Report of Land and Houses Freehold and Leasehold Property Fund For the Period during 1 January 2013 – 31 December 2013
Contents Page
Message from the Management Company 1
Land and Houses Freehold and Leasehold Property Fund 2
Assets Invested or Held by the Fund Classified by Type 4
Details of Properties Invested by the Fund 7
Details of Property Investment during the Accounting Period 10
Details of Property Sale or Transfer of Leasehold Right during the Accounting Period 10
Details of Borrowings as of 31 December 2013 10
Report on Transactions with Related Parties 10
Market Overview of the Segment Related to the Property from which the Fund Generates 11 Income and Its Outlook
Guarantee of Net Profit by the Fund’s Minimum Income Guarantor 14
Expenses Chargeable to the Fund 16
Soft Commission 17 Commission Soft
Names and Addresses of the Property Fund Managers 18
Opinion of the Trustee 19
Auditors’ Report and Financial Statements 20
About the Management Company 51
Report of Land and Houses Freehold and Leasehold Property Fund For the Period during 1 January 2013 – 31 December 2013
1
Message from the Management Company
1 April 2014
Dear Unitholders of Land and Houses Freehold and Leasehold Property Fund,
As the Management Company has accomplished the management of the Fund for another accounting period, we are pleased to submit for your consideration herewith the Repots of the Fund’s Auditors and Trustee for the period during 1 January - 31 December 2013, together with the summary report on the Fund’s investment portfolio as well as properties invested by the Fund.
We would like to take this opportunity to extend our gratitude to our unitholders for entrusting us with the management of your investments over the years.
Yours sincerely,
(Ms. Chantana Kanchanagama)
Managing Director
Land and Houses Fund Management Company Limited
Report of Land and Houses Freehold and Leasehold Property Fund For the Period during 1 January 2013 – 31 December 2013
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Land and Houses Freehold and Leasehold Property Fund
Abbreviated Name: “LHPF”
Management Company
Land and Houses Fund Management Company Limited
Type of Fund
Closed-ended property fund listed on the Stock Exchange of Thailand
Fund Maturity
Indefinite
Objectives of the Project:
To mobilize funds from general investors thereby using the mobilized proceeds to purchase and/or take on leases and/or subleases of immovable properties and/or accept the transfer of leasehold rights and/or sub-leasehold rights of immovable properties, and to seek benefits from such immovable properties, whether through granting of leases, sub-leases and/or any other means for the benefit of the properties in order to generate income and investment returns for the Fund and unitholders. The Fund may also invest in other properties and/or other securities and/or deriving benefit by other means in compliance with the securities law and/or other relevant laws.
Investment Policy
To mobilize funds from general investors thereby using the mobilized proceeds to purchase and/or take on leases and/or subleases of immovable properties and/or accept the transfer of leasehold rights and/or sub-leasehold rights of immovable properties, and to seek benefits from such immovable properties, whether through granting of leases, sub-leases and/or any other means for the benefit of the properties invested in or held by the Fund in order to generate income and investment returns for the Fund and unitholders, including renovating, improving, modifying, developing, and/or disposal of properties in order to generate income and the investment returns for the Fund and the unitholders as well as making investments in other properties and/or other securities and/or deriving benefit by other means as prescribed by the securities law and/or other relevant laws. Report of Land and Houses Freehold and Leasehold Property Fund For the Period during 1 January 2013 – 31 December 2013
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Dividend Policy
The Fund has a policy to pay dividends to the unitholders not more than two times per annum. However, the Management Company may consider payment of extraordinary dividends to the unitholders as deemed necessary and appropriate.
(1) If the Fund has a net profit in any accounting year, the Management Company will pay the unitholders a dividend equal to not less than 90% of the annual net profit, excluding unrealized gain on revaluation or review of property value or leasehold rights to properties for that accounting period.
(2) If the Fund has retained earnings during any accounting period, the Management Company may pay dividends to the unitholders from such retained earnings.
