BAAN ROCK GARDEN PROJECT
Rock garden Airport 1
Rock garden Airport 2
Rock garden Phuket Bypass 6
Rock garden Phuket Bypass 3,4,5
Rock garden Phuket Bypass 1,2
Rock garden Meng Jai
Rock garden Home 1,2
Joint Venture

Our Future Project

Baan Rock Garden Watcharaphon Project
    The Company had a land bank for future development around 38.18 million Baht with total area around 3-2-68.9 rais in Soi Watcharaphon. The Company bought this land bank from related person. The average appraisal value, from 2 independent appraisers, of this land bank was 34.15 million Baht, which was lower than the cost of the land that the Company bought of 38.18 million Baht. Thus, the Company had already set aside impairment provision at the amount of 5.15 million Baht in the 2nd quarter of 2004 in order to truly reflect fair value of the asset according to accounting standard. However, the Company had hired the third independent appraiser, which was Sims Property Consultant Company Limited, to reassess value of that asset. As of 14 September 2006, after reassessment, the value of that asset was 44.00 million Baht. The appraiser considered details of asset by using market data as benchmark for comparison. Such reappraisal value was higher than book value of 38.18 million Baht. As a result, the Company had already reversed 5.15 million Baht provision that was set aside for impairment of such land bank in financial statements of the Company in the 3rd quarter of 2006.
    The Company planned to develop future project on such land bank in the another 1 – 2 years immediately after the construction of Nimitra Mai Road outer belt routing to Rattanakosin Sompoach Road, which would pass in front of the project. This was a commercial building project, one of future projects of the Company. The Company expected that there would be appraisal surplus from the price as the government would expropriate surrounding land banks to construct the road, which was the extension and would be the junction of the new road with Phahon Yothin Road and Rattanakosin Sompoach Road. As a result, this land bank of the Company would adjacent to the road. Regarding the progress of the construction of such new road, the government had already paid for such expropriation and had selected constructor. The land was under developed since 2006 and the construction work was expected take about 3 years. The construction work was started from the junction of Rattanakosin Sompoach Road to Phahon Yothin Road.

Baan Rock Garden Baan Pae
    The Company had continuously expanded its projects. Around the end of 2005, the Company bought land at Baan Pae District, Rayong Province at the area around 104 rais with the value of 60.63 million Baht. Such land was bought from Chu Cheep Highland Company Limited, related party with the Company according to the definition of auditor presented in note to financial statements as of 31 December 2005. Auditor considered from co-shareholdings of members of Silparatana family. However, currently, Chu Cheep Highland Company Limited did not undertake any businesses and was sold to other person who had no relationship with main shareholders, directors, and management of the Company at the end of 2005. The price bought by the Company was 60.00 million Baht, which is fair and appropriate as it was not higher than appraisal value of 62.62 million Baht. The value of such land was appraised by independent appraiser named Sasi Ratchada Company Limited, approved by Securities and Exchange Commission, on 9 February 2006 by applying market approach method. Moreover, such transaction was already approved by Audit Committee of the Company.

Project Baan Pae Gallery