ANNUAL REPORT 1 JANUARY 2011 – 31 DECEMBER 2011
T.U. DOME RESIDENTIAL COMPLEX LEASEHOLD PROPERTY FUND
TRANSLATION This Annual Report is executed in a text using the Thai language which shall be the governing language.
Annual Report For the Period of 1 January 2011 – 31 December 2011
Table of Contents
Page
Statement from the Asset Management Company
1
T.U. Dome Residential Complex Leasehold Property Fund
2
Portfolio Valuation
6
Details of Property Invested by the Fund
7
Details of Purchasing and Leasing of Properties
8
Property Disposal or Leasehold Rights Transfer
8
Dividend Payment and Capital Reduction History
9
Property Market Outlook
10
Total Expenses as called from Property Fund
13
Name List of Fund Manager
14
List of Related Persons having transactions with the Funds managed by ING Funds (Thailand) Company Limited
14
Details of the Return on Investment Receipt
15
Supervisor Report
18
Auditor Report
20
ING Funds (Thailand) Co., Ltd.
T.U. DOME RESIDENTIAL COMPLEX LEASEHOLD PROPERTY FUND
Annual Report For the Period of 1 January 2011 – 31 December 2011 1
Statement From the Asset Management Company 30 April 2012 To Unitholders of T.U. Dome Residential Complex Leasehold Property Fund As we have managed of T.U. Dome Residential Complex Leasehold Property Fund for the accounting year ended 2011, we kindly submit the Annual Report with the “Auditor Report” and the “Supervisor Report” for the period of 1 January 2011 – 31 December 2011. The reports include all the details of our current portfolio and description on invested property to all of our unitholders. For this financial period, the auditor, however, has issued a qualified opinion financial statement toward the fund, a briefly summarized as follow:As at December 31, 2011, the Fund has accrued rental income in the amount of Baht 2.72 million, which the Property Manager inform that it was the rental income in December 2011, which should be presented as accrued rental income. When the auditor audited some relevant documents, the auditor found that there were some items that should be deducted from the rental income received in advance account. Because, there were the limitations that the Property Manager can not provide the related documents for auditing. As a result, the auditor was unable to satisfy himself as to the accrued rental income and its related accounts by substantive auditing procedures. In the auditor opinion, except for the effects of such adjustment, if the auditor was able to audit the matters above, the financial statements referred to above present fairly, in all material respects, the financial position of T.U. Dome Residential Complex Leasehold Property Fund as at December 31, 2011 and 2010 and the results of its operation, changes in its net assets and cash flows for the years then ended and significant financial information for the years ended December 31, 2007 to 2011, in accordance with generally accepted accounting principles.
T.U. DOME RESIDENTIAL COMPLEX LEASEHOLD PROPERTY FUND
Annual Report For the Period of 1 January 2011 – 31 December 2011 3 T.U. Dome Residential Complex Leasehold Property Fund Abbreviation as “TU-PF” The Asset Management Company ING Funds (Thailand) Co., Ltd Type of the Fund Project Closed-end Property fund Fund Maturity Not Specified Objectives of the Fund Project The objective of the project is to raise funds from general investors, both individuals and juristic persons, locally and internationally. The funds raised will be used to purchase, rent, sub-rent or acquire immovable property and/or leasehold right and/or sub-leasehold right and acquire benefits from such immovable property, including improvement, change, enhancement and/or disposal of assets that the Fund has invested in or acquired, including leasing, subleasing and/or selling or doing any other thing for the benefits of the assets, so as to generate income and remuneration to the Fund and the unitholders, including investment in other properties and/or securities and/or acquisition of other legal fruits thereof by any other means under the securities laws and/or any other applicable laws. Investment of the Fund First Investment The Fund plans to raise funds to invest in the dormitory and service apartment project, which are being constructed on land owned by Thammasat University (Rangsit Campus). The Fund expects that the project will be able to accommodate residential demands of students, lecturers and scholars that have been increasing every year, and to organize dormitories and residence of students and personnel up to standard suitable for control of environment and security. After completion of the construction of the dormitory and service apartment project, the Fund will rent the leased properties from Thammasat University for a tenor of approximately 30 years so as to acquire benefit thereof mainly by subleasing the properties and servicing to students, lecturers and scholars. Preliminarily, Thammasat University will act as the property manager of the dormitories and service apartments for the Fund. The Fund may appoint other property manager
