Future Park Property Fund “FUTUREPF”

Transcription

NOVEMBER 2006
SPONSOR
Investor Presentation
FINANCIAL ADVISOR
Future Park Property Fund
“FUTUREPF”
INTERNATIONAL BOOKRUNNER
FUND MANAGER
This Fund invests in the leasehold right over immovable property. Their values may decrease along with elapse of the lease term, thus decreasing the value of
the investment units accordingly. The unitholders will receive return of initial investment and in form of dividend. Once the lease term expires according to the
leasehold right that the Fund has invested in, the value of the investment units may decrease to Baht zero
www.futurepark.co.th
Strictly private & confidential
Disclaimer
This presentation is prepared solely for the purpose of providing information on Future Park Property Fund (“FUTUREPF”) and does not constitute and is not
intended to constitute an invitation or offer for subscription or purchase of securities. This presentation may include information which is forward-looking in
nature. Forward-looking information involve known and unknown risks, uncertainties and other factors which may impact on the actual outcomes including
economic conditions in the markets in which FUTUREPF operates and general achievement of FUTUREPF business forecasts, which will cause the actual
results, performance or achievements of FUTUREPF to differ from the results, performance or achievements expressed or implied in this presentation.
Certain matters referred to in this presentation are subject to approval and/or have not been finalized. These include, but not limited to the approval of the
Securities and Exchange Commission (“Thai SEC”) and/or the Stock Exchange of Thailand (“SET”) for the Initial Public Offering of FUTUREPF, and the
finalization of the lease agreement for properties and other relevant documents. Additionally, some figures referred to in this presentation are also not final
and pending finalization of the financial statements of FUTUREPF. Accordingly, information contained in this presentation may be subject to changes,
resulting in such or other matters to differ from what are stated, expressed or implied in this presentation. This presentation is made, furnished and
distributed for information purposed only. No part of this presentation shall be relied upon directly or indirectly for any investment decision-making or for any
other purposes thus no representation, warranty or undertaking, expressed or implied, is made in relation to this presentation.
Agenda
• Overview of Future Park Rangsit
• Overview of FUTUREPF
• Investment Highlight
• FUTUREPF Financial Forecast
• Offering Summary
• Appendix
Overview of Future Park Rangsit:
Map of Bangkok
¿
North
Donmoung
Airport
Suvannaphumi
Airport
Catch Area
Within a 20 Km radius:
Thammasart U.
Bangpa-in
¿
North, Northeast
Bangpa-in
Ro
ad
va
de
eRa
ng
sit
Vi
bh
a
Ch
a
ng
wa
tt
an
a-B
an
gp
a-i
n
Bangna-Bangpa-in Outer Ring
Ex
pre
ss
Wa
y
North
Bangkok
Bangna-Chonburi
University
M
Air Force Base
Single Detached House
Educational institute & College
G
New Government Center
Industrial Park, Museum, & Office building
• There is no large shopping
complex in 20 Km radius
• During 2003 – 2006, there are
approximately 440 property
development projects comprising
79,257 residential units That 27%
are up to 3 million baht per unit
and 45% are single home.
• In aggregate, there are 22
universities, educational
institutes, and colleges
comprising approximately
170,000 students in total
• Currently, there are 30
government and government
related offices totaling
approximately 195,000 officers
• There will be another 25
government and government
related offices to be completed in
2007, totaling approximately
60,000 officers
Location Map
Assets Overview
Future Park Rangsit
Address:
94 Paholyothin Road, Pathumthani 12130, Thailand
Description
Future Park Rangsit is one of the leading shopping malls in Thailand, located on 108
rai 1 ngan 67.5 sq.wah (42.87 acres) plot of land and in strategic suburban location in
the northern part of Bangkok, which consists of a 5-storey block and 7-storey block car
park behind the mall and outdoor car park with parking space of up to 7,000 cars.
Future Park Rangsit is a lifestyle entertainment complex and is the only one shopping
mall in Thailand that consists of 2 department stores and 1 supercenter.
Year of Construction Completion:
1995
As of June 30, 2006
Mall1 (sq.m.)