In making dividend payment according to (1) and (2), the Management Company shall arrange to pay such dividends to unitholders within 90 days following the end of the accounting period for which the dividends are paid. If the Management Company is not able to make the payment during such period, it shall notify the unitholders and the Office of the Securities and Exchange Commission of such circumstances in writing.
Trustee : CIMB Thai Bank Public Company Limited
Registrar : Land and Houses Fund Management Company Limited
Investment Capital : 3,300 million Baht
Offer Price : 10 Baht per unit
Minimum Purchase : 10,000 Baht
Number of Investment Units : 330 million units
Type of Investment Units : Name-registered
Shareholders of the Management Company with Holding from 10 percent of the total shares sold (as of 31 December 2013)
Land and Houses Bank Public Company Limited holds 99.99 percent of the total shares sold.
Report of Land and Houses Freehold and Leasehold Property Fund For the Period during 1 January 2013 – 31 December 2013
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Assets Invested by or Held by the Fund Classified by Type of Asset
1. Investments in Properties as of 31 December 2013
Area Cost Prices Fair Value % of Project (rai-ngan- (Baht) (Baht) NAV sq. wah) Ownership in Properties
1. Centre Point Residence Phromphong Project
Location:
No. 77 L and H Phromphong
Building, Soi Sukhumvit 39 (Phromphong), Khlongton Nua, Wattana, Bangkok;
- Ownership in land, building 1,209 million and public utility systems.
- Ownership in furniture, 72 million fixtures and fittings, and other equipments.
Total 3-1-14 1,281 million 1,279 million 36.08
2. Center Point Sukhumvit-Thong Lo Serviced Apartment Project
Location:
No. 304 Soi Sukhumvit 55 (Thong Lor) Khlongton Nua, Wattana, Bangkok
- Ownership in land, building and public utility systems. 1,310 million
- Ownership in furniture, 70 million fixtures and fittings, and other equipments. Total 2-3-19 1,380 million 1,477 million 41.67
Report of Land and Houses Freehold and Leasehold Property Fund For the Period during 1 January 2013 – 31 December 2013
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Area Cost Prices Fair Value % of Project (rai-ngan- (Baht) (Baht) NAV sq. wah) Acceptance of transfer of sub-leasehold right of land as well as ownership right to building, public utility systems and related equipments.
1. L and H Villa Sathon Project
Location:
No. 88 Narathiwat- Ratchanakarin Road, Chong Nonsi, Yannawa, Bangkok
- Fee for transfer of sub- 70 million leasehold right of land - Ownership in land, building 551 million and public utility systems.
- Ownership in furniture, fixtures and fittings, and 7 million other equipments.
Total 11-3-16.6 628 million 649 million 18.30
Total Investments in Properties 3,289 million 3,405 million 96.05
Report of Land and Houses Freehold and Leasehold Property Fund For the Period during 1 January 2013 – 31 December 2013
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Assets Other Than Investments in Properties as of 31 December 2013
Book Assets Value/Market % of NAV Value (Baht) 1. Cash and deposits at banks 41,552,399.12 1.17 2. Investment in Promissory Notes and Debt Instruments Bills of exchange/Promissory notes issued/accepted/ - - avaled by financial institutions
Certificate of deposits 104,500,000.00 2.95 Government bonds 25,919,948.40 0.73 Treasury bills - - Total 171,972,347.52 4.85 3. Investments in Properties
Investment in properties 3,405,000,000.00 96.06 Total 3,405,000,000.00 96.06 4. Other Assets
Accrued interests 861,426.39 0.02 Accounts receivable from sale of securities - - Accounts receivable from rental-net 11,215,719.59 0.32 Advanced payment under construction agreement - - Other assets 46,472,618.37 1.31 Total 58,549,764.35 1.65
Total Asset Value 3,635,522,111.87 102.56
5. Other Liabilities Accrued fees and expenses -34,026,886.78 -0.96 Performance guarantee money - - Security deposits -45,403,511.98 -1.28 Other liabilities -11,278,079.82 -0.32
Total Liabilities -90,708,478.58 -2.56
Net Asset Value (NAV) of the Fund 3,544,813,633.29 100.00
Number of Investment Units 330,000,000.00 units NAV per Unit 10.7418 Baht
Report of Land and Houses Freehold and Leasehold Property Fund For the Period during 1 January 2013 – 31 December 2013
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Details of Properties in which the Fund Invested
As of 31 December 2013
1. Center Point Residence Phromphong Project
Location No. 77 L and H Phromphong Building, Soi Sukhumvit 39 (Phromphong), Khlongton Nua, Wattana, Bangkok 10110
Project Feature 2 24-stooorey residential buildings together with 3-storey outdoor parking and 1-storey underground parking and a 3-storey spa.
