎ 102 æ ¹ 10% °Á´ µ¦³} °£µª³¨µo ¸É 浦¤µ¸É » °¦³Á£º µÁo ¥ª¸É ¹É ¡¦³¦µ¤ 4 ¤®¸ ª¥ µ¥n ¼ ¹ 1,221 ®ª¥n µ¦ ¨³Á浦} ¸É °¥´Ê Än¼ ª£n ¤¼ · ¦°Â¦Áo Å· ¨³· µo ¨¸É °°¤µ· ¤¸ ´ ªn ¼ ¹ 43% ¨³¤¤¸ ¨¼ µÃ¦µ¦n ¤¤¸ ¨¼ µÃ¦µ¦n ¼ ¹ 7,230 ¨µµo £µ°¸ µªÎ 2 浦 Á¡¥¸ 4 Á°º Ä®¤Än e 2547 ³¤¸Ê ¦µµ µ¥Á¨¸ ¥¸É ª¼ µn ¼ ¹ 21,611 ¨µµo ¦°¨¤µ°º µ¦¨Ä°» ®µ¦´ ¤¦· ¡¥´ rÃ¥Á¡µ³ ¦ °e¤¸Î µª®nª¥ µ¥¼¹ e ¨¸É ªo ° n µ¤µo (Á µ¥o · µ¦µµo °µµ¦¤» ¸ ´ ªn ¼ ¹ 40% ¨³¤¤¸ ¨¼ µn Ħ³¦µµ´ ĵµ¦¼ Ár n ¸Ê 14,373 ®ª¥n ¦ª¤¤¨¼ µn 49,688 ¨µo ¡¤µªµ¦µµn ¼ ) 浦¼ ¹ 19,959 ¨µµo ÁÁ¡¦µ³°} ¦µ°Á´ ¥¸Ê ¸É µ¨ÎÉ µµ¦¨n¼ µ ®¦°Á¨º ¥®¸É ª¥¨³n 3.457 ¨µµo Ä浦ÁÄ®¤d n ®¤Ä´Ê ªn 4 ¡µ¦µµ¤¦³· ¦µµ´ ³¡ªµ®n ª¥n °» °µ¤ºÉ ¸ µÎ ´ n µ®µÁo ªµ¤· ´É ®µµ¦Ád ª¥´ ¤µÁ´ n Ä°¸Ê Á¸ °º 3 Á°Â¦ °º e Á浦} °¥¸É °µ«n¼ ¥´ µ¥¤¸É ¦µµ¸ µªÎÉ µn 1 ¨µµ¤o Á¡¸ ¥¸ ¨°µÁ«¦¬°· ¸ °µÈ µÄ®Î ¨µo Ŧ¤µÁ®¨¸É °µªº µn µª®Î ª¥ µ¥n ´Ê ¤µ¹ 98% °®ª¥ µ¥n ®¤´Ê ¨³ 21% Ä ³®¸É ª¥ µ¥n ¤¸É ¦µµÁ¸ · 3 ¨¤¦o ź Ã¥o µ¥n Áo¼ ¥ª ¸É °o £µ¦´Ê ´ ³¤e ¦³¤µ¸ 43,119 ®ª¥n ¹É µªÎÉ µn e ªn Á®¨¸É °°º ¸ 2% ³Á浦} ¨µµ¤o ¸ ¹ 40% ¥®µ¡·É µ¦µÄ· n £µÁ°Â¨³£µ¦³µ¼oºÊ°oµ¹ 2546 ¤¸É ¸ ¼ ¹ 52,305 ®ª¥n ®¦°¨¨º °®µ¦´ ¤¦· ¡¥´ ¦³Á£°r ºÉ ¤¹É °¥¸ n¼ °¥o ¤¨¼ µÂ¨n ªo ³¡ªµn °¥¸É °µ«n¼ ¥´ ¤¸É ¤¸ ¨¼ µn 5 °Äo ªµ¤¦³¤o ¦³ª´ Á´ ¡} Á«¬· ¹ 18% ®µ¡µ¦µ¤· ¨¼ µn ¤µ ªµ°n ®µ¦´ ¤¦· ¡¥´ °r ¥ºÉ Ť´ Ån o ¨µµ o Å¹Ê ¤¤¸ ¨¼ µ¦ª¤n ´ ¹ 56% ¹É °®µ¦´ ¤¦· ¡¥´ r Á¸É Ä®¤d n ´Ê e 2547 ³ °¥Ä£µª³n¼ ¸É ¸ ´ Ť¹ °µÁn Ä®¤d Ån o Á¦µµ¦} r ¸É µ¦³®¨µ¤µn
Â¥·¤¥»Ë´¥Â¶¥´´¬µ³¬µ¥³»Ë·ÊÆ£ÊÅʳ´¥Â¶Ä¤Â ´² RE123: Real Estate Finance & Accounting Analysis 5(´¥©¶Â¥´²Î´¥Â¶¯¬³´¥¶£¥³ ¤Î ªº¥Î¬´¥Î¥´£ Ê´§²Â·¤Ê´§²´ çɯ£ ¶©Â¯¥Î¯´´¥¶©³¥©¶¢´©·¥³¬¶Ä¥ Á}µ¦°¦¤Á·¨¥»r ¨³ª·¸µ¦¦·®µ¦Á· °·µ¦¡´µ°´®µ¦·¤¦´¡¥r¸É¼o¦·®µ¦Ã¦µ¦°´®µ¦·¤¦´¡¥r Äoĵ¦¦·®µ¦µ¦ εÁ·»¦·Á¡ºÉ°Îµ¡µ»¦·Å¼nªµ¤ÎµÁ¦È°¥nµ¦»nær ¤»nÁoªµ¤´ÁÄæ¦oµµµ¦Á· Á·µ¦°nµµ¦Á· µ¦ª·Á¦µ³®r µ³£µ¡µ¦ÎµÁ·µ oª¥µ¦ª·Á¦µ³®r´nªµµ¦Á·µ´ª°¥nµµ¦Á·¦· °»¦·°´®µ¦·¤¦´¡¥rĨµ®¨´¦´¡¥r x µ¦ª·Á¦µ³®r£µª³Á«¦¬· / ª¦°»µ®¦¦¤ / £µª³¨µ & ªÃo¤»¦·°´®µ¦·¤¦´¡¥r x æ¦oµµµ¦Á·»¦·°´®µ¦·¤¦´¡¥r x »»o¤» ðµ ¨³ªµ¤Á¸É¥ °»¦·°´®µ¦·¤¦´¡¥rÂn¨³¦³Á£ x ®¨´¡ºÊµÎµ®¤¼¨nµ °·µ¦°´®µ¦·¤¦´¡¥r ¤¼¨nµ®»o´¤¼¨nµ·µ¦ x µ¦°nµµ¦Á·Ân¨³¦³Á£ µµ¦Á·¦·oª¥¦¸´ª°¥nµ x µ¦ÄoÁ¦ºÉ°¤º°µµ¦Á·Á¡ºÉ°ª·Á¦µ³®r£µ¡¨n° ¨³ªµ¤µ¤µ¦Äµ¦ÎµÎµÅ¦ ªµ¤µ¤µ¦Äµ¦nµ¥ºÁ·¼o ªµ¤µ¤µ¦Äµ¦ÎµÁ·µ ¨³ªµ¤Á¸É¥ °·µ¦ x ¨¥»r Á·nµ Ç Äµ¦¦·®µ¦o»ÎµÁ·µ °»¦·°´®µ¦·¤¦´¡¥r x µ¦¦·®µ¦µoª¥¨¥»r ¨³Á· Sales & Lease, Increasing Value to Leverage & Joint Venture, Option Pricing Mode ¨³ Property Fund
12 Valuing Infrastructure & ´´¬³££´¬µ³ Infrastructure Properties: AnInt’lWorkshop INT’L WORKSHOP
During March 28 to 30, 2004, the International Property Tax Institute and Thai Appraisal Foundation jointly organized the above international workshop. The following are abstracts of the first two papers presented. ¤¼¨··¦³Á¤·nµ¦´¡¥r·Å¥ Åo´µÎµ´¸Ê ¹Ê°´Á}µ¦Âµ¦³®ªnµ¦³Á« °Å¥Äªµ¦¦³Á¤·nµ¦´¡¥r·nµ¸ÉÄÅo¦´ Á°µ¦¦³°µ¦´¤¤µ´ÁȤ æ·n°ºÊ°Åo¸É »¥»ª¦´rª·¤¨Ã£ ¤¼¨··¦³Á¤·nµ¦´¡¥r·Å¥ æ. 2 295 3171
Benjamin L. Anderson E. Eugene Carter Kenneth Lau Sebastian Morris Paul Sanderson Mani Usilappan Principal Director Regional Manager - Appraisals Director Director of Modernisation Deputy Director General Anderson Consulting Group LLC AG Edwards Financial Inc. Public Works and Govt. Services Institute of Management Valuation Office Agency (VOA) Valuation & Property Service New York, USA Washington, USA Ontario, Canada. Ahmedabad, India London, United Kingdom Department, Malaysia
ABSTRACT: VALUATION OF BRITISH TELECOMMUNICATIONS PLC. Paul Sanderson, Director, Valuation Office Agency, United Kingdom This case raised a number of issues about inaccuracy of a CB valuation compared with an circumstances of this case, it did not assist in the correct approach to the valuation of R&E valuation. answering the statutory question about the specialised properties for local property tax. The BT approach did not assess the weight to appropriate value of the properties and he The case involved a major utility undertaking be attached to each of the valuation methods by therefore valued the properties instead by with an annual value assessment in excess of reference to whether they take into account and, reference to the R&E method. 