Lettable Area
179,157
Common Area
48,191
7,583
40,608
- Promotion Area
- Non Promotion Area
Total Plaza Area
227,348
Service Area
56,281
Car Park
215,640
Total
499,269
Occupancy Rate2
97%
Number of Tenants3 (unit)
542
Note:
1
Include FUTUREPF
Not include promotion area
3 Not include promotion area, but equal to 882 tenants if include number of tenants in promotion area
2
Highlight of Future Park Rangsit
• Strategic location: accessibility and rapid growth in residential surrounding area
• Future Park Rangsit, comprising 2 department stores and 1 supercenter, accounts for around 6.4% of total
retail area in Bangkok and its vicinity
• Future Park Rangsit is a well-structured retail property as it has clear and complete zoning such as fashion,
IT, and lifestyle boutique service, etc
• Future Park Rangsit has 300 branded fashion shops, 60 restaurants to suit customers’ appetite, 12 banks to
facilitate all kind of financial transactions, and 126 mobile shops
Accessibility
• Located on Paholyothin road, a 10-lane highway links from Bangkok to Ayudthaya, Pathumthani,
Paholyothin
Paholyothin Road
Road
Express
Express way
way
((Udonrattaya)
Udonrattaya)
Udonrattaya)
Nakornnayok, and Saraburi. The road is gateway to northern part and northeastern part of
Thailand, which are approximately 56 provinces in the northern and northeastern parts of
Thailand
• Rangsit-Pathumthani road connects to Udonrattaya express way which has an exit on
Bangpoon where it is only 3 kilometers away from Future Park Rangsit
• East outer ring exits at Rangsit-Nakornnayok road and it is approximately 10 kilometers away
Outer
Outer Ring
Ring Road
Road
Tollway
Tollway
((Utrapimook)
Utrapimook)
Utrapimook)
Rangsit
Rangsit Interchange
Interchange
Bridge
Bridge
from Future Park Rangsit
• Tollway (Utrapimook) is constructing the Exit next to Future Park Rangsit. That construction is
expected to be completed in 2008
• Connect Paholyothin road with Rangsit-Nakornnayok road to east outer ring
• Rangsit-Patumthani road passes through SRT to connect with Udonrattaya express way
• The construction will be completed in 2008
• Upon completion, SRT (Red Line) sky train will lie adjacent to Future Park Rangsit building
SRT
SRT (Red
(Red Line)
Line)
Sky
Train
Sky Train
approximately 2 kilometers from the building. Future Park Rangsit may also be used as Park
and Ride
• The project is expected to be completed in the foreseeable future
Potential Customer
Number of houses in surrounding area
Number of population in surrounding area
(person : million)
(house : million)
6.00
2.00
1.80
5.00
4.34
4.00
0.85
4.37
0.87
4.47
4.49
1.60
1.58
0.26
0.88
0.86
1.40
1.71
1.78
0.27
0.28
1.64
0.25
1.20
3.00
1.00
1.95
1.95
1.98
0.69
0.72
0.74
0.78
0.64
0.66
0.69
0.72
2003
2004
2005
2006
2.02
0.80
2.00
0.60
0.40
1.00
1.53
1.55
1.61
1.61
0.20
0.00
0.00
2003
20 k.m. Radius
Source: RSP
2004
40 k.m. Radius
2005
2006
20 k.m. Radius
Saraburi & Nakornnayok
Source: RSP
40 k.m. Radius
Saraburi & Nakornnayok
Customer Profile
Occupation of customers
Age of customers
Occupation
2006
2005
2003
Age
Students
38%
42%
49%
Corporate Officers
37%
32%
25%
Business Owners
18%
14%
7%
Government Officers
5%
7%
8%
Factory Workers
0%
4%
9%
Housewife
2%
1%
2%
Source: RSP
2006
2005
2003
13 – 17
5%
8%
7%
18 – 22
35%
38%
42%
23 – 29
23%
24%
26%
30 – 39
23%
19%
17%
40 +
14%
11%
8%
Source: RSP
Family Incomes of Customers
THB/month
2006
2005
2003
20,000 – 29,999
21%
21%
48%
30,000 - 39,999
22%
24%
15%
40,000 – 49,999
13%
19%
8%
50,000 +
44%
36%
29%
Source: RSP
Customer Profile (Cont’d)
Average Customers & Cars Total per day
Average Spending per visit
person & cars
(thousand)
(THB/visit)
1,787
1,800
140
128.9
130.0
127.5
1,600
118.4
120
1,400
101.6
100
1,696
93.4
86.2
1,200
80
1,007
1,000
60
800
600
40
31.9
20
18.3
19.9
23.7
31.5
30.5
28.3
400
200
0
2000
2001
2002
2003
2004
2005
2006
0
Average cars per day
Source: RSP
2003
Average customers per day
Source: RSP
2005
2006
Anchor Tenants
Type
Net Lettable Area2
Occupied (sq.m.)