Title Deed Number 4751, 24375, 243295 ,243296, 243297, 243298, 243299, 243300
Land Size 3 rai 1 ngan 14 square wah
Cost Prices Purchase Price: 1 ,281.0 millionBaht; classified into: Construction and Renovation Cost 1,209.0 millionBaht (Property Acquisition Fixed Assets 72.0 millionBaht Prices)
Date of Initial 22 March 2012 Investment by the Fund
Appraised Value (2013) 1,279 million Baht (by Grand Asset Advisory Co., Ltd. as of 16 January 2013 using income approach)
Ownership in Land Land and Houses Freehold and Leasehold Property Fund
Ownership in Building Land and Houses Freehold and Leasehold Property Fund
Commencement of The Building had been renovated and commenced operation in 2004 Operation
Property Manager Q.H. International Company Limited
Revenue for the period of 102.72 million Baht 1 January -31 December 2013)
General Features of the 76-unit fully furnished apartment for rent comprising: Project 36 three-bed units; 36 four-bed room units; and 4 penthouses Total rental space: 23,500 sq. m. Parking accommodation: 267 cars 1 three-storey spa with rental space of 706.82 sq. m.
Report of Land and Houses Freehold and Leasehold Property Fund For the Period during 1 January 2013 – 31 December 2013
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Details of Properties in which the Fund Invested
As of 31 December 2013
2. Center Point Sukhumvit-Thong Lo Serviced Apartment Project
Location No. 304 Soi Sukhumvit 55 (Thong Lo), Khlongton Nua, Wattana, Bangkok 10110
Project Feature One 11-storey 156-unit residential building; One 2-storey building
Title Deed Number 7087, 7041, 11769
Land Size 2 rai 3 ngan 19 square wah
Cost Prices Purchase Price: 1 ,380.0 millionBaht; classified into: Construction and Renovation Cost 1,310.0 millionBaht (Property Acquisition Fixed Assets 70.0 millionBaht Prices)
Date of Initial 22 March 2012 Investment by the Fund
Appraised Value (2013) 1,477 million Baht (by Grand Asset Advisory Co Ltd. as of 16 January 2013 using income approach)
Ownership in Land Land and Houses Freehold and Leasehold Property Fund
Ownership in Building Land and Houses Freehold and Leasehold Property Fund
Commencement of The building had been renovated commenced operation in 2005 Operation
Property Manager Q.H. International Company Limited
Revenue for the period of 149.74 million Baht 1 January -31 December 2013)
General Features of the A 156-unit serviced apartment for rent together with parking space within Project the building which can accommodate 111 cars. A 2-storey building containing a fitness room, a swimming pool, and a food court.
Report of Land and Houses Freehold and Leasehold Property Fund For the Period during 1 January 2013 – 31 December 2013
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Details of Properties in which the Fund Invested
As of 31 December 2013
3. L&H Villa Sathon Project
Location No. 88 Narathiwat-Ratchanakarin Road, Chong Nonsi, Yannawa, Bangkok
Project Feature 37 units of 2 storey-detached house for rent
Title Deed Number 5350,5351,6042,6228
Land Size 11 rai 3 ngan 16.6 square wah
Cost Prices Purchase Price: 628 millionBaht; classified into: Construction and Renovation Cost 551 millionBaht (Property Acquisition Fixed Assets 7 millionBaht Prices) Fee for Transfer of Sublease Right 70 millionBaht
Date of Initial 22 March 2012 Investment by the Fund
Appraised Value (2013) 649 million Baht (by Grand Asset Advisory Co Ltd. as of 16 January 2013 using income approach)
Ownership in Land 1. Mrs. Duangkaew Akahitanont 2. Miss Duangjai Akahitanont 3. Mr. Teeradech Payakaporn
Ownership in Building Land and Houses Freehold and Leasehold Property Fund
Characteristic of the Purchase of building including public utility systems together with component Fund’s Property Right parts and equipment related thereto; and acceptance of transfer of leasehold right of land. The leasehold agreement has approximately 27 years remaining until the expiry date on 27 July 31 2038.
