Tools

Calculators 22

Every calculator is pre-filled with example figures from the handbooks. Change a figure and the result recalculates immediately.

Feasibility, valuation and returns

• Calculator

  Project IRR and NPV

  Enter annual or monthly cash flows to calculate Project IRR, NPV, MOIC and payback

  Example: cash flow −300 −200 120 280 320 90 THB m, discount rate 12%Strategic Financial Management Handbook
• CalculatorNew

  Residual Land Value and Profit on Cost

  Finds the maximum land price the project can bear, starting from GDV and deducting development costs, financing costs, selling costs, transfer-day taxes and target profit, then compares it with the price the landowner is asking

  Example: GDV THB 1,511.6 m, target profit 20% → land purchase price of no more than ≈ THB 244.0 mStrategic Financial Management Handbook
• CalculatorNew

  WACC and cost of equity (CAPM)

  Calculates cost of equity using CAPM, after-tax cost of debt and WACC, for use as the project's discount rate or hurdle rate

  Example: Re 13.2%, after-tax Rd 5.2%, debt 60% → WACC 8.40%Strategic Financial Management Handbook
• CalculatorNew

  Property valuation using cap rate and exit cash proceeds

  Calculate NOI from income and operating expenses, find the property value using the cap rate, then deduct selling costs and outstanding debt to see the cash received by equity holders

  Example: NOI THB 53.0 m, cap rate 7% → value THB 757.7 m, net cash proceeds THB 360.0 mStrategic Financial Management Handbook

Capital structure, debt and JV

• Calculator

  DSCR and debt sculpting

  Enter periodic CFADS and a target DSCR to calculate the sculpted debt service and debt capacity

  Example: CFADS over 8 periods, target 1.30x, testing a THB 400 m facilityStrategic Financial Management Handbook
• Calculator

  Equity IRR from the debt structure

  Enter the cash flow before debt and the loan terms to compare Project IRR with Equity IRR

  Example: loan facility THB 250 m, interest 6.5%, cash sweep 100%Strategic Financial Management Handbook
• Calculator

  Monthly funding gap

  Compares receipts under down-payment instalment terms with construction disbursements to find the Peak Funding gap and the month in which it occurs

  Example: GDV THB 900 m, 90% sold before transfer, down payment 20% over 12 instalmentsStrategic Financial Management Handbook
• Calculator

  Presale and Peak Equity

  Tests several cases of sales speed and down payment to show the Peak Equity that shareholders must be ready to provide

  Example: sales speed of 2 / 3.5 / 5 units per month × down payment 10–30%Strategic Financial Management Handbook
• CalculatorNew

  Covenant compliance and compliance certificates

  Calculate DSCR, LTV, LTC, ICR, Net Debt/EBITDA, current ratio and equity against loan agreement conditions, then print a quarterly Compliance Certificate.

  Example: CFADS THB 145 m, debt service THB 108 m → DSCR 1.34x (threshold ≥ 1.25x)Strategic Financial Management Handbook
• CalculatorNew

  JV Distribution Waterfall

  Splits distributions between the developer (GP) and investors (LP) in order: return of capital, minimum return, catch-up and profit share, with an approximate multiple and IRR

  Example: equity THB 400 m, distribution THB 600 m, pref 8% → GP receives a promote of ≈ THB 40 mStrategic Financial Management Handbook

Construction and cost control

• Calculator

  Construction S-curve

  Spread the construction budget by month using an S-curve pattern, with a disbursement table

  Example: construction budget THB 480 m, duration 24 monthsStrategic Financial Management Handbook
• Calculator

  Retention

  Calculates retention deducted from each progress payment subject to the cap, VAT and WHT, and the release schedule on handover and at the end of the DLP

  Example: THB 10 m contract, 5% deducted per progress payment, 12-month DLPReal Estate Project Law Handbook
• CalculatorNew

  Capitalising interest as cost (TAS 23)

  Calculate the interest that can be capitalised into WIP each month, for both specific project loans and general borrowings, with a ceiling test and journal entries

  Example: project loan drawn THB 400 m at 7% → capitalisable THB 2,166,667/monthProject Accounting Handbook
• CalculatorNew

  Budget vs actual and EAC

  Track budget, actual spend and estimate at completion (EAC) across 8 categories, with On Budget, Watch and Over statuses

  Example: budget THB 1,054 m, EAC THB 1,098.75 m → over budget by THB 44.75 m (4.2%)Project Accounting Handbook