T.U. DOME RESIDENTIAL COMPLEX LEASEHOLD PROPERTY FUND
Annual Report For the Period of 1 January 2011 – 31 December 2011 4 to manage the commercial areas for shops and recreation areas (if any), e.g. retail shops, supermarkets, restaurants, theater or bowling hall (if any) etc. During the time the dormitory and service apartment project has not yet completed, the Fund will invest money in the government instruments, debt instruments and/or deposits as it may deem appropriate. (Please see the details of “Investment Policy” in the Prospectus) Dividend Payment Policy The Fund Project pays dividend to unitholders at least twice a year. (1) If the Fund reports a net profit in any accounting period, the Management Company shall pay dividend to unitholders at the rate of no less than 90 percent of the net profit not including unrealized profit from appraisal or reviewed appraisal of real estate or leasehold rights to real estate for the said accounting period. (2) If the Fund reports retained earnings in any accounting period, the Management Company may also pay to unitholders dividend from the said retained earnings. Provided that dividend payment under (1) shall not increase the Fund’s accumulated loss for the accounting period when dividend is paid. Dividend payment under (1) and (2) by the Management Company shall be completed within 90 days of the end of the accounting period when dividend is paid. In the event that the Management Company is unable to make payment by the time specified above, the Management Company shall inform unitholders and the Office of the SEC in writing. In consideration of dividend payment, if the dividend per investment unit to be paid during a fiscal year period is lower than or equal to Baht 0.10, the Management Company reserves the right not to pay such dividend for that period whereby such dividend shall be carried forward for payment at the end of the fiscal year period. (Please see the details of “Terms, Policy, and Procedures for Paying Dividends to Unitholders” in the Prospectus)
T.U. DOME RESIDENTIAL COMPLEX LEASEHOLD PROPERTY FUND
Annual Report For the Period of 1 January 2011 – 31 December 2011 5 Capital of the Fund Project
:
1,065,000,000 Baht
Number of Investment Units
:
106,500,000 million units
Registered Capital of the Fund Project
:
1,042,298,000 Baht
Registered Number of Investment Units :
104,229,800 units
Type of Investment units
:
Holder name specified
Supervisor
:
Siam City Bank Plc. (Effective till 31 August 2011)
:
Thanachart Bank Plc. (Effective from 1 September 2011)
Investment Units Registrar
:
ING Funds (Thailand) Co., Ltd.
Fund Advisor
:
-None-
Property Manager
:
Thammasat Property Management Office Interzone Building, 99 Moo 8, Klong Nueng Sub-District, Klong Luang District, Patumthani 12120 Tel (02) 151-2999
The Asset Management Company has prepared and gathered information on the Fund, e.g., prospectus, general information of the funds, properties invested by the Fund, performance results, press releases and dividend payments record, etc., for dissemination to investors. More information can be viewed at www.ingfunds.co.th. Any expenses for preparation and dissemination of said information will be collected from the Fund.
T.U. DOME RESIDENTIAL COMPLEX LEASEHOLD PROPERTY FUND
Annual Report For the Period of 1 January 2011 – 31 December 2011 6
T.U. Dome Residential Complex Leasehold Property Fund Portfolio Valuation AS at 31 DECEMBER 2011 ASSETS 1. BANK DEPOSIT 2. P/N, B/E, T-BILL AND BOND PROMISSORY NOTES AND BILLS OF EXCHANGE - DIRECT ISSUE PROMISSORY NOTES AND BILLS OF EXCHANGE - AVAL BOND TREASURY BILL TOTAL 3. INVESTMENT IN PROPERTY PROPERTY LEASEHOLD RIGHTS TOTAL 4. OTHER ASSETS ACCRUED INTEREST OTHER RECEIVABLES DEFERRED CHARGES OTHER ASSETS ACCRUED RENTAL INCOME TOTAL TOTAL ASSETS 5. LIABILITIES ACCRUED FEES AND EXPENSES ACCRUED PROPERTY TAX RENTAL RECEIVED IN ADVANCE SECURITY DEPOSIT DOWN PAYMENT OTHER PAYABLES OTHER LIABILITIES TOTAL LIABILITIES TOTAL NET ASSET VALUE NO OF UNITS NET ASSET VALUE PER UNIT
Market Value (Baht)
% of NAV
135,092,282.69
12.24%
-
0.00% 0.00% 0.00% 0.00% 0.00%
965,000,000.00 965,000,000.00
0.00% 87.45% 87.45%
8,700.92 37,349,845.90 863,153.61 22,239,874.80 60,461,575.23 1,160,553,857.92
0.00% 3.38% 0.00% 0.08% 2.02% 5.48% 105.18%
(7,953,351.01) (14,135,983.32 ) (13,692,698.00) (4,819,200.00) (16,464,467.89) (41,959.40) (57,107,659.62) 1,103,446,198.30 104,229,800.0000 10.5866