% of Net Lettable Area2
Robinson
Department store
41,611
23.2
Central
Department store
33,851
18.9
Big C
Super center
19,693
11.0
EGV3
Cinema
4,540
2.5
Food & Beverage
3,575
2.0
Fitness center
2,740
1.5
Shell Auto Serve
Car care
1,576
0.9
IT City3
IT store
1,360
0.8
108,946
60.8
Anchor Tenant 1
Food Fair
Fitness First3
Total
Note: 1 Anchor tenant is the store with area over 1,000 sq.m.
2 Total lettable = 179,157 sq.m.
3 Include in FUTUREPF
Future Park Rangsit Merchandise Profile
Customer Behavior (2005)
Retailers by Sectors (As of June 30, 2006)
70%
64%
60%
Entertainment
3%
Food & Beverage
10%
Fashion,
Health, & Beauty
7%
Furniture
2%
Department
stores &
supercenter
53%
IT & Mobile
4%
50%
40%
30%
Services
12%
18%
20%
Vacant
3%
Others
6%
11%
10%
4%
3%
0%
Shopping
Source: RSP
Source: RSP
Dining Out
Services
Meeting Point
Movie
Operation Overview
Historical Revenue & EBITDA Margin
Historical Rental and Occupancy Rate
(THB mm)
(THB/sq.m/month)
43.0%
1,400
40.6%
41.5%
41.4%
45%
1,000
40%
900
97.4%
97.6%
97.4%
96.9%
100%
95%
1,200
1,040
35%
800
90%
706
986
1,000
759
746
700
917
672
85%
30%
849
800
600
80%
500
75%
400
70%
300
65%
200
60%
5%
100
55%
0%
0
25%
20%
600
15%
400
10%
200
0
2003
2004
sales
Source: RSP
2005
EBITDA Margin
2006E
50%
2003
2004
Average Rental
2005
1H2006
Occupancy Rate
Source: RSP
Note: - Exclude promotion area and long term tenants
- Occupancy rate in 1H2006 dropped due to renovation area of 1,074 sq.m.
Competitive Strength
Strategic
Locations
Diverse Tenant
Trade Sectors
High Occupancy
Rates
Sustained
Growth in
Average Rent
High Quality
Tenant Base
Long Average
Lease Duration of
Anchor Tenants
Agenda
• Appendix
Overview of FUTUREPF:
Introduction
• FUTUREPF is the first retail property fund to be launched in 2006 and it is expected to be the
second largest property fund in terms of fund size, based on its average appraisal value of
THB 4,869 million
• FUTUREPF is an alternative investment opportunity in one of Bangkok's most prominent
shopping complex
• Future Park Rangsit is the largest shopping mall in the north of Bangkok and is the second
largest in Bangkok and its vacinity
• Underlying initial assets of FUTUREPF are 29% and 100% of Future Park Rangsit's lettable
area and common area (promotion area), respectively, totaling salable area of 60,156 square
meters
• Anchor tenants of Future Park Rangsit include some of Thailand's leading retail chains such as
Central, Robinson, and Big C. Heavy traffic generated from such strong cluster of well-known
brands helps ensure high occupancy rate and attractive rental rate for the remaining lettable
areas of Future Park Rangsit
• FUTUREPF offers investors with an attractive forecasted distribution yield of 9.60% in 2007
and 10.00% in 2008
Initial Assets
Property
1. Leasehold right
2. Right to use and seek
benefit on common
areas
Note:
1
Details
Tenure
Shopping Mall, partial
areas of Future Park
Rangsit with salable
area of 60,156 sq.m.