500 million - the highest value property ever to if so, how well they reflect, (a) all the intrinsic In addition to the fundamental issue between have been the subject of such an appeal. The qualities and characteristics of the properties; the parties on the choice of valuation to adopt, case raised a large number of issues of which and (b) the market in which they are operated. there were a number of issues of principle and the following were the most important: BT expressly stated that its approach did not evidence in the use of the R&E method. BT There was a major issue of principle between seek to "mimic" the workings of the market. The placed considerable emphasis on the scope for the parties - namely what valuation method it is Central Valuation Officer (CVO) adopted a inaccuracy of the R&E method. Although the appropriate to adopt in the circumstances of the fundamentally different approach, in line with the CVO rejected the use of the CB, in case this appeal properties in the light of the available established authorities. The CVO adopted a view was not upheld by the Tribunal, he referred evidence. In the absence of relevant rental valuation method which, in his view, most to a number of issues of both evidence and evidence, BT valued its hereditaments by accurately reflected the intrinsic qualities of the principle in the application of the CB. reference to both the Contractor’s Basis (CB) properties and sought to mimic the workings of The Tribunal’s decision not only resolved the and the Receipts & Expenditure (R&E) methods, the market in the specific context of the rating fundamental issues between the parties but also weighting the ultimate valuation by reference to hypothesis. In doing so he was compelled to provided some very helpful guidance on the numerical judgements as to the potential reject the CB in principle because, in the points of principle concerned.