-0.72% -1.28% -1.24% -0.44% 0.00% -1.49% 0.00% -5.18% 100.00% UNITS BAHT
T.U. DOME RESIDENTIAL COMPLEX LEASEHOLD PROPERTY FUND
Annual Report For the Period of 1 January 2011 – 31 December 2011 7
T.U. Dome Residential Complex Leasehold Property Fund Details of Property Invested by the Fund As of 31 December 2011 Chiang Rak Road, Tambon Tha Khlong, Khlong Luang District, Pathum Thani Province Four residential buildings, comprising a 10-storey serviced apartment building with plaza area located on the 1st - 4th floor and three 9-storey dormitory buildings with plaza area located on the 1st - 2nd floor for Dormitory 1-2 and on the 1st floor for Dormitory 3. Each building has one basement connecting with each other being used as parking area. Land Title deed number 1388, total area of 12-2-50 rai Dormitory, Serviced Apartment and Plaza Purpose of Use Basement – Car-parking area Serviced Apartment Project Area and Floor 1 – 3A – Retail plaza Area Invested by the Floor 4 – 10 – 232 units Serviced Apartments Fund Location Project Features
Dormitory 1
Basement Floor 1 – 2 Floor 3 - 9
– Car-parking area – Shopping area – 392 units dormitory
Dormitory 2
Basement Floor 1 – 2 Floor 3 - 9
– Car-parking area – Shopping area – 392 units dormitory
Basement – Car-parking area Floor 1 – Shopping area Floor 2 - 9 – 448 units dormitory From 26 December 2008 to 25 December 2038 (Approximately 30 years) Cost of leasehold right Baht 985,000,000.00 Related acquisition cost Baht 12,446,137.00 Renovation cost Baht 20,700,000.00 Fixed Asset Baht 512,080.50 Total Baht 1,018,658,217.50 Baht 965,000,000 as of 30 November 2011 by Knight Frank Chartered (Thailand) Co., Ltd., by Income Approach From 1 January 2011 to 31 December 2011 equivalent to Baht 68.332 million Dormitory 3
Lease Period Investment in Property
Appraisal Value Rental and Services Income per year Obligation
None T.U. DOME RESIDENTIAL COMPLEX LEASEHOLD PROPERTY FUND
Annual Report For the Period of 1 January 2011 – 31 December 2011 8
T.U. Dome Residential Complex Leasehold Property Fund Details of Purchasing and Leasehold of Properties For the Period from January 1, 2011 – December 31, 2011 - None -
T.U. Dome Residential Complex Leasehold Property Fund Property Disposal or Leasehold Rights Transfer For the Period from January 1, 2011 – December 31, 2011 - None -
T.U. DOME RESIDENTIAL COMPLEX LEASEHOLD PROPERTY FUND
Annual Report For the Period of 1 January 2011 – 31 December 2011 9
T.U. Dome Residential Complex Leasehold Property Fund Dividend Payment and Capital Reduction History Dividend Payment History No. 1 2 3 4 5 6 7 8 9 10*
Performance Period 11 Oct 06 - 31 Mar 07 1 Apr 07 - 30 Sep 07 1 Oct 07 - 30 Sep 08 1 Oct 08 - 31 Mar 09 1 Apr 09 - 30 June 09 1 Jul 09 - 30 Sep 09 1 Jan 10 - 31 Mar 10 1 Oct 10 - 31 Dec 10 1 Jan 11 - 30 Sep 11 1 Jan 11 - 31 Dec 11
Dividend Payment Total Amount Per Unit 13,028,725.00 0.125 11,465,278.00 0.110 4,481,881.40 0.043 8,129,924.40 0.078 2,084,596.00 0.020 7,296,086.00 0.070 3,126,894.00 0.030 7,296,086.00 0.070 10,422,980.00 0.100 107,356,694.00 1.030
Book Closing Date
Payment Date
30 May 07 30 Nov 07 28 Nov 08 29 May 09 31 Aug 09 30 Nov 09 31 May 10 22 Mar 11 30 Nov 11 14 Mar 12
12 June 07 12 Dec 07 12 Dec 08 12 Jun 09 14 Sep 09 14 Dec 09 14 Jun 10 30 Mar 11 13 Dec 11 29 Mar 12
* The dividend payment for the year ended 2011 from January 1, 2011 to December 31, 2011 has included the compensation payment in managing the fund. Capital Reduction History No. Performance Registered Capital Capital Reduction Registered Capital Book Payment Period before Capital Reduction after Capital Reduction Closing Date Total Amount Per Unit Total Amount Per Unit Total Amount Per Unit Date 1 1 Oct 09 – 1,042,298,000.00 10.00 8,025,694.61 0.077 1,034,272,305.39 9.923 19 Mar 10 31 Mar 10 31 Dec 09 Reasons for Capital Reduction Since the Fund has excess liquidity from (1) Unrealized loss from revaluation of leasehold right (2) Amortization of deferred expenses
T.U. DOME RESIDENTIAL COMPLEX LEASEHOLD PROPERTY FUND
Annual Report For the Period of 1 January 2011 – 31 December 2011 10
T.U. Dome Residential Complex Leasehold Property Fund Property Market Outlook Industry and Competition Analysis Leasing Residential Market near Thammasat University - Rangsit Campus As at semester 1 of academic year 2011, Thammasat University - Rangsit Campus received more new students compared with 1-2 years ago. Currently, the total student enrollments are 25,095, increased by 18.15% compared with the previous semester. The said numbers can be classified as follows; Level of Study Bachelor Degree Diploma Master Degree Ph.D. Total
Students of Thammasat University - Rangsit Campus Semester 2/2009 Semester 2/2010 Semester 1/2011* 19,367 19,806 23,405 1,239 1,270 1,485 163 164 205 20,769 21,240 25,095