Completion of 2007 Construction
Property Manager Q.H. International Company Limited
Revenue for the period of 86.48 million Baht 1 January -31 December 2013)
General Features of the 37 units of 2 storey-detached houses with total utility space of 425 sq. m. for Project each unit including common facilities such as club house fitness room, swimming pool, meeting room, and play ground, etc. Report of Land and Houses Freehold and Leasehold Property Fund For the Period during 1 January 2013 – 31 December 2013
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Details of Property Investment
During 1 January 2013 – 31 December 2013
- None -
Details of Property Sale or Transfer of Leasehold Right
During 1 January 2013 – 31 December 2013
- None -
Details of Borrowing
During 1 January 2013 – 31 December 2013
- None -
Details of Transactions with Related Parties
During 1 January 2013 – 31 December 2013
Land and Houses Freehold and Leasehold Property Fund has transactions with the following related party: Land and Houses Bank Public Company Limited.
Remarks:Investors can contact the Management Company directly for inspection of the transactions with related parties.
Report of Land and Houses Freehold and Leasehold Property Fund For the Period during 1 January 2013 – 31 December 2013
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Market Overview of the Segment Related to the Property from which the Fund Generates Income and Its Outlook The Thai Economy in 2013 The Thai economy expanded during the first half of 2013 as a result of the Government’s economic stimulus package that boosted domestic consumption. This was further supported by favorable factors that encouraged spending including employment, income and household confidence as well as continued investment in the business sector. However, during the latter half of the year, the economy slowed down subsequently due to shrinking domestic demand resulting from subdued stimulating measures as well as the delay in both budget and off-budget investment expenditure in the public sector. Due to increasing uncertainty about the economic and political situations, consumers became more cautious in spending, business operators put off their investment with a wait-and-see attitude, and financial institutions were more restrictive in credit extension. Meanwhile, the export sector grew slowly despite obvious improvements in foreign demand. As a matter of fact, the recovery of foreign demand concentrated on some product groups which are not Thailand’s major exports and did not have much positive effect on exports from Thailand. Moreover, some industries were affected by production constraints. Consequently, the Thai economy was mainly driven by the tourism sector that enjoyed continued expansion throughout the year. On account of an economic slowdown and uncertainty, the Monetary Policy Committee (MPC) resolved to cut the interest rate twice, by an aggregate of 0.50%, in May and November 2013, in an attempt to help mitigate the risks of the economy through a relaxation of monetary policy. The overall economy remained stable with low inflation rate in line with global inflation, attributable to the softening world prices of major production factors including crude oil and commodities and the limitation on transfer pricing due to sluggish demand. Although the minimum wage rate was raised to 300 Baht nationwide early of the year and the household cooking gas prices were increased successively during the end of the year, they showed no significant effects. The financial positions of the business and banking sectors remained solid whereas the rapid growth of household debts which was witnessed during the past two years became diminishing whereas the country’s fiscal position remained favorable. The external sector was stable although current accounts recorded a marginal deficit for the second year due to net imports of gold and remittances of profits and dividends by foreign businesses. The overall capital account posted a surplus with capital flows fluctuating corresponding to the monetary measures of major industrialized countries and domestic political situations, resulting in a two-way direction movement of the Baht currency. In 2013, the Thai economy grew a slower pace of 2.9% from the prior year due mainly to the weakening private spending. During the first half of the year, consumption in the private sector still had a positive effect on the economic growth as a result of the economic stimulus package such as the increase of minimum wage rate, agricultural price intervention, and the tax rebate for the first-time car buyer program that had been stimulating the sales volume of passenger cars continuously since the end of last year. Moreover, the factors that encouraged spending, including employment, income and household confidence, were also favorable. The expansion of household spending led to continued investment by Report of Land and Houses Freehold and Leasehold Property Fund For the Period during 1 January 2013 – 31 December 2013