Sales and revenue recognition

• Calculator

  Cost per unit by net saleable area (NSA)

  Calculates COGS per sq m and per unit by NSA, with the phantom profit and CIT that arise when GFA is wrongly used as the base

  Example: cost THB 3,500 m, NSA 22,400 sq m vs GFA 35,000 sq mProject Accounting Handbook
• Calculator

  Commission: WHT and gross-up

  Calculate WHT, VAT or PP 36, gross-up and CAC on commission paid to Thai and foreign recipients, by recipient type

  Example: THB 10 m unit, commission 3%, Thai and overseas recipientsProject Accounting Handbook
• CalculatorNew

  Cost allocation per unit: Area, RSV and Hybrid

  Compares cost of sales per unit and gross margin for each unit type when costs are allocated by area, by sales value (RSV) or by a hybrid of the two

  Example: EAC THB 1,046 m, 247 units → 1BR GM 28.8% (Area) vs 29.4% (RSV)Project Accounting Handbook
• CalculatorNew

  Contract liability and backlog (TFRS 15)

  Track booking deposits, contract deposits and down payments unit by unit through to transfer day. Separate recognised revenue, remaining contract liability and backlog awaiting transfer.

  Example: 7 units, THB 56.26 m → THB 8.5 m recognised so far, remaining contract liability THB 9.868 mProject Accounting Handbook

Ownership transfer and foreign buyers

• Calculator

  Transfer day costs

  Calculates SBT, stamp duty, WHT, transfer fee and net cash on transfer day, with the user choosing which fee-reduction measures apply

  Example: sale price THB 10 m, appraised value THB 7 m, seller a juristic personOwnership Transfer Operations Handbook
• CalculatorNew

  49% foreign quota for condominiums

  Track the cumulative condominium unit area held by foreigners against the 49% ceiling, and test whether a unit about to be sold still falls within the quota.

  Example: building of 2,400 sq m, cap of 1,176 sq m, sold to foreign buyers so far 810 sq m (33.8%)Ownership Transfer Operations Handbook
• CalculatorNew

  FET reconciliation for foreign buyers

  Add up every overseas remittance against the condominium unit price, and check exchange rates, FET numbers and any shortfall before transfer day

  Example: price THB 27 m, 7 instalments received totalling THB 27,000,000 → PASSOwnership Transfer Operations Handbook

Risk

• CalculatorNew

  Risk Register and 5×5 Heat Map

  Score the likelihood and impact of project risks from 1 to 5, rank them by severity, and place them on a heat map, with risk mitigation approaches.

  Example: 10 risks → highest is cost overrun, score 16Strategic Financial Management Handbook

Templates 7

Enter the data on the left and the document on the right updates accordingly, then print or save it as a PDF to use as a draft

• TemplateNew

  Paid-in-full letter

  Create a bilingual Thai and English letter certifying that the buyer has paid in full, for use in support of transfer or lease registration at the land office

  Example: foreign buyer of unit B201 paid in full, THB 27,000,000Ownership Transfer Operations Handbook
• TemplateNew

  Source of funds declaration

  A source of funds declaration form for foreign buyers, used for KYC and AML before receiving a large payment or before transfer day

  Example: buyer states 2 sources of funds and the remittance channel with FETOwnership Transfer Operations Handbook
• TemplateNew

  Fund remittance guide for foreign buyers

  Create a letter setting out the beneficiary account details, purpose code, reference text and FET conditions, for foreign buyers to pass on to their remitting bank

  Example: instalment of THB 4,050,000, purpose code 318020Ownership Transfer Operations Handbook
• TemplateNew

  Transfer appointment notice (T-30)

  Notice of the transfer day, the land office, the final instalment, transfer day costs, and what the buyer must prepare 30 days in advance

  Example: transfer appointment on 20 Aug 2026, final instalment THB 5,400,000Ownership Transfer Operations Handbook
• TemplateNew

  Cash report data preparation form (AMLO 1-01)

  Gather the reporter, transaction, customer and property details in full before completing the cash transaction report in the AMLO system.