Source: Office of the Registrar, Thammasat University * The student data in semester 2/2011 is being collected due to recent flood last year.
Supply As per the leasing residential market survey near T.U. Dome Residential Complex Project (Chiangrak Road) as of December 2011, there are approximately 20 projects developed by private sector, including projects that are in normal operation and projects that are being constructed. Most of them have 100-300 rooms per project or average of 200 rooms per project and have 1-3 residences per room or average of 2 residences per room which means that the total supply in this area can support around 18,400 residences or only 73.32% of total student enrollments in semester 1/2011, by still not counting the demand of university staffs, teachers and other non-student residences which might have their work places near this area. Project Type
No. of Project
No. of Room
Average
Total
Private Sector – TU Dome
1
1,200
2
2,400
Private Sector - Others
20
4,000
2
8,000
University Project*
3
4,000
2
8,000
Total
24
9,200
18,400
Source: Property Manager and Appraiser * Comprises of Asian Games Dormitories, Thammasat University Rangsit Campus Dormitories or Inside Dormitories and Thammasat University Hospital Dormitories
T.U. DOME RESIDENTIAL COMPLEX LEASEHOLD PROPERTY FUND
Annual Report For the Period of 1 January 2011 – 31 December 2011 11 Occupancy Rate and Rental Rate Most of the leasing residential projects had occupancy rates of 90% - 100%, which partly results from the imbalance of demand and supply specified above. The range of rental rate in this area is quite wide, ranging from 3,000 – 13,500 Baht per room per month. Although some projects have high rental rates such as Beam Residence, Brownie and Zoom Place (rental rates around 6,000 – 13,500 Baht per room per month) but they still have almost 100% occupancy rates which implies that the projects within the area are competing with each other by their product quality and services more than entering into the price war. The outlook of residential market for students near Thammasat University - Rangsit Campus remains highly demanded and has a good potential growth as the demand for residential units varied in accordance with the number of students. In addition, Thammasat University is one of the top government universities which students would like to register. We can also see that the number of students’ enrollment is increasing continuously. Although new supply might enter into the market in the future as development opportunity from high demand may be seen by the investors as well as available land plots around this area, the factors of location, mixture of retail area and other facilities including reasonable rental rates are still be important criteria for the selection process of students and/or their parents. Retail Market near Thammasat University - Rangsit Campus From the market survey as of December 2011, no direct competitors in terms of size and characteristics with TU Dome, but there were some examples of occupancy rates and rental rates from indirect competitors located around this area as follows: Project name
Occupancy Rate
Rental Rate (approximate)* (Baht per sq.m. per month)
VKP Plaza
80%
800
The Rest Area
100%
625
Future Park Rangsit
95%
945
Talaad Thai Plaza
100%
440
Zear Rangsit
80%
975
Source: Appraiser and FUTURE PARK Leasehold Property Fund * Excluding anchor tenants and kiosks
Supply in this area is mainly superstores, followed by shopping centers and community malls. Most of them are located in convenient locations which are easily accessed by main roads such as Paholyothin Road, Rangsit-Nakorn Nayok Road and the area where comprising large communities such as area between Klong 2 to Klong 4 with a lot of housing
T.U. DOME RESIDENTIAL COMPLEX LEASEHOLD PROPERTY FUND
Annual Report For the Period of 1 January 2011 – 31 December 2011 12 estate projects. The overall occupancy rate in this area remains at high level, around 80% - 100%, with average rents between 440-975 Baht per sq.m. per month. The future outlook of the retail market in this are is still on the bright side due to the fact that there are a lot of nearby large scale housing estate projects and universities. In addition, several road networks bring conveniences to this area resulting to a high level of occupancy rate, while rental rate depends on location, composition of the retail center and anchor tenants of each project. For major flood during the past year, that situation has help developers to gain a lot of experiences in preparing and protecting their projects. In addition, they must follow up related news and public announcements closely.