12 the business sector in order to improve production efficiency. This was in line with the growth of production in the industrial sector, in particular the domestic market-oriented segments. However, the Government stimulus measures became subdued and household debts surged since the latter half of the year, leading to more cautious household spending and restrictive credit extension by financial institutions. As overtime pay earned by workers decreased and consumer confidence weakened due to economic and political uncertainties, domestic consumption became sluggish as well as domestic investment since business operators postponed their investment decisions pending a clearer economic and political outlook. For 2014, it is forecast that the export sector will play a greater role in economic expansion according to the economic recovery of the trading partners. Meanwhile, the recovery of domestic consumption depends of the political situation. The prolonged uncertainty will worsen consumers’ confidence, leading to further slowdown of consumption and investment in the private sector as well as the public sector’s investment spending. The weakening domestic demand is expected to keep inflation rate close to that of 2013. (Source: Bank of Thailand)
Overview of Serviced Apartment Market in Bangkok The serviced apartment market in Bangkok is composed of 1) Central CBD Area covering the areas of Silom, Sathon, Surawong, Siphaya, and Rama IV; 2) Central Lumpini Area covering the areas of Rama I, Rajdamri, Witthayu, Ploenchit, Langsuan, Phayathai and Petchburi; 3) Lower Sukhumvit Area covering the areas of Sukhumvit Road Soi 1-35 and Soi 2-24; 4) Upper Sukhumvit Area covering the areas of Sukhumvit Road Soi 37-77 and Soi 26-50; and 5}Southern Fringe Area covering the areas of Charoen Krung, Narathiwat- Ratchanakarin, and Rama III; and 6) Other Area covering the areas of Phayathai, Prtchburi, Ratchadapisek, Mitmaitree, Srinakarin, Bang Na, and Ramkamhaeng. Supply of Serviced Apartments in Bangkok The total supply of serviced apartment units in Bangkok remained unchanged in 2013 at approximately 18,260 units, most of which were in upper Sukhumvit area with 7,570 units or approximately 40 %, followed by central Lumpini area, lower Sukhumvit area, Central CBD area, Other area, and Southern fringe area, respectively. Approximately 90 of new serviced apartment units were added in 2013, accounting for 0.5% of total supply. The growth rate of new supply has been declining since 2009 due to intensifying competition from high-end apartments and condominiums. It is anticipated that there will be a total of 430 new units in 2014, 300 of which in lower Sukhumvit area, 75 units in other area and approximately 55 units in southern fringe area.
Report of Land and Houses Freehold and Leasehold Property Fund For the Period during 1 January 2013 – 31 December 2013
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Demand for Serviced Apartments in Bangkok The average occupancy rate in 2013 was approximately 80%. Many expatriates working in Thailand have tended to stay outside the CBD area, but still close to the BTS Sky Train system; some of them prefer to stay in condominiums or high-end apartments in the same location as serviced apartments, due to the lower rental rate. The total number of expatriates with work permits in Bangkok as of October 2013 was approximately 70,100, rising by 11% from 63,400 in 2012. The largest group of expatriates in Bangkok is Japanese, representing 24% of the total number of expatriates with work permits in Bangkok. The average rental rate in 2013 was similar to that of the previous year except in the Other Area where some serviced apartments had to reduce their rate in order to attract more clients since their locations were far from the CBD and existing mass transit systems. The average rental rate in the Upper Sukhumvit area was approximately 1,000 Baht per square meter per month.
