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10 Essentials You Must Know Before Rent a Retail Property In Thailand Featured

Do you wanna start a retail business in Thailand?  Here's10 Essentials You Must Know about, Thailand Retail Property, Example Lease terms GUIDE TO RETAIL LEASE TERMS AND CONDITIONS (SHOPPING CENTRES)There are two types of leases for retail premises in Thailand:A rental lease with a term of normally three years.A “Saeng” long lease, with a term of 15-30 years.There are also other retail structures such as consignments.

Retail Rental Rates and Costs (Rental / Lease)

1. Rent Quotation and Payment Retail

Rents are quoted in Thai Baht on a square metre basis per month, and are normally paid one month in advance. Rents can be quoted as gross (including service charge) but larger retail landlords will charge rental separately from the service charges.

2. Security/ Holding

Deposit Six months’ gross rental is normally paid as a security deposit. The security deposit is refundable on expiry of the lease, excluding any interest earned during the lease term.

3. Service Charges,

Repairs and Insurance Retailers renting shop space pay for the utilities, communications and third party insurance. The service charge is normally included in the rent but, at large retail centers, service charges are charged separately.

4. Operating

ExpensesInsurance premiumsElectricityTelephoneWaterGasHousehold tax

5. Incentives 

A rent-free fitting out period of one month is normally allowed, depending on the size of the retail space and the rental paid.

6. Lease Contracts 

A standard legal binding lease document provided by the landlord is normally signed.

7. Rent Escalation 

Retail rent escalation rates exist only for the monthly payment method, which is normally raised every three years. The landlord and tenant should discuss the rate of rent escalation prior to the signing of a contract.

8. Typical Lease Length 

Retail leases are generated for a long-term period generally of approximately 10 years or longer.

9. Subletting or Assignment Rights 

Retail tenancy agreements generally do not allow tenants any right to sublet or assign the lease without prior consent from the landlord.

10. Lease Termination 

Tenancy agreements generally do not provide retail tenants or landlords with any right to terminate the lease during the term of the lease.

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