Approximately 20
year term, expiring
December 31, 2026
CB Richard Ellis: THB 5,111 million
American Appraisal: THB 4,626 million
2 Not include promotion area
Average Appraisal
Value1
Occupancy Rate
(as of June 30, 2006)
THB 4,869 million
95.2%2
Initial Assets (Cont’d)
As of June 30, 2006
Anchor Tenants1
Retail Tenants
Vacant2
Net Lettable Area3
Occupancy Rate4 (%)
Common Area
- Promotion Area
- Non Promotion Area
FUTUREPF (Sq.m.)
8,641
16.4
41,398
78.7
2,534
4.8
52,573
100.0
-
95.2
48,191
7,583
40,608
Average Rental4 (THB/sq.m./month)
759
Number of Tenants5 (unit)
419
Salable Area
Note:
1
60,156
Anchor tenant is the store with area over 1,000 sq.m. (Currently, there are EGV, Fitness First, and IT City in FUTUREPF)
Include renovation area of 1,074 sq.m. or equal to 2.0% of net lettable area
3 Total lettable area of Future Park Rangsit is 179,157 sq.m.
4 Not include promotion area
5 Not include promotion area, but equal to 756 tenants if include number of tenants in promotion area
2
% of Net Lettable Area
Tenants Profile
Diverse Tenant Trade Sectors (As of Dec 31, 2006)
Source: RSP
Details of Tenancy Expiry (As of June 30, 2006)
Expiration
(year)
Net Lettable Area
(sq.m.)
%
Renovation
1,074
2.0
Vacant
1,460
2.8
FY 2006
9,916
18.9
FY 2007
12,580
23.9
FY 2008
12,250
23.3
FY 2009
8,012
15.2
FY 2010+
7,281
13.9
Total
52,573
100.00
Source: RSP
Parties Involved in FUTUREPF
Property:
Property:
Future
Future Park
Park Rangsit*
Rangsit*
Thai
Thai SEC
SEC
•• Lettable
Lettable area
area 52,573
52,573 sq.m.
sq.m.
•• Common
Common area
area 48,191
48,191 sq.m.
sq.m.
Supervise & Regulate
–– Promotion
Promotion area
area 7,583
7,583 sq.m.
sq.m.
–– Non-promotion
Non-promotion area
area 40,608
40,608 sq.m.
sq.m.
Fund
Fund Manager
Manager
(ING
(ING Funds)
Funds)
Property
income
Manage
property
Property
Property Manager
Manager
(RSP)
(RSP)
Structure &
Advise
Manage
Listing
Property Management
service
Financial
Financial Advisor
Advisor
(BLS)
(BLS)
SET
SET
Holding of units
Investors
Investors
(including
(including RSP)
RSP)
FUTUREPF
FUTUREPF
Appraise
Appraisers
Appraisers
(CBRE
(CBRE &
& AA)
AA)
Registrar
Services
Registrar
Registrar
(ING
(ING Funds)
Funds)
* Leasehold right and right to use and seek benefit on common areas
Monitor
Trustee
Trustee
(TMB
(TMB Bank)
Bank)
Audit
Auditor
Auditor
(PWC)
(PWC)
Parties Involved in FUTUREPF (Cont’d)
Entity
Property Manager:
Duties
•
Rangsit Plaza Co.,Ltd
•
Fund Manager & Registrar
Management and administration
of rental
Marketing and marketing
coordination service
• Management and administration
of Property Fund
ING Funds (Thailand)
Co.,Ltd
• Registrar services of Unitholders
Trustee:
• Safeguards the rights and interest
TMB Bank PLC
Fees
•
Annual rental collection fee at no more than 3% of net rental
•
Annual performance fee at no more than 2.35% of net property
income
•
Annual management fee at no more than 0.3% of NAV
•
Commission fee at no more than 1.5 months of rental or no more
than 4% of revenue from daily rental
• Annual management fee at no more than 1% of NAV
• Annual registrar fee at no more than 0.10% of NAV
• Annual trustee fee at no more than 0.50% of NAV2
of Unitholders
• Exercise all power as Trustee
Appraisers1:
CB Richard Ellis
(Thailand) Co., Ltd
• Appraise FUTUREPF every two
• Appraisal fee is subject to negotiation
years
• Review FUTUREPF every year
American Appraisal
(Thailand) Limited
Auditor:
PricewaterhouseCoopers
ABAS Ltd.