Overview of Serviced Apartment Market in 2013 and Outlook for 2014 The total supply of serviced apartments in Bangkok was approximately 18,260 units in 2013 whereas new supply in 2014 is expected to increase limitedly by only 430 units. These new serviced apartment will be located mostly in lower Sukhumvit, other area, and Southern Fringe area. On the demand side, average occupancy rate in 2013 was approximately 80%. The number of expatriates working in Thailand as of October 2013 was 70,100. The average rental rate in the Upper Sukhumvit area was approximately 1,000 Baht per square meter per month. It is anticipated that both the rental and occupancy rates in 2017 will be unchanged due to intensifying competition from alternative market. There are still many positive factors to drive the serviced apartment market, namely 1) economic recovery of foreign countries such as the US, Europe and Japan has contributed to favorable investment growth as well as the increasing number of tourists and expatiates with work permits in Bangkok; 2) the Government’s infrastructure projects has lured more business expansion by local and foreign investors in order to accommodate future investment; and 3) new supply of serviced apartments in the next 2-3 years is limited. (Source: Colliers International Company Limited)
Report of Land and Houses Freehold and Leasehold Property Fund For the Period during 1 January 2013 – 31 December 2013
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Guarantee of Net Profit by the Fund’s Minimum Income Guarantor
Name and Address of the Minimum Income Guarantors
1. Reco Plaza Pte Ltd. 168 Robinson Road # 37-01 Capital Tower Singapore 068912
2. Land and Houses Public Co Ltd. No. 1 Q. Houses Lumpini
South Sathon Road
Thungmahamek, Sathon
Bangkok 10120
Summary of the Guarantee of Net Profit To promote investors’ confidence during the investment period from the date on which the Fund invested in the propertied until 21 December 2015, Reco Plaza Pte. Ltd and Land Houses Public Co Ltd., in the capacity of the minimum income guarantor of Land and Houses Freehold and Leasehold Property Fund, agree to guarantee the minimum rental income of the Fund by paying financial support to the Fund in the amount equivalent to the difference between:
(1) The minimum net profit of the Fund guaranteed by Reco Plaza Pte. Ltd and Land Houses Public Co Ltd, which for the accounting period from the date on which the Fund invested in the properties (22 March 2012 ) to 31 December 2012 is 179.88 million Baht and for the fiscal years 2013 - 2015 is Baht 243.16 million per year; and (2) The Fund’s actual net profit.
if the net profit during any accounting period as of the end of the fiscal year (1 January-31December) is lower than the minimum guaranteed level.
.However, the financial support payable by the guarantors in each year is limited to an amount not exceeding 50 percent of the Fund’s actual net profits earned net of the financial support in the relevant year.
The calculation of the Fund’s actual net profits does not take into account the impact of depreciation and appreciation of properties in which the Fund invests derived from the review and appraisal made by the appraiser each year. Report of Land and Houses Freehold and Leasehold Property Fund For the Period during 1 January 2013 – 31 December 2013
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The minimum income guarantee by Reco Plaza Pte Ltd shall be undertaken by 4 letters of guarantee issued by Thai commercial banks as follows:
Issue No. Period Amount (Baht)
1 1 August 2012 – 30 April 2013 30.30 million
2 1 May 2013 – 30 April 2014 38.91 million
3 1 May 2014 – 30 April 2015 38.91 million
4 1 May 2015 – 30 April 2016 38.91 million
Details of Undertaking by the Guarantors During the accounting period of 2013, the guarantors paid a guarantee amount of 68,944,222.12 Baht to the Fund comprising 33,093,226.62 Baht from Reco Plaza Pte Ltd. and 35,850,995.50 Baht from Land and Houses Public Co Ltd., representing 48% and 52%, respectively.
