Ownership Structure
Under Thai law, foreign nationals may own buildings
or property developed on land leased by them,
but not the land itself. Buyers sign 30-year leases, with two options to renew the lease for an additional
30 years each, with Ocean Breeze Estate Limited,
a Thai company, for the apartment and the right
to use the common areas in the project.
The buyers also subscribe to shares in Ocean Breeze Owners Corporation, an offshore company which owns the controlling interest in Ocean Breeze Estate Limited. At the completion of the project, all shares of Ocean Breeze Owners Corporation will be owned by the lessors in the project, giving effective control for renewals and collectively controlling the freehold of the project.
Legal Procedure
To secure the selected Apartment or Suite, buyers sign a Reservation Agreement which defines the relationship you will have with the developer. You will be provided with all relevant documents for review. If you decide to proceed, you will receive the following documents:
- A 30-year lease of the apartment with options to renew for a further two terms of 30 years each. This leasing document also gives you the right to use all common areas and includes an undertaking to maintain the apartment and provide your share of maintenance costs for the common areas.
- An agreement to subscribe to shares in the offshore company. The shares will be transferred when the project is complete, effectively giving control to the lessors in the project over the land ownership and any renewals of the lease, and further control over the maintenance of the common areas.
CB Richard Ellis (Thailand) Co., a worldwide industry leader has been appointed as property managers of Ocean Breeze Resort & Suites. As property managers the two main principle roles will be to manage all day to day operations of the estate with regard to the common area, ensuring first class property services are delivered to each owner, and to further operate a rental pool on behalf of those owners who would like to generate rental income from their apartment units.
Common Area Management
As property managers, CB Richard Ellis will be responsible for managing all aspects of the common area. A summary of which is provided below.
- 24 hour on site security
- Maintenance and irrigation of all common area gardening.
- Cleaning of all the common areas i.e. stairways, paths, management office.
- Cleaning of the common area swimming pool including chemicals.
- Management Office, Estate Manager, Technician and all associated ancillary costs.
- Insurance of the common area which shall include the structure of each apartment block.
- Electricity and water supply to the common area up to the point of connection to a dwelling.
- Refuse collection
- Pest control of common area.
- Accounting including annual auditing.
Upon the inauguration of Ocean Breeze Owners Committee, who will act as the owners representatives, CB Richard Ellis will report directly to the Owners Committee on a monthly basis providing monthly financial statements covering all relevant expenses together with regular reporting on various issues concerning the management of the common area.
CB Richard will work with the Owners Committee to ensure Ocean Breeze is managed transparently and effectively, ensuring that the investments made by each Owner is protected and enhanced.
a) Common Area Management Fee Formula
Each Owner shall pay quarterly in advance, an equal contribution towards the common area expenses as listed above.
b) Sinking Fund
Each Owner will pay an initial amount of THB 20,000 into a common area sinking fund which will be used for any unforeseen eventualities together with periodic repairs outside the operating budget e.g. repainting of the external walls of the apartment blocks, pool pump replacement, etc.
c) Utilities and Owners Fund
Each Owner will be responsible for the cost of any utilities in respect to their own private property i.e. electricity, water, telephone, etc. and will be invoiced monthly for the same.
As transferring monies on a monthly basis can be both tedious and costly, owners will be able to set up an ‘owner fund’ in which they can pay a lump sum and from which we will deduct all necessary expenses each month, providing statements and informing owners as and when the fund needs to be topped up.
Furniture Package
To participate in the rental pool, each owner must purchase the furniture package.
Furniture packages are available for all units. These are complete and include all items need to move into your resort apartment. Prices are as follows:
| One Bedroom | ThB 329,000 | Download PDF  |
| Two Bedroom | ThB 389,000 | Download PDF |
Every effort has been made to ensure the accuracy of the information enclosed; however, Ocean Breeze Estate Limited accepts no responsibility for any errors or omissions. Ocean Breeze Estate Limited recommends that professional legal and financial advice is obtained before purchasing a property.