Note:
1
• Review and audit financial
• Audit fee is subject to negotiation
statement of FUTUREPF
Fund Manager shall not appoint any Appraisal Firm to conduct an appraisal of the same immovable property or leasehold right no more than two consecutive occasions
2
Exclude legal fees and other expenses of not exceeding Baht 300,000 per time and site visit expenses of not exceeding Baht 30,000 per time
Sponsor
• Rangsit Plaza Company Limited (“RSP”) is one of Thailand’s leading retail property operators
through brand “FUTURE PARK”
• Major shareholder of RSP is the Wanglee family (holding 84% in RSP) which is a well known
and established family in Thailand. Wanglee family is in conglomerates business
• RSP was established on December 23, 1991 with a registered and fully paid-up capital of THB
400 million
• RSP has leased a piece of land from the Wanglee family with an area of 108 rai 1 ngan 67.5
sq.wah (42.87 acres) for a 35 year term with the remaining life of approximately 20 years,
expiring on December 31, 2026
• RSP constructed shopping complex called Future Park Rangsit and operates a business of
leasing-out and renting-out retail spaces
• RSP, as a sponsor, has agreed to invest in 33% of property fund size, which is the maximum
percentage that the sponsor is allowed to invest under the Thai SEC regulations
Agenda
• Appendix
Investment Highlight:
Investment Merits
• FUTUREPF will offer relatively high yield which is expected to be
Attractive
Attractive Yield
Yield and
and
Stable
Distributions
Stable Distributions
higher than average yield of Thai Property Fund
• Dividend payout of 90% of distributable income is the minimum
percentage required by the Thai SEC regulations
• Part of retail spaces in FUTUREPF are under the renovation. This
Ability
Ability to
to Demonstrate
Demonstrate
Growth
Growth
renovation will be gradually completed
• This presents a potential opportunity for FUTUREPF to increase rental
space and rental rate
Asset
Asset Enhancement
Enhancement Plans
Plans
• Several asset enhancement plans to improve the property income and
profit in the future
• Highly qualified of professionals with experience in retail property and
financial markets
Experienced
Experienced Management
Management
• Property Manager : Rangsit Plaza Co., Ltd
• Fund Manager: ING Funds (Thailand) Co., Ltd
Investment Merits (Cont’d)
• Sponsor has agreed to invest in 33% of property fund size, which is the
maximum percentage that the sponsor is allowed to invest under the
Thai SEC regulation
Strong
Strong Sponsorship
Sponsorship
and
and Support
Support
• The Sponsor has granted FUTUREPF a right of first refusal of
– Lease extension if the Sponsor is able to get land-lease extension
– Acquisition of properties developed by the Sponsor
– Acquisition of expired leaseable areas
• Listed on the SET with sizable fund size offering trading liquidity on the
secondary market
Exceptional
Exceptional Investment
Investment
Vehicle
Vehicle
• Enhanced corporate governance and transparency through the Thai
SEC and the SET regulation
• Attractive tax benefit; FUTUREPF is not subject to corporate income
tax
Curriculum Vitae of
Board of Directors and Management
Name
Name
Title
Title
Experience
Experience
Chairman
Chairman
••
••
••
Chairman,
Chairman, The
The Navakij
Navakij Insurance
Insurance Plc.
Plc.
Chairman,
Chairman, Thai
Thai Reinsurance
Reinsurance Plc.
Plc.
Director,
Director, Board
Board of
of Trade
Trade of
of Thailand
Thailand
Mr.
Mr. Sukit
Sukit Wanglee
Wanglee
Director
Director
••
••
••
Chairman,
Chairman, Poonphol
Poonphol Co.,Ltd.
Co.,Ltd.
Chairman,
Chairman, Rojana
Rojana Industrial
Industrial Park
Park Plc.
Plc.
Vice
Chairman,
Loxley
Plc.
Vice Chairman, Loxley Plc.
Mr.
Mr. Manit
Manit Udomkunnatum
Udomkunnatum
Director
Director
••
••
••
Chief
Chief Executive
Executive Officer,
Officer, Home
Home Product
Product Center
Center Plc.
Plc.
Chief
Executive
Officer,
Robinson
Plc.
Chief Executive Officer, Robinson Plc.
Director,
Director, Phuket
Phuket Resort
Resort Club
Club Co.,Ltd.