T.U. DOME RESIDENTIAL COMPLEX LEASEHOLD PROPERTY FUND
Annual Report For the Period of 1 January 2011 – 31 December 2011 13
T.U. Dome Residential Complex Leasehold Property Fund Total Expenses as called from Property Fund For Period from 1 January 2011 to 31 December 2011 Fund's Direct Expense Management Fee1
Amount (Thousand Baht)
% of Net Assets Value
2,634.47
0.27
Trustee Fee1
372.04
0.04
Registrar Fee1
632.27
0.06
Property Management Fee1
2,094.23
0.21
Fund's Setting Up Expenses - Written Off1
4,805.74
0.49
369.85
0.04
1,373.88
0.14
106.85
0.01
26,902.57
2.73
Insurance Premium1
695.93
0.07
Asset Appraisal Fee1
256.80
0.03
Advertising Expense1,2
146.97
0.01
80.15 40,471.75
0.01 4.11
Auditing Fee1 Engineering Consultant Fee1 Listing Fee - Written Off1 Cost of Rental and Service1
Operating Expenses1 Total Expenses
Remark 1. Included VAT 2. Included the preparation and dissemination of information via the website of asset management company
T.U. DOME RESIDENTIAL COMPLEX LEASEHOLD PROPERTY FUND
Annual Report For the Period of 1 January 2011 – 31 December 2011 14
T.U. Dome Residential Complex Leasehold Property Fund Name List of Fund Manager For the Period from 1 January 2011 to 31 December 2011 No.
Name List of Fund Manager
Property Fund Manager 1 Ms. Siriphen Wangdumrongves 2 Mr. Suttipan Kreemaha 3 Mr.Khematat Saradatta 4 Ms. Wannapat Nomklom Mutual Fund Manager (Liquidity Portion) 1 Mr. Jumpon Saimala 2 Mr. Jaruwat Preepreamkul 3 Ms. Siripun Sutharoj 4 Ms. Monchaya Rachatakul * 5 Ms. Linda Ubolriabroy 6 Ms. Patcharapa Mahattanakul 7 Mr. Tara Vanalabpattana ** 8 Mr. Verayuth Halilamien 9 Mr. Arunsak Charoonwongniramol * Termination Date : 1 September 2011 ** Termination Date : 31 December 2011
List of Related Persons having transactions with the Funds managed by ING Funds (Thailand) Company Limited For the period from 1 January 2011 to 31 December 2011 No.
