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The purchase of land to develop project

BackJun 26, 2007

LPN/IR9/50

June 21, 2007

Subject : The purchase of land to develop Lumpini Condotown Ramkhamhaeng 26 Project

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 Lumpini Condotown Ramkhamhaeng 26 Project

1. Date of transaction : May 9, 2007
2. Contracted parties : Juristic Person with no related benefit with the Company
3. Details of the land :
  3.1 A land title deed no. : 1971, 173335, 173339, 173340, 173341, 173342, 186829, 186881, 186882, 186883
3.2 Total area : 10 Rai 1 Ngan 64 sq.wah
3.2 Location : Tambon Huamark (Huamark Tai) Amphur Bangkapi Bangkok
3.3 Landscape : Vacant Land
3.4 Obligation : None
4. Total price : 161,110,000 Baht (One hundred Sixty One Million One Hundred and Ten Thousand Baht only)
5. Payment : All Payment was made on the day of ownership transference
6. Sources of fund : Profit from the operation of the Company and financial institution.
7. Benefits on the listed company :
  7.1 The Company will develop this plot of land into 4 buildings consisting of 8 stories residential condominium
7.2 Total units are 1,089
7.3 Approximate total revenue of the project is Baht 800 million (Eight Hundred million Bath only)
7.4 Project will be completed in 18 months (November 2007 - April 2009)
7.5 Selling period is within 12 months (November 2007 - October 2008)
7.6 Starting to transfer the ownership right and recognize income on February 2008
7.7 Approximate gross and net profit before tax are 30% and 20% respectively
7.8 Transaction size : By using assets criteria is equal to = (161.11 x 100)/7,076.36 = 2.28 %

 

Yours sincerely,

 

(Opas Sripayak)
Managing Director

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