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Real Estate

Real Estate

Key Contacts

Cambodia

Laos

Myanmar

Thailand

Vietnam

Jay Cohen

     +855 23 964 210

     [email protected]

Prisna Sungwanna

     +66 2056 5656

     [email protected]

Yuwadee Thean-ngarm

     +95 9 772 440 002

     [email protected]

Derrick Khoo

     +66 2056 5618 (TH) | +95 9 782 655 556 (MM)

     [email protected]

Chaiwat Keratisuthisathorn

     +66 2056 5507

     [email protected]

Tram Ngoc Bich Nguyen

     +84 28 6284 5668

     [email protected]

OVERVIEW

Navigating Southeast Asia’s property markets with grounded expertise and commercial precision

At Tilleke & Gibbins, we represent both individuals and corporations in advising the clients on real estate, construction, and hospitality. We build on our deep local roots and significant legal and industry knowledge to provide strategic and commercially sound legal solutions on real estate projects and transactions in Thailand and across Southeast Asia. We work seamlessly across practices areas, offering comprehensive legal advice — from due diligence and transaction documentation, project financing, conveyancing and registering the ownership and possessory rights over the properties, to the successful handling of complex construction disputes — aimed at achieving business objectives and maximizing investment returns.

Our expertise includes conducting land title searches and due diligence, drafting and negotiating real estate and hospitality-related agreements, advising on foreign land ownership restrictions, and securing short-term or long-term leaseholds. We also provide guidance on building control and zoning regulations, draft or review construction agreements, assist manufacturers in acquiring land and constructing factories, and secure licenses and permits for businesses in industrial estate areas. When needed, we can ably represent clients in litigation or arbitration. With our extensive knowledge and experience, our team is best placed to help clients successfully manage the complexities and growing sophistication of the region’s real estate market.

Case Studies
Thailand | Automotive | Real Estate

USD 3.2 Million Land Acquisition for Factory in Thailand

Assisted Precious Dragon Technology (Thai) Limited, the wholly-owned Thai subsidiary of a Hong Kong-listed automotive aerosol product manufacturer in its THB 100 million (approx. USD 3.2 million) land acquisition in Thailand.

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Experience

  • Advised a major Japanese construction company in a USD 140,000,000 mixed-use office, condominium and serviced apartment project in Hanoi, including all licensing matters, land title issues, zoning variances, land subdivision, joint venture negotiations, corporate governance, and property management regulations.
  • Represented an American global investment bank in a joint investment with an American private equity firm to provide USD 235 million in equity injection and financing to a Thai property developer, to enable the development and completion of a mixed-use 77-storey luxury skyscraper and a nearby retail building in Bangkok’s central business district.
  • Worked with a leading Hong Kong law firm on the Southeast Asian elements of an acquisition of a chain of over 40 hotels, including extensive holdings in emerging markets such as Cambodia, where our team advised on extensive market entry and localization concerns as part of the client’s due diligence.
  • Advised on a mixed development of an entire island, including land acquisition, development and construction permits, joint venture agreements, financing, customer and supplier contracts, and the legal and tax structure.
  • Retained to represent a hospitality and real estate development company on the development, division, and sale of one of the most valuable stretches of beachfront real estate in Thailand, including the division and sale of several parcels of land to hospitality groups, real estate development companies, and medical and retirement facility operators, as well as the construction and operation of the client’s own properties. Every transaction is tailored to maintain the future integrity of the entire beachfront, and interacts with a complex web of interrelated easements and other obligations on each owner.
  • Assisted a property developer backed by Swedish investors in restructuring their corporate structure for an ambitious multimillion-dollar condominium and villa project in Phuket Province.
  • Advised a key client on its various property joint venture projects with a major property group, including financing agreements, project joint venture agreements, and legal and tax structuring of specific condominium projects.
  • Advising a major Thai hospitality developer and operator on its development of a 100 acres golf club and resort city in Thailand, including shops, restaurants, a hospital, a football field, a stadium, and tourism attractions
  • Represented one of the world’s most recognizable fashion and luxury goods retailers in several commercial real estate disputes in Thailand arising from the disputed termination of a 30-year franchisee relationship. This representation includes negotiation and settlement of lease hold and commercial franchisee contracts with both the outgoing franchisee and the incoming franchisee partner, one of Southeast Asia’s largest and most successful commercial retailers.
  • Helped a major U.S. hospitality chain to structure, draft, and negotiate management contracts and conduct due diligence for six hotel, resort, and condominium projects in compliance with Vietnamese law, including  land title, zoning issues, complex brand licensing, and various taxation issues.
  • Acted as counsel to the developer of various condominium projects in Pattaya. Our involvement covered all aspects of the condominium project, including legal structuring of investor groups, financing, land acquisition, and contracts.
  • Represented a client as a joint defendant in a civil lawsuit filed by the owner of adjacent land. The land owner petitioned the court to register a right-of-way across our client’s land to a public road. The trial court rendered judgment in favor of our client and dismissed the land owner’s complaint.
  • Assisted an international investor with all legal aspects of a land deal, including corporate structure, contract negotiation, and transfer of property. The investor secured ownership of over 20 individual plots of prime beachfront property, which allowed for the eventual establishment of a high-end resort project valued at over THB 1,500,000,000.
  • Restructured the complete set of home loan documents for a global financial institution. The documentation set includes the facility agreement, mortgage agreement, and tripartite agreements between the bank, borrowers, and real estate developers.