List of Related Persons having transactions with Mutual Funds
1
Other management companies where there are shareholders of ING Funds exceeding 5 % of total sold shares
“The investor can inspect the transactions entered into with the related persons of the mutual fund at the management company directly or at the website of the management company (www.ingfunds.co.th) and the Office of SEC (www.sec.or.th)”
T.U. DOME RESIDENTIAL COMPLEX LEASEHOLD PROPERTY FUND
Annual Report For the Period of 1 January 2011 – 31 December 2011 15
Details of the Return on Investment Receipt Research paper including in-depth report of listed company, industry analysis, trend and outlook, economic and political situation both in domestic and foreign those influence the investment decision. Specific inquiry including the information further than the released research paper that support the investment decision Conference call direct to analyst Pay a visit to present the remarkable issue Report issue or concern of the market and securities during trade hour Organize seminar, related to the remarkable company. In addition, issue and concern situation at that moment, hosted by direct officers including lawyer, government representatives, or management. They all would provide in-depth information in order to make further investment decision. Arrange company visit as request in order to follow the progress of operation or any change that alter the fundamental. The company management would provide the latest information of business and the development of industry. List of the person who provides Soft Commission for the Fund Securities Companies Country Group Securities Public Company Limited Asia Plus Securities Public Company Ltd. Ayudhya Securities Public Company Ltd. Bualuang Securities Public Company Ltd. CLSA Securities (Thailand) Ltd. Capital Nomura Securities Public Company Ltd. DBS Vickers Securities (Thailand) Company Ltd. KGI Securities (Thailand) Public Company Ltd. Credit Suisse Securities (Thailand) Ltd. Kim Eng Securities (Thailand) Public Company Ltd. Thanachart Securities Public Company Ltd. TISCO Securities Company Ltd. Trinity Securities Company Ltd. Phatra Securities Public Company Ltd. T.U. DOME RESIDENTIAL COMPLEX LEASEHOLD PROPERTY FUND
Annual Report For the Period of 1 January 2011 – 31 December 2011 16 SCB Securities Company Ltd. Finansia Syrus Securities Public Company Ltd. UBS Securities (Thailand) Ltd. KT Seamico Securities Public Company Ltd. Citicorp Securities Thailand Ltd. TSFC Securities Ltd. Finansa Securities Ltd. CIMB Securities (Thailand) Company Ltd. United Securities Public Company Ltd. Barclays Capital Securities (Thailand) Ltd. Commercial Banks - Domestic Bank of Ayudhya Public Company Ltd. Bangkok Bank Public Company Ltd. CIMB Thai Bank Plc. Kasikorn Bank Public Company Ltd. Kiatnakin Bank Public Company Ltd. Krung Thai Bank Public Company Ltd. Thanachart Bank Public Company Ltd. Land and Houses Retail Bank Public Company Ltd. Siam Commercial Bank Public Company Ltd. Standard Chartered Bank (Thai) Public Company Ltd. Tisco Bank Public Company Ltd. TMB Bank Public Company Ltd. United Overseas Bank (Thai) Public Company Ltd. Commercial Banks – Foreign Branches ABN-AMRO Bank N.V. JPMORGAN Chase Bank, N.A. Oversea-Chinese Banking Corp., Ltd. The Bank of Tokyo-Mitsubishi Ufj, Ltd. Citibank, N.A - Bangkok T.U. DOME RESIDENTIAL COMPLEX LEASEHOLD PROPERTY FUND
Annual Report For the Period of 1 January 2011 – 31 December 2011 17 Credit Agricole Corporate & Investment Bank Bangkok Branch The Hongkong and Shanghai Banking Corp., Ltd. Mizuho Corporate Bank, Ltd. Sumitomo Mitsui Banking Corporation BNP Paribas The Bank of Nova Scotia Others Companies Thanachart Capital Public Company Limited
T.U. DOME RESIDENTIAL COMPLEX LEASEHOLD PROPERTY FUND
Annual Report For the Period of 1 January 2011 – 31 December 2011
ING FUNDS (THAILAND) COMPANY LIMITED Background The Asset Management Company was registered on November 4, 1996 with a fully paidup registered capital of Baht 100 million. It was granted a license to operate asset management business from the Ministry of Finance under the license number 011/2539 dated January 2,1997. After ING group, a financial services conglomerate with Dutch origin, became the major shareholder; the name of the Asset Management Company was changed to “ING Mutual Funds Management (Thailand) Co., Ltd.” in April 1999 and to “ING Funds (Thailand) Co., Ltd.” in May 2003. At present, ING Funds (Thailand) Co., Ltd. is a member of the ING Group of Netherlands Network - a global banking, insurance, and investment management business operator. Location of the Office ING Funds (Thailand) Co., Ltd 15thand 17 th floor - Sindhorn Tower 3 130 -132 Wireless Road, Lumpini, Patumwan, Bangkok 10330, Thailand Tel: (02) 688-7777 Fax: (02) 688-7707-8 www.ingfunds.co.th
T.U. DOME RESIDENTIAL COMPLEX LEASEHOLD PROPERTY FUND