Message from the Board of Directors

Dear Shareholders,

The real estate industry in 2015 was still impact by several factors such as political factor and economic condition both domestic and international, which has yet to recover. This in turn slow down consumer’s decision-making to purchase residences. Worsened by the rise in household debts burden, which significantly contributed to more stringent loan policies among the commercial banks, especially upcountry. However, the residential projects near BTS routes still had high demand and continual growth. In the 4th quarter of 2015, the real estate business had recovered from the accelerated disbursement of the government budget, as well as from the government’s measure to stimulate the real estate business, with the reduction of both transfer fee and mortgage fee and tax deduction of 20% of property value less than Baht 3 million for the period of 5 years, consequently total revenues of sale for real estate operators increased.

In 2015, the Company and its subsidiaries had an increase in assets, the interest bearing debt to equity ratio reduced to 1.24 times, in comparison with 1.32 times in year 2014, while the shareholder’s equity grew by 12.5%. Moreover, in 4th quarter of 2015, the Company and its subsidiaries had all -time highest profit since the Company had operated the business, due to the aforementioned government’s measure to stimulate the real estate industry as well as the revenues recognized after the ownership transfer of one condominium project. At present, the Company and its subsidiaries have 88 projects in the development process in Bangkok and its greater area, as well as in upcountry , worth approximately Baht 62,000 million. During the past 30 years of our operations, the Company has focused in developing the quality of residences for both low-rise and the high-rise buildings continually, such as considering high quality construction material, developing new house style, utility space according to consumers’ demand and also paying attention to after-sale services and the safety in the project.

In addition, the Company and its subsidiaries will continue to focus on good corporate governance so that investors, shareholders, and related parties can monitor and audit our performance.

Finally, the Board of Directors would like to take this opportunity to express our gratitude to our customers, shareholders, business partners, debenture holders, banks and financial institutions, employees, and related parties for their ongoing support and for being a part of the success of our Company and its subsidiaries. We will continue to emphasize on supervising the Company in order to grow with stability, by adhering to principle of honesty, good corporate governance, and ethics for our sustainable growth.

(Mr. Boonsom Lerdhirunwong)
Chairman and Independent Director