PROFESSIONALS

RELATED INSIGHTS

November 14, 2025
Interest in data center land acquisition has increased significantly over the past year, with a notable rise in inquiries from investors seeking to establish digital infrastructure in Thailand. Although the sector is still in its early stages, this emerging wave of development represents a significant shift in Thailand’s technology infrastructure landscape, driven primarily by multinational technology companies and operators looking to expand their regional presence. Project Development The data center sector in Thailand is attracting a diverse range of international investors, though with clear geographic patterns. Most investors are from China, Singapore, and Japan, with some additional interest from countries outside Asia, including the United States and Europe. This investor base consists primarily of multinational tech companies and operators seeking to establish new facilities rather than acquire existing assets. Data center business activities are also a sector promoted by Thailand’s Board of Investment (BOI), which offers investors both tax and nontax privileges as well as exemptions to foreign investment and land-ownership restrictions. Projects currently underway are still largely in the land acquisition and construction phase. Unlike more mature markets where many facilities are operational and generating revenue, the predominant focus in Thailand remains on securing suitable land and beginning the building process. This means that while interest is high and land assembly is accelerating, the sector as a whole has not yet reached the operational phase that will ultimately drive licensing applications and full regulatory compliance. The licensing process itself remains at an early stage, as most projects must first complete their facilities before applying for the specific licenses required from the telecommunications authority. Once the facilities are built, the next critical step will be obtaining these telecommunications licenses, which are mandatory for data center operations. Legal and Regulatory Considerations The complexity of data center development in Thailand requires
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November 13, 2025
The Land Department in Thailand’s Ministry of the Interior (MOI) plays a central role in ensuring the stability and legality of real estate transactions in the country. Its core responsibilities include issuing land title deeds, registering transactions (e.g., sales, mortgages, leases), conducting surveys for subdivision or consolidation of land, and providing information and guidance on land and property development laws. These administrative functions secure investor confidence and support transparency in the Thai property market, so any delay can have a significant impact. This is especially true for investors who depend on timely registration to secure or transfer property rights. Delays can create liquidity risks, postpone project timelines, and even reduce Thailand’s attractiveness as a real estate investment destination. This article explores the nature of these challenges, the legal framework governing the timelines for administrative actions, and remedies available under Thai law. Sources of Delay Procedural delays at land offices can arise for a variety of structural and operational reasons. These include approval processes that require several levels of internal review, heavy staff workloads, and occasional communication gaps within the bureaucratic chain. Many processes still rely upon manual documentation, which can prolong administrative steps and increase the likelihood of bottlenecks. Some delays stem from ongoing investigations into the legality of land titles. For example, a land title deed may have an annotation indicating that the title deed is under investigation to verify its legality. Even though this annotation does not legally prohibit the sale or transfer of the land, in practice, most prospective purchasers are reluctant to proceed with a transaction until the annotation is removed. As a result, the land can become effectively illiquid during the investigation period, leading to significant investment delays. While such investigations are essential to maintaining the integrity of Thailand’s land registration system, prolonged inquiries
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September 19, 2025
Over the past two years—particularly since Thailand announced incentives for EVs, including tax exemptions and reductions—there has been a clear trend of manufacturers relocating their facilities to Thailand. This shift is reshaping the country’s industrial landscape and creating significant opportunities in the real estate sector for companies looking to establish or expand EV manufacturing operations in Southeast Asia. Incentive-Driven Market Transformation The government’s tax exemptions and reductions have proven effective in attracting foreign investment, with Chinese manufacturers currently dominating the market. Most EV parts and car manufacturers operating in Thailand are from China, reflecting the prominence of Chinese EV brands that have already established a presence in the country. The sector encompasses manufacturers of electrical equipment as well as companies seeking to establish facilities for producing electric vehicle components, parts, and accessories. The surge in activity is evident across Thailand’s EV manufacturing sector, with legal practices handling these transactions experiencing unprecedented demand. Industrial Real Estate Framework and Market Dynamics Thailand’s industrial real estate framework provides compelling advantages for foreign manufacturers, who typically face restrictions on foreign land ownership under the Land Code. However, foreign investors can benefit from exemptions to these restrictions if the land is located within industrial real estate zones designated by the Industrial Estate Authority of Thailand (IEAT) or they obtain investment promotion from the Board of Investment (BOI) if the land is located outside an industrial estate area governed by the IEAT. Both the IEAT and BOI provide special tax and nontax incentives, including foreign land ownership, with even greater incentives available for land situated within the country’s Eastern Economic Corridor (EEC). This regulatory advantage has sparked a parallel trend in land development. Industrial real estate developers in the EEC are actively consolidating land into large plots to develop new industrial estate projects, recognizing that