Co.,Ltd.
Mr.
Mr. Suchin
Suchin Wanglee
Wanglee
Ms.
Ms. Pimpaka
Pimpaka Wanglee
Wanglee
Mr.
Mr. Ronnayuth
Ronnayuth Sirichotikul
Sirichotikul
Mrs.
Mrs. Ratana
Ratana Ananthanuphong
Ananthanuphong
Director
Director and
and
Chief
Chief Executive
Executive
Officer
Officer
Director
Director and
and
Chief
Financial
Chief Financial Officer
Officer
Vice
Vice President
President
Marketing
Marketing
•• Join
Join RSP
RSP since
since 1992
1992
•• Investment
Banking,
Investment Banking, Finance
Finance One
One Plc.
Plc.
•• Join
Join RSP
RSP since
since 1992
1992
•• Assistance
Manager,
Assistance Manager, Krung
Krung Thai
Thai Bank
Bank Plc.
Plc.
••
••
••
Over
Over 10
10 years
years experience
experience of
of retail
retail business
business
Marketing
Marketing Director,
Director, Lion
Lion Art
Art Co.,
Co., Ltd.
Ltd.
Senior
Senior Marketing
Marketing Manager,
Manager, The
The Mall
Mall Group
Group Co.,
Co., Ltd.
Ltd.
Attractive Yield - Thai Property Fund
Comparative Yield of Retails Property Fund
Thai Property Fund Highlights
• Currently, there are 8 property funds in
9.60%
10.00%
Thailand divided into four types that are retails,
office, factory/warehouse, and residential
9.00%
7.58%
8.00%
7.00%
• The average yield of Thai property fund is
6.00%
5.00%
7.05%. The average yield of retails, office,
factory/warehouse, and residential are 7.58%,
8.74%, 8.48%, and 9.01% respectively
4.00%
3.00%
2.00%
1.00%
0.00%
FUTUREPF
1
• Only 2 out of 8 property funds in Thailand that
CPNRF
have fund size over THB 4,000 million
Remark: 1 expected minimum yield of FUTUREPF
Source: SET (as of October 30, 2006)
Net Lettable Area (sq.m.)
Promotion Area (sq.m.)
Salable Area (sq.m.)
Average (CBRE&AA) (THB mm)
Average (CBRE & AA) (THB per sq.m.)
FUTUREPF
FUTUREPF
(exclude anchor
tenants)
Cental Rama II
Cental Rama II
(exclude anchor
tenants)
52,573
43,932
92,582
43,266
7,583
7,583
1,180
1,180
60,156
51,515
93,762
44,446
1
4,869
4,625
80,931
89,781
Note:
1 Exclude anchor tenants of 8,641 sq.m. (14% of salable area) which contribute 5% of revenue
2 95% of total appraisal value
3 Exclude anchor tenants of 49,316 sq.m. (53% of salable area) which contribute 25% of revenue
4 75% of total appraisal value
2
5,847
4,385
62,360
98,665
3
Cental Rama III
38,402
1,533
39,935
4
4,591
114,962
Attractive Yield - Compared to Foreign Property Fund
Comparative Yield
REIT
9.00%
10 year Government Bond
3
8.00%
7.39%
4
7.05%
7.00%
5.98%
2
6.00%
5.16%
5.02%1
5.00%
4.00%
4.00%
4.03%
3.22%
3.00%
2.00%
1.00%
0.00%
Source:
Bloomberg
Remark:
1
Singapore
Hong Kong
Premium of 180 bps
Premium of 198 bps
Malaysia
Premium of 336 bps
Thailand
Premium of 189 bps
2006E average distribution yield of Singapore REITs (Ascendas, Capitacommercial Trust, Capitamall Trust, Suntec, Mapletree Logistics, Macquarie MEAG Prime, Fortune, Allco,
Cambridge and CDL Hospitality)
2 2006E average distribution yield of Hong Kong REITs (Link, Prosperity, Champion and GZI)
3 2006E average distribution yield of Malaysia REITs (Axis, Starhill, UOA, Tower and Al-Aqar KPJ)
4 2006E average distribution yield of Thailand REITs
Asset Enhancement Plans
• Improvement in Infrastructure
External
External Factors
Factors
•
Rangsit Interchange Bridge
•
SRT (Red Line): From Bangsue to Rangsit
