powerpoint presentation · the bt.2,772mn acquisition 4-star luxury beach resort sitting on 167...

© Singha Estate Public Company Limited

Opportunity DayThe Stock Exchange of Thailand6 September 2018

2Q18 QUARTERLY RESULTS

The information contained in this material has been prepared by Singha Estate Public Company Limited (“S” or “Singha Estate”) solely for information purpose and does not constitute an offer or invitation to sell or the solicitation of an offer or invitation to purchase or subscribe for shares in Singha Estate.

Some statements made in this material are forward‐looking statements. These statements typically contain words such as "expects" and "anticipates" and words of similar import. Any statement in these materials that is not a statement of historical fact is a forward-looking statement that involves various risks and uncertainties. These include statements with respect to our corporate plans, strategies, and beliefs. The statements are based on our management’s assumptions and beliefs in light of the information currently available to us. These assumptions involve risks and uncertainties which may cause the actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by such forward‐looking statements.

None of the future projections, expectations, estimates or prospects in this presentation should be taken as forecasts or promises nor should they be taken as implying any indication, assurance or guarantee that the assumptions on which such future projections, expectations, estimates or prospects have been prepared are correct or exhaustive or, in the case of the assumptions, fully stated in the presentation. We assume no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.

Accordingly, no representation or warranty, express or implied, is made or given by or on behalf of Singha Estate or any of its shareholders, directors, officers or employees or any of the Banks (and their shareholders, directors, officers or employees)or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this presentation. None of Singha Estate nor any of its shareholders, directors, officers or employees accepts any liability (in negligence or otherwise) whatsoever for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection therewith. Individual situations and local practices and standards may vary, so viewers and others utilizing information contained within a presentation are free to adopt differing standards and approaches as they seefit. Products and names mentioned in materials or presentations are the property of their respective owners and the mention of them does not constitute an endorsement by Singha Estate. The information contained in this presentation is only current as of the date its date. In giving this presentation, neither Singha Estate nor its respective advisers and/or agents undertake any obligation to provide the recipient with access to any additional information or to update this presentation or any additional information or to correct any inaccuracies in any such information which may become apparent. You must make your own assessment of the relevance, accuracy and adequacy of the information contained in this presentation and must make such independent investigation as you may consider necessary or appropriate for such purpose. The presentation should not be construed as legal, tax, investment or other advice. 2

DISCLAIMER

2


AGENDA2Q18 BUSINESS UPDATE

KEY BUSINESS SEGMENTS

Residential Business

Commercial Business

Hospitality Business

1H18 Financial Results

Consolidated Statements of Incomes &

Financial Positions

2H18 Outlook

Projects under Development

Progress on Greenfield Project in

Maldives

2Q18 BUSINESS UPDATE

5

2Q18 BUSINESS UPDATE

5

APRIL Issued and offered last tranche of ESOP-Warrant-3 of totaling 50 million units, exercise price of Bt.3.89 (2nd year), Bt.4.28 (3rd year), and Bt.4.71 (4th-5th year)

MAY Decreased Baht 100 million registered capital or to Baht 10,128,502,526, by cancelling 100 million unissued ordinary shares, which were issued in support of the allocation of ordinary shares by way of private placement under the general mandate as approved by the 2017 AGM

JUNE Completion of the acquisition of 100% equity of APAC Holdings LLC. by S Hotels and Resorts APAC (SG) Pte.Ltd for investment in 6 Outrigger-branded hotels

AUG S Residential Development Company Limited, a subsidiary of the Company, has entered into a joint venture agreement with DH Asia Investment Orchid PTE. LTD to jointly invest in S43 Property Company Limited (“S43”) to develop a luxury condominium project on Sukhumvit 43 Road (“EYSE Sukhumvit 43”).

KEY BUSINESS SEGMENT

KEY BUSINESS SEGMENTS

7

S’s business currently spans across 3 major sectors of property business: residential (condominium and landed housing), commercial (office and retail), and hospitality (hotel and resort).