ABSTRACT: AIRPORT PRIVATIZATION AND VALUATION – A CANADIAN PERSPECTIVE the Regional Manager, Appraisals for Ontario Region, Public Works and Government Services Canada (PWGSC) Airports are comprised of real estate, approach was completed. However the reality In conclusion, a review of the devolution enterprise and infrastructure. This article was that the federal government did not receive model and practices of the Canadian experience provides a summary of the components and any proceeds from the transfer and the annual suggest that, except in cases of full devolution at operation of an airport pertaining to valuation. rent for the ground lease is not tied to the value market value, the transfers of major operating A very unique form of privatization of airports in of the property lessens the importance of how airports were not market based. Their transfers Canada is described. The author reviewed the the property was valued. Nevertheless it were designed to meet certain government valuation methodologies for airport properties, pointed to a genuine need to re-examine the objectives many of which are related more to shared his observations and discussed some of valuation approach to a special use property efficiency of operation, reduction of government the unresolved issues facing users and suppliers such as an airport. cost and enhancement to the local economy. of such appraisal products. The goal is to assist How were smaller airports being valued in From a valuation perspective, the current the users of airport valuation reports to Canada? As noted earlier, smaller airports were approaches have been function specific. It understand the challenges facing the transferred at market value based on its highest appears that there is no universally acceptable appraisers and urge valuation professionals to and best use or at a nominal value of $1.00. In best practice for valuing airports for transfer as share data and work together to develop a either case, many of these smaller airports have yet. Airport transactions are subject to a variety globally acceptable best practice for valuing been relying on federal subsidies to survive of circumstances and in the context of varied airports. This will further enhance the relevance because the operating income is far less than regulatory framework. If Appraisal professionals of such valuation products in investment the operating expenses. The income approach can interpret the impact of regulatory constraints decision-making. would have reflected a negative value and thus it on value and create a forum for sharing of How was Lester B. Pearson International was either not used or was used in support of an transaction data and the basis of price Airport being valued?. When Lester B Pearson alternate highest and best use. In those determination, significant insights will be gained International airport was transferred to the transfers, the value of the airport property would to develop a generally acceptable best practice Greater Toronto Airport Authority in 1994, it was have been estimated on a cost approach. in airport valuation. reported that a "business model" of the income
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Áµ³¨¹ Demand & Supply Come to our annual presentation in English ¡»¸É 21 ¦µ¤ 2547 13:00 - 16:00 榤¦¸Ár ¦µÎµ¦· nµ¨³ 8,000 µ Housing Market, Mid 2004 Demand & Supplies Analysis Wednesday, July 21, 2004, 09:00-12:00, The Regent Hotel Ó Baht 8,000 per person ¦µ¥µ´¤¼¦r oµo + Á or »¨³ 7,000 µ Buy our full report at Baht 7,000 per copy nµ³Á}¦Ħ³Á«Å¥¸É³¦µªnµ You will be the first one in Bangkok to know 1. Real housing markets from the survey of 1,000 projects offered Ò. £µª³µ¦ µ¥ °Ã¦µ¦¸É°¥¼n°µ«´¥nµ Ç ´¡´Â®nÄ ³¸ÊÁ}°¥nµÅ¦ å¥ classified by 78 locations, 6 housing types and 7 levels of prices µ¤ Ø٠εÁ¨ × ¦³Á£¸É°¥¼n°µ«´¥Ø¦³´¦µµ 2. Launching of new real estate projects in 2003 in greater details Ó. µ¦Ád´ªÃ¦µ¦Ä®¤n Ǥ¸ÁnµÅ®¦nÂn Â¥¨³Á°¸¥Án oµo 3. Best-sellers projects in comparison to illed performed projects Ô. 浦´ª°¥nµ¸É µ¥¸Á}°¥nµÅ¦ 浦ÂÅ®¸Énµ³ “Áp” 4. House price analysis (1) comparison of newly launched projects Õ. µ¦Á¨¸É¥Â¨¦µµ¸ÉÁ¸¥¤¼¦r¸É» ¦µµ¸É°¥¼n°µ«´¥Ä®¤nÁ¸¥´e¸É¨oª¦µµ in 2002 and 2003, (2) changes in prices of the same units over ¸É°¥¼n°µ«´¥®¨´Á·¤µµ¦»n¤´ª°¥nµ¤µ´ÊÂne ÓÖÔÖ time (since 1992). Organized by Agency for Real Estate Affairs ¦ ´ o°¤¼¨ Ç ´Îµ ¹Ê宦´nµ¼oÁ oµ¦nª¤Ã¥Á¡µ³ providing first-hand research on real estate since 1992 (established in ´Ã¥ .Á°Á¸É ¢°¦r Á¦¸¥¨Á°Á °¢Â¢¦m 1982) while refraining from real estate brokerage and self-interest ¼oεÁ·µ¦Îµ¦ªª·´¥-εÁ°¨µ¦«¹¬µ¨µ°´®µ¦·¤¦´¡¥r¤µ´ÊÂn ¡.«. ÓÖÔÖ property development to avert a potential conflict of interest Tel. 0.2295.3905 www.area.co.th Tel. 0.2295.3905 www.area.co.th