• New potential customer
•
Government Officer Center in Changwattana
•
Increase in higher income residence
• Maximized return from salable area
Internal
Internal Factors
Factors
•
Renovation and improvement on shopping mall image
•
Modify and increase salable area
•
Zoning
Tax Benefit Applied to Unitholders
Type
Type of
of Holder
Holder
Tax
Tax on
on Dividend
Dividend
Tax
Tax on
on Capital
Capital Gains
Gains
No
No **
Include
Include to
to revenue
revenue
Half
Half of
of dividend
dividend will
will be
be included
included
to
to revenue
revenue **
Include
Include to
to revenue
revenue
No
No withholding
withholding tax
tax
No
No withholding
withholding tax
tax
10%
10% withholding
withholding tax
tax
No
No
Listed
Listed Company
Company
Non
Non –– Listed
Listed Company
Company
Foreign
Foreign Company
Company
Individual
Individual
* If hold at least 3 months before and after the dividend payment date
Agenda
• Appendix
FUTUREPF Financial Forecast:
Financial Forecast
• Projected Profit and Loss statements are prepared under historical basis and in compliance
with Thai generally accepted accounting principles under the Accounting Act B.E. 2543, being
those Thai Accounting standards issued under the Accounting Profession Act B.E. 2547, and
examined by PWC
• Invested properties
– Leasehold of Future Park Rangsit Building totaled 52,573 sq.m.
– Right to use and seek benefit on common areas of Future Park Rangsit Building, totaled
48,191 sq.m.comprising 7,583 sq.m. of promotion areas and 40,608 sq.m. of non-promotion
areas. (as of June 30, 2006)
• Tenants profile of leasehold areas of 52,573 sq.m. (“Lettable Areas”)
• Anchor tenants are stores with area of more
Tenant Profile
Vacant Renovation areas
2%
3%
Anchor tenants
16%
than 1,000 sq.m. Currently, there are 3 anchor
tenants in FUTUREPF, which are EGV,
Fitness First, and IT City, with 8,641 sq.m. or
16% of total lettable areas
• There are 416 retail shops occupying the
41,398 sq.m. areas, or accounting for 79% of
total lettable areas
Retails
79%
Financial Forecast (Cont’d)
Property Revenue Projection
Key Assumption
(THB mm)
Revenue from Lettable Areas
4.23%
CAGR =
800
688.39
662.53
700
633.68
• Renewal Rate: 80%
600
211.20
• Rental Rate: based on historical data
216.40
224.83
• Occupancy Rate: 95% in Dec 2006 and 96% in
2007 and 2008 for Retails, 100% for anchor
tenants
500
400
• Growth: 5% in 2007 and 4% in 2008 onward
300
446.13
463.56
422.48
Revenue from Common Areas
• Comprise revenues from Kiosk and promotion
200
areas, etc
100
0
2006*
Revenue from Lettable Areas
2007
2008
Revenue from Common Areas
* Annualized based on projected Dec 2006 performance
Financial Forecast (Cont’d)
Property Expenses Projection
Key Assumption
(THB mm)
Property Expenses
250
CAGR = 2.20%
202.22
206.16
• Approximately 15% of property revenue
211.20
• Major composition of property expenses are
marketing expenses, property management
expenses, property tax, and insurance
expenses
200
150
105.18
107.11
105.18
Property Fund Expenses
100
50
• Approximately 16% of property revenue
97.04
104.09
100.94
management fees, property management fees,
trustee fee , registrar fee, auditor fees,
appraiser fees, property management fees,
issuance costs.
0
2006*
Property Expenses
• Property Fund expenses are property fund
2007
2008
Financial Forecast Summary
Unit : (THB mm)
Dec 2006
2006*
2007
2008
Revenue
52.81
633.68
662.53
688.39
Property Expenses
(8.09)
(97.04)
(100.94)
(104.09)
Net Property Income
44.72
536.64
561.59
584.30
(8.83)
(105.18)
(105.18)
(107.11)
148.04
542.90
580.02
597.33
4.04
48.47
48.47
48.47
(112.15)
(112.15)
(123.62)
(120.12)
Distributable Income
39.93
479.22
504.87
525.67
Expected Dividend – 90%
35.94
431.29
454.39
473.10
Net Income
Add amortization of Issuance costs
Add Unrealized (gain) or loss on
reappraised value
Remark: Final number maybe change subject to bookbuilding yield
Agenda
• Appendix
Offering Summary:
Offering Structure
FUTUREPF
FUTUREPF
33%
Sponsor
Sponsor
67%
Public
Public Offering
Offering
Small lot first
Domestic
Domestic
International
International
Offering Summary:
The Offering
Name
Future Park Property Fund (“FUTUREPF”)
Assets
20-year leasehold right and right touse and seek benefit on partial areas of Future Park Rangsit
Type
Property Fund Type I
Sponsor / Property Manager
Rangsit Plaza Company Limited
Financial Advisor
Bualuang Securities Public Company Limited
Fund Manager / Registrar
ING Funds (Thailand) Company Limited
Trustee
TMB Bank Public Company Limited
Auditor
PricewaterhouseCoopers ABAS Limited
Appraisers
CB Richard Ellis (Thailand) Company Limited
American Appraisal (Thailand) Limited
Lead Underwriter
Bualuang Securities Public Company Limited
Fund Size
Baht 4,733.161 million
IPO Size
Baht 3,171.218 million
Issue Price
Baht 10 per unit
Secondary Market
Stock Exchange of Thailand (“SET”)
Allocation Mechanism
Small Lot First (Minimum 5,000 units and multiples of 500 units)
Offering Summary:
Indicative Timetable
Key dates
Process
SEC Approve
18 Oct 06
Local Roadshow
2 – 20 Oct 06
Start
W1
1 SEC Approval Process
- SEC approves the application
20-Oct
- Submit final pricing and underwriting agreement to the SEC
6-Nov
- Filing effective
6-Nov
2 Marketing Process
Int’l Roadshow
23 Oct - 1 Nov 06
Subscription
9 – 17 Nov 06
Settlement
20 – 24 Nov 06
- Local Roadshow
2-Oct
20-Oct
- International Roadshow
25-Oct
1-Nov
- Public Roadshow
7-Nov
3 IPO Process
- Pricing and allocation
2-Nov
- Sign underwriting agreement
7-Nov
- Subscription period
9-Nov
17-Nov
- Fund Settlement and Registration
23-Nov
24-Nov
4 SET Approval Process
Listing
7 Dec 06
October
Finish
- SET announcement of new security listed
5 Trading commences
Holiday
Dec
Dec
6-Nov
W2
W3
November
W4
W1 W2
W3
W4 W5
December
W1
W2
W3
W4
Agenda
• Appendix
Overview of Retail Property Market:
Retail Property Market
Retail Supply
Retail Market Highlights
(thousand sq.m.)
• Retail property is divided into three locations: 1)
2,500
Downtown 2) Midtown 3) Suburbs, The stock in
suburbs , midtown, and downtown areas
accounted for 39.5%, 39%, and 21.5% of the
total stock, respectively
2,000
• The total retail spaces in Bangkok increased to
4.41 million sq.m., Department stores, malls,
and superstores accounted for 28.92%,
48.26%, and 22.8% of the total stock,
respectively (in the first quarter of 2006)
1,500
1,000
• The average retail center vacancy rate in
Bangkok remained unchanged at 5.7% in the
first quarter of 2006
500
• The retail stock of department stores has been
Source: CB Richard Ellis
Superstore
2005
2004
2003
2002
2001
Mall
1Q2006
Department store
2000
1999
1998
1997
1996
1995
1994
0
declining since the financial crisis, with the
closure of many second tier operations and the
conversion of space into superstores and
specialty stores
Overview of Retail Property Market:
Rental Rate
Ground Floor
(THB/sq.m./month)
Upper Floor
(THB/sq.m./month)
Shophouses
1,200-2,500
400-600
Shopping Malls
1,800-3,000
1,500-2,800
Superstores
1,000-1,200
800-1,000
Midtown
1,500-2,700
1,000-2,200
Suburbs
1,200-1,500
800-1,200
Area
Downtown
Source: CBRE Research and Consulting Services (As of Q1 2006)
• The rental rate varies, subject to the type of business, the area occupied, location of the outlet within the
center, customer traffic, etc

Future Park Property Fund “FUTUREPF”

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