ResidentialDevelopment & Investment

CommercialDevelopment & Investment

HospitalityInvestment & Management

52%

1 2 3

100%

1) The ESSE Asoke **Project value: Bt.4,900mnPre-sale: approx. 84% 1

2) The ESSE at Singha Complex**Project value: Bt.4,300mnPre-sale: approx. 91% 1

3) The ESSE Sukhumvit 36 3

Project value: Bt.6,400mnPre-sale: approx. 56% 1

4) Sukhumvit 43Project value: Bt.1,931mnPre-sale: 14% 1

5) Santiburi The Residences **Project value: Bt.5,500mnPre-sale: 17% 1

Nirvana Daii PCL (“NVD”) 1

Number of projects: 15 projectsRemaining project value:Bt.18,485mn

Project under developmentSingha Complex **Program: Mixed-use

NLA: 58,174 sq.m.Pre-lease: 30%

Commerciallaunch: 3Q18

3 Secured key land plots of approx. 275 rais1. KrungthepKreeta2. Rattanathibeth3. Bangrakyai

Suntowers 2

NLA: 61,132 sq.m.Occupancy: 94%

The Lighthouse 2

NLA: 3,201 sq.m.Occupancy: 85%

100%100% 50%100%

2 hotels in Thailand1) Santiburi Beach

Resort & Spa 2 **

No.of keys: 96keysOccupancy: 59%

2) Phi Phi Island VillageBeach Resort 2

No.of keys: 201 keysOccupancy: 76%

29 hotels in UK1) Jupiter Hotels

26 hotels 2

No.of keys: 2,886 keysOccupancy: 76%

2) The Hotelier Group3 hotels 2

No.of keys: 229 keysOccupancy: 80%

Note: ** Asset injected from BRB and Mr.Santi Bhirombhakdi in 2014.1. % of project value. As of 30 June 2018. 2. Data and operating performance in 2Q18.

3. A 51%-owned project (Partnered-up with Hongkong Land (“HKL”)).4. Operating performance during 19 days after closing (12 – 30 June 2018).

100% 100%

Crossroads (phase 1)Development of tourist facilities, on Emboodhoo Lagoon, Maldives

6 hotels in Fiji (2), Maldives (1), Mauritius (1), and Thailand (2)No.of keys: 859keysOccupancy: 71% 4

New Project / Investment37 Hotels 4,271 KEYSTotal NLA 122,608 sq.m.

Total ProjectValue

Bt. 23,031mm

COMMERCIAL BUSINESS

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Note: 1. Excludes retail and parking space.2. Acquired on 10 August 2015. Figures are for full year 2015 and based on internal report.

SUNTOWERSThe Bt.4,500mn acquired Suntowers Complex in 2015 is situated in one of growing commercial business areas in Bangkok, surrounded by office buildings and shopping malls. The complex underwent a series of value enhancement projects including the renovation of the building, the development of nearby retail and food court space namely “Sun Plaza” and car park extension , which were resulting in increasing yields from 2017 onwards.

Key stats 1 2015 2 2016 2017

Net leasable area (sq.m) 58,924 58,819 59,010

Occupancy rate 94% 93% 96%

Rental growth (yoy%) +2% +4%

1Q17 2Q17 3Q17 4Q17 1Q18 2Q18

59,047 59,047 59,010 58,936 58,765 58,765

96% 96% 96% 95% 96% 94%

+3% +4% +3% +6% +2% +3%

Anchor tenants: SAM, Ericsson, Fuji Xerox, Halliburton, Technip, Symphony, Toyota Leasing, Toyota Insurance

10

Project 1: Shop houses (August – November 2017)• Entering into a new lease of

the property• Fully renovate & re-

merchandize • CAPEX: Bt.8.5mn

(excluding land costs)

In addition to the renovation of common area at Suntowers and a conversion of day-market area to a 2-storey retail space, a series of value enhancement projects has been conducted in the area, to enhance competitiveness of the office buildings.

VALUE ENHANCEMENT - SUNTOWERS

12

Note: Company estimates and subject to change.

Project 2: Parking buildings (September 2017 – August 2018)

• Entering into a new land lease for 2 plots totaling 3 rais, 30 years term

• Construct parking buildings• CAPEX: Bt.120mn (excluding land costs)

HOSPITALITY BUSINESS

12

NEW ACQUISITION

12

Outrigger Fiji Beach (253 keys) Outrigger Mauritius (181 keys) Outrigger Laguna Phuket (255 keys)

Freehold Leasehold ended 2023 Freehold

Fiji Castaway Island (65 keys) Outrigger Konotta Maldives (53 keys) Outrigger Koh Samui (52 keys)

Leasehold ended 2082 Leasehold ended 2055 Leasehold ended 2045

Part of S’s strategic investment approach, SMART M&A, which focuses on high-return asset investment emphasizing fast growing prospects in tourist destinations around the globe.

2018 June, completion of acquiring six Outrigger-branded hotels expanding its hospