(Mr. Wanchai Sarathulthat)
Chairman of the Board

Year 2018 has shown a continued growth of Thai economy as economic fundamentals are much more favorable. Thanks to several contributing factors, i.e. increased private investments, more support from the government, and foreign investments with relocation of production base to Thailand. However, Thai economy remains susceptible to foreign risk factors; i.e. interest rate uptend, uncertainties on USA trade protection policies and countermeasures from major trading partners.

The overall picture of the real estate development industry is less favorable because – although the housing demand keeps on soaring – there are risk factors affecting the industry such as weakening financial discipline of consumers, household debt accumulation, which further impair the ability to service debts and lead to a higher rejection rate of housing loans, and policy measures implemented by the Bank of Thailand (BoT) to mitigate risks to financial institutions. However, gaining a better understanding of customer’s needs with products of value for money and fostering continuous product development have given Golden Land Property Development PLC an upper hand in achieving and maintaining strong growth and long-term profitability amid a highly competitive housing market. Beyond the business success, the Thai Institute of Directors recognize the Company as one of Companies with excellent Corporate Governance (CG) Scoring for the second consecutive year in 2018, which is clearly a pride and honor for the Company.

Moving forward in 2019, the Company aims to adopt a more vigilant approach to business expansion, taking into account challenging circumstances in the industry, especially a continued-increasing level of household debts that dampen the purchasing power of potential homebuyers. Besides, the Company looks set to focus on the quality of earnings and diversified source of growth in the other core business. The Company has enjoyed a strong performance in its office rental business, particularly Grade A building offices in the central business district (CBD), as the occupancy rate and rental rate continue its momentum due to foreign investments stimulated by the government, thus driving the demand for rented office space in Bangkok. Despite of a build-up in supplies, there remains unmet demand in the current market.

On behalf of the Board of Directors of Golden Land Property Development PLC, I would like to express my gratitude to all the Company’s clients, business partners and shareholders for the trust and considerable support provided to our Company on a regular and continued basis. I would like to reassure you that all members of the Board, the management and staff set our sights on achieving prosperity, reinforce our commitments towards the fulfilment of corporate objectives and uphold good corporate governance principles to facilitate the delivery of long-term returns to all stakeholders in an equitable and sustainable manner.

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