Purchase land to develop project Ramkhumhaeng Road, Soi 43/1

LPN/SorKor/460/2006

17 November 2006

Subject : The purchase of land to develop Ramkumhaeng Road, Soi 43/1

Attention : The Director and Manager The Stock Exchange of Thailand

We would like to inform you of our purchase of land for developing project with the following details:

Purchase of land for developing project Ramkhamhaeng Road, Soi 43/1

1. Date of transaction :	20 October 2006 and 7 November 2006
2. Contracted parties :	Ordinary Person and Juristic Person with no related benefit with the Company
3. Details of the land :	3.1 A land title deed no.5162 and 17674 with the total area of 13,123 sq.wah 3.2 Location : Wangthonglang, Bangkapi, Bangkok 3.3 Landscape : Vacant Land 3.4 Obligation : None
4. Total price :	Baht 481,905,000.- (Four hundred eighty one million nine hundred and five thousand Bath only)
5. Appraised Value :	17,000 Baht and 43,000 Baht per sq.wah
6. Asset Valuer :	Treasury Department, Ministry of Finance
7. Payment :	All Payment was made on the day of ownership transference
8. Sources of fund :	Profit from the operation of the Company and financial institution.
9. Benefits on the listed company :	9.1 The Company will develop this plot of land into 5 and 8 stories residential condominium consisting of 20 buildings 9.2 Total units are 3,500. 9.3 Approximate total revenue of the project is Baht 2,500 million (Two thousand and five hundred million Bath only) 9.4 Project will be completed in 18 months (February 2007-July 2008) 9.5 Selling period is within 12 months (February 2007-January 2008) 9.6 Starting to transfer the ownership right and recognize income on July 2008 9.7 Approximate gross and net profit before tax are 30% and 20% respectively
10.Transaction size :	By using assets criteria is equal to 8.74% or 481.91 x 100 5,516.71

 

Yours sincerely,

(Opas Sripayak)
Managing Director