15 ´¥¥´¶´¥ ¥´´·Ê¶¢»ÂÉ FROM THE EDITOR ³´¥Â¶Ä¯¤Ê´¬©¥²Ã¬ ©¬³Î³¥Î¥¥´¶´¥©´¥¬´¥ThaiAppraisal ¥¥£´¥Ã§²Â§´º´¥£»§¶¶¥²Â£¶Ê´¥³ ¤Î¬¶Æ¤ ([email protected])
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Summaries of most presentations at our Monthly Forums are downloadable from our web: www.thaiappraisal.org
15 7th International Study Visit (ISV): Indo-China Real Estate
Thai Appraisal Foundation (Thailand's principle member of FIABCI) and Thai Real Estate Business School (education institution registered to Thai Ministry of Education) are proud to present the above "must attend" ISV 7 - st Indo-China Real Estate detailed as follows: 1 Wednesday, July 21, 2004 09:00 Registration 14:00 City tour (Bangkok's land marks and historical places). 18:00 Welcome dinner Thursday, July 22, 2004 (Queen Sirikit National Convention Centre) 08:30 Openning speech: Overview of real estate investment in Indo-China 09:30 morning refreshment 10:00 Real estate investment opportunities, Cambodia (Department of Investment and Cooperation) 11:00 Real estate investment opportunities, Laos (Dept.of Domestic and Foreign Investment) nd 12:00 Luncheon 2 13:00 Real estate investment opportunities, Myanmar (Myanmar Investment Commission) 14:00 Real estate investment opportunities, Vietnam (Investment Dept, Ministry of Finance) 15:00 morning refreshment 15:30 Real estate investment, Thailand (Prof. Manop Bongsatad, Chairman, Thai Real Estate Business Scl) 16:30 Panel discussion: Experience in R.E. Investment, Indo-China (investors, bankers and govt. officers) 17:30 Closing ceremony (free evening) Friday, July 23, 2004 07:30 Theme 1: How can Thailand overcome housing problem? - on-the-way discussion and site visit: the proportion of informal housing decreased from 43% in 1960 to 3% in 2004. The market has been very well rd functioned. Visit currently best-sellers housing projectsas well as other fringe land developments. 3 12:00 Lunch 14:00 Theme 2: How can a resort city of Pattaya - the world famous resort city be built? Discussion with experts on the development of the Eastern Seaboard, site visits and windshield survey of the resort city. 17:00 Check-in a hotel in Pattaya and seafood dinner 20:00 An Alcazar Show (ticket already included) until 22:00 Saturday, Juy 24, 2004 09:00 Depart for Bangkok 11:00 Theme 3: Best Practices & Market Niche in Real Estate Developments: Gemopolis Industrial Estate, Windmill Golf, Hi-end Serviced Apartments th 16:00 Back to the hotel in Bangkok 4 17:00 Theme 4: Brain stroming: developers' lessons learnt from 1997 real estate crisis: meet presidents and/or directors of leading real estate - related associations 19:00 Farewell party. Presentation Opportunities For those who would like to present an overview of significant projects in their own countries in order to facilitate the exchange of idea, information and networking, could you please indicate your interest at the morning Networking Presentation. Each participant will be allocated a period of 15 minutes. A laptop computer, an LCD projector and an overhead projector will believe available in the presentation room. If you are interested please let us know as early as possible. Specific details of the presentation is will be distributed in due course. th Accommodations 5 The main venue for this program, as well as the accommodation for participants, will be at the Ambassador Hotel, Sukhumvit 11 Road, Bangkok. Registration Early bird registration fee is US$ 500 (before June 4, 2004). The full fee is US$ 600. Please contact Miss Pattama Chantranukul Tel. 66 2 295 3171or Email: [email protected]. See details at: www.trebs.ac.th
6th 8th International Study Visit: Housing (October 17-20, 2004)
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