  Example: customer pays the down payment in cash, THB 2,500,000Ownership Transfer Operations Handbook
• TemplateNew

  Feasibility Study executive summary (1 page)

  A project summary form covering key financial figures, main assumptions and a Go / No-Go recommendation, for presenting to the board or investors

  Example: revenue THB 1,512 m, cost THB 1,164 m → margin 23.0%, profit on cost 29.9%Strategic Financial Management Handbook
• TemplateNew

  JV term sheet (draft for negotiation)

  A draft summary of joint venture terms between a developer and an investor, covering structure, equity, waterfall, governance, share transfers, exit and conditions precedent to closing the deal

  Example: GP THB 100 m / LP THB 300 m, preferred return 8%, 80/20 splitStrategic Financial Management Handbook

Checklist 7

Tick items and save your progress in this browser. Includes a notes field for each category and a sign-off field

• ChecklistNew

  Land due diligence checklist

  Check seven dimensions before buying project land: ownership, encumbrances, actual condition, zoning, environment, litigation and tax. 45 items in total, with sign-off and conclusion fields

  Example: 45 items in 7 categories, Thai–EnglishReal Estate Project Law Handbook
• ChecklistNew

  Building permit and EIA checklist

  The sequence of the project's main permits with approximate timelines, and document lists for the EIA, Form Or. 1 and Form Or. 6, 31 items in total

  Example: 31 items from the EIA to condominium registrationReal Estate Project Law Handbook
• ChecklistNew

  Foreign buyer checklist: KYC, FET and quota

  Steps for selling condominium units to foreign buyers, from KYC, fund remittance and FET to the 49% quota, transfer day documents and post-transfer, 44 items in total

  Example: 44 items in 5 stepsReal Estate Project Law Handbook
• ChecklistNew

  Ownership transfer day document checklist

  A complete document list for Thai buyers, corporate buyers, foreign buyers and the project side, 40 items in total. Use it as the cover sheet for each customer file.

  Example: 40 items split across 4 groups of partiesOwnership Transfer Operations Handbook
• ChecklistNew

  Project loan application document checklist

  Prepare a complete document set for the bank, covering company, financial, project, land, sponsor, sales, construction and legal documents: 37 items in total.

  Example: 37 items in 6 categoriesStrategic Financial Management Handbook
• ChecklistNew

  Monthly, quarterly and annual closing checklist

  Period-end closing steps for a property development business, from cash, contract liability, WIP, tax, management reporting and covenants through to year-end closing and PND 50, 59 items in total

  Example: 59 items to complete the close within 10 working daysReal Estate Project Accounting Handbook
• ChecklistNew

  AML red flags and escalation steps

  Screen for 10 money-laundering warning signs in real estate sales, with escalation steps and rules on what must not be disclosed to the customer

  Example: 10 warning signs and steps within 4 / 24 hoursOwnership Transfer Operations Handbook

Reference 4

Tax rate tables, filing deadlines, financial formulas and step cards to print and keep on your desk

• ReferenceNew

  Real estate tax rate summary table

  A one-page summary of transfer day taxes, the tax treatment of each type of income and expense, withholding tax (WHT) rates and corporate income tax (CIT) rates

  Example: freehold total 6.3% · leasehold 5.4% of the sale priceOwnership Transfer Operations Handbook
• ReferenceNew

  Tax filing calendar and deadlines

  Monthly, half-yearly and annual tax filing deadlines for property development companies, with the effects of late filing and a sample monthly work calendar

  Example: PND 53 on day 7 · PP 30 on day 15 · PND 50 within 150 daysReal Estate Project Accounting Handbook
• ReferenceNew

  Commonly used financial formulas and KPIs

  A collection of time-value-of-money formulas, NPV, IRR, return, valuation, debt service, cost of capital, real estate-specific formulas and executive dashboard KPI definitions, with links to the calculators

  Example: 35+ formulas with links to calculatorsStrategic Financial Management Handbook
• ReferenceNew

  FET procedure and transfer day timeline

  A reference card for the closing team: the 9-step FET procedure, purpose codes, common problems, the transfer day timeline and the T-90 to T+30 timeline

  Example: 9 steps FET · transfer day timeline 06:30–16:30Ownership Transfer Operations Handbook

1. Start with the example Every page is pre-filled with sample figures from the handbooks. Read the results first, then replace them with your project's figures
2. Check rates and conditions Tax rates, covenant thresholds and legal references can all be edited in every field. Check the current version before use
3. Use them in sequence Each page links to the next tool to use, for example from RLV to the Feasibility Study summary and then to the loan application checklist

All tools provide general information for educational purposes. The figures are hypothetical examples and are not specific advice on investment, law, accounting or tax. The templates illustrate document structure, and their wording must be reviewed by a professional before actual use