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August 26, 2025
Thailand’s consumer protection authorities have strengthened oversight of residential leasing businesses following numerous complaints about unfair lease terms, including unjustified deposit forfeitures and excessive utility charges. The Contract Committee of Thailand’s Office of the Consumer Protection Board issued the Notification of the Contract Committee Re: The Stipulation of Residential Property Leasing as a Contract-Controlled Business B.E. 2568 (2025), published in the Government Gazette on June 6, 2025. The notification becomes effective on September 4, 2025, and repeals the prior notification issued in 2019. The notification prescribes two types of standard residential lease contracts: short-term residential lease contracts (for leases of not more than three years) and long-term residential lease contracts (for leases of more than three years up to 30 years or for the lessee’s lifetime). However, use of these standard contract forms is not compulsory, and parties may use any form as long as the terms do not contradict the notification’s requirements. Expanded Scope The notification expands the scope of enforcement to include any lessor with at least three residential units, while the 2019 notification applies only to businesses leasing five or more residential units. Hotels and dormitory operators are excluded, as they are regulated under other specific laws. Residential lease contracts entered into under the 2019 notification will remain valid and enforceable until the expiration of the contract. Any residential lease contract executed from September 4, 2025, onward must comply with the new notification. The notification also expressly extends its applicability to lease contracts made through online platforms. Electronically executed lease contracts must comply with the required and prohibited terms specified in the notification as well as applicable laws governing electronic transactions in Thailand. Mandatory Terms and Conditions Residential lease contracts must contain clearly legible Thai text no smaller than two millimeters in size and no more
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AWARDS & RANKINGS
September 12, 2025
The 2025/2026 edition of the IFLR1000 Asia-Pacific rankings, released by International Financial Law Review (IFLR), highlights Tilleke & Gibbins’ continued excellence in financial and corporate transactional work. The firm has maintained its strong rankings across multiple jurisdictions and practice areas while achieving notable upgrades and new recognitions, reaffirming its position as a leading firm in the Asia-Pacific region. This year, Tilleke & Gibbins received firmwide rankings in key jurisdictions, including: Thailand Banking & Finance—Tier 3 Capital Markets: Debt—Tier 3 Capital Markets: Equity—Tier 3 M&A—Tier 2 Project Development—Tier 2 Restructuring & Insolvency—Tier 3 Vietnam Banking & Finance—Tier 4 M&A—Tier 3 Project Development—Tier 3 Cambodia Financial & Corporate—Tier 2 Project Development—Tier 2 Laos Financial & Corporate—Tier 2 In addition to these firmwide rankings, Tilleke & Gibbins had several standout individual recognitions, with 12 lawyers honored in the 2025/2026 individual rankings—an increase from last year’s 10. This year’s results include upgraded rankings for John Frangos and new rankings for Charupat Boon-Long, Derrick Khoo, Prisna Sungwanna, and Saravut Krailadsiri. The full list is as follows: Charunun Sathitsuksomboon—Highly Regarded, M&A, Thailand; Women Leader Charupat Boon-Long—Rising Star, M&A, Thailand (new ranking) David Mol—Rising Star, Corporate and M&A, Cambodia Derrick Khoo—Rising Star (Partner), Financial and Corporate, Thailand (new ranking) Jay Cohen—Highly Regarded, Banking, Cambodia John Frangos—Highly Regarded, Restructuring & Insolvency, Thailand (upgraded ranking) Niti Muangkote—Rising Star, Financial & Corporate and Project Development, Laos; Highly Regarded, Banking & Finance, Thailand Prisna Sungwanna—Highly Regarded, Financial & Corporate, Laos (new ranking) Saithong Rattana—Notable Practitioner, Project Development and M&A, Laos Santhapat Periera—Highly Regarded, Banking & Finance and M&A, Laos; Highly Regarded, Banking & Finance, Thailand Saravut Krailadsiri—Notable Practitioner, Thailand (new ranking) Tram Ngoc Bich Nguyen—Highly Regarded, M&A, Vietnam To see the full set of IFLR1000 rankings for Tilleke & Gibbins’ jurisdictions, please see the Cambodia, Laos, Thailand, and Vietnam pages
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September 3, 2025
Tilleke & Gibbins is honored to announce that the firm has been shortlisted for three prestigious categories at the Asialaw Awards 2025. This year’s shortlist reflects the outstanding work of the firm’s teams across Southeast Asia and highlights their ongoing commitment to delivering exceptional client service in the region. In the firmwide category, Tilleke & Gibbins was nominated for: Cambodia Firm of the Year Laos Firm of the Year In the individual category, Prisna Sungwanna was shortlisted for Laos Female Lawyer of the Year, joining an impressive field of nominees from other leading firms. The Asialaw Awards celebrate the most outstanding firms and lawyers across the Asia-Pacific region. The 2025 winners are set to be announced at an awards ceremony in Ho Chi Minh City in November. For more information on the Asialaw Awards 2025 and to browse a full list of the nominees, please visit the Asialaw website.
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