(Mr. Wanchai Sarathulthat)
Chairman of the Board

For the year 2019, it was the year that the overall economy of Thailand faced many challenges due to the fluctuation of the global economy and the counterattack of tariffs between the United States and China, resulting in businesses having to adjust their investment plans to suit the situation better. Golden Land Property Development Plc has also implemented “Cautious growth strategy” i.e. Reduce the Land purchase Budget, Improve utilization of resources and expenditure efficiency.

Although the residential real estate development business this year will face challenges from enforcing measures to control the quality of housing loans (LTV) during the beginning of this year However, with the tax reduction measures for buying the first house of the government, the easing of enforcement of the Bank of Thailand’s mortgage supervision measures in the second half, together with low interest rates, as a result, the real estate business, especially low-rise residential products, which are the main products of the Company, have still been accepted from customers who want to buy for real living.

As for the office building rental business sector, there is still continuous growth in terms of both the rising rental price and the vacancy rate of the area. In particular, the company’s rents of Grade A office buildings in the central business district of Bangkok continued to rise.

On behalf of the Chairman of the Board of Directors, I would like to thank all shareholders and all groups of stakeholders for their continued trust and support in the operations of the Company. I want to assure you that all levels of personnel, from all executives and staff, are ready to dedicate themselves to the development of the organization, creating values for Thai society under the principles of good corporate governance to create the best benefits steadily and sustainably.

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