Report of Land and Houses Freehold and Leasehold Property Fund For the Period during 1 January 2013 – 31 December 2013
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Total Expenses Chargeable to the Fund For the Period during 1 January 2013 – 31 December 2013
Amount % of NAV Expenses Chargeable to the Fund Actually Thousand Baht 1 As Per the Project Charged Management Fee 7,469.78 0.21 Not exceeding 5.0% Registrar Fee 2,240.93 0.06 Not exceeding 1.5% Trustee Fee 909.51 0.03 Not exceeding 1.0% Property Management Fee 12,643.67 0.36 As actually incurred Professional Fee 765.30 0.02 As actually incurred Project Administration Expenses 144,457.16 4.12 As actually incurred
Total Expenses 168,486.35 4.80 Remarks: 1. Fees and expenses charged to the Fund are inclusive of value added tax, specific business tax or other taxes of a similar nature (if any) whereas fees or expenses as per the project are exclusive of value added tax.
The averaged monthly NAV calculated from 1 January to 31 December 2013 is equivalent to 3,505,004,054.78 Baht. Report of Land and Houses Freehold and Leasehold Property Fund For the Period during 1 January 2013 – 31 December 2013
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Soft Commission
As of 31 December 2013
Research Rationale for Accepting Soft Analysis and Seminars Commissions Information
Kasikornbank Public Co Ltd For the benefits of the Fund’s investment
Siam Commercial Bank Public Co Ltd For the benefits of the Fund’s investment
Bangkok Bank Public Co Ltd For the benefits of the Fund’s investment
Bank of Ayudhya Public Co Ltd For the benefits of the Fund’s investment
Krung Thai Bank Public Co Ltd For the benefits of the Fund’s investment
TISCO Bank Public Co Ltd For the benefits of the Fund’s investment
CIMB Thai Bank Public Co Ltd For the benefits of the Fund’s investment
UOB Bank Public Co Ltd For the benefits of the Fund’s investment
Government Savings Bank For the benefits of the Fund’s investment
Land and Houses Bank Public Co Ltd For the benefits of the Fund’s investment
Kiatnakin Bank Public Co Ltd For the benefits of the Fund’s investment
Report of Land and Houses Freehold and Leasehold Property Fund For the Period during 1 January 2013 – 31 December 2013
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Names and Addresses of the Property Managers
Manager: Q. H. International Company Limited
Q. House Lumpini Building, 7th Floor No. 1 South Sathon Road, Tungmahamek, Sathon, Bangkok 10120 Telephone: (02) 677-7000 Facsimile: (02) 677-7005
Projects under managements are:
1) Center Point Residence Phromphong Project 2) Center Point Sukhumvit-Thonglo Serviced Apartment Project 3) L and H Villa Sathon Project
Report of Land and Houses Freehold and Leasehold Property Fund For the Period during 1 January 2013 – 31 December 2013
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Report of Land and Houses Freehold and Leasehold Property Fund For the Period during 1 January 2013 – 31 December 2013
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Auditors’ Report and Financial Statements
As of 31 December 2013
Report of Land and Houses Freehold and Leasehold Property Fund For the Period during 1 January 2013 – 31 December 2013
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Land and Houses Fund Management Company Limited
Company Background
Land and Houses Fund Management Company Limited registered for name change with the Ministry of Commerce on 23 November 2010 from United Asset Management Company Limited that was established on 17 January 2008. Presently, the Company has a fully paid up registered capital of 300 million Baht and has obtained various business licenses as follows:
- Type C Securities Business License (Kor) from the Ministry of Finance with the License No. Lor Kor-0013-01 since 21 February 2011
- Derivatives Business License from the Securities and Exchange Commission (Derivatives Fund Manager Category) with the License No. Sor Dor 04-0013-10 since 2 March 2011. - Derivatives Business License from the Securities and Exchange Commission (Derivatives Advisor Category) with the License No. Sor Dor 03-0013-11 since 2 March 2011.
The Company was authorized by the Securities and Exchange Commission to commence the operations of mutual fund and private fund business on 2 June 2011.
The Company is currently a 99.99% owned subsidiary of Land and Houses Bank Public Company Limited.
Location:
Land and Houses Fund Management Company Limited 11 Q. House Sathon Building, 14th Floor South Sathon Road, Tungmahamek, Sathon, Bangkok 10120 Telephone: (02) 286-3484, (02) 679-2155 Facsimile: (02) 286-3585 www.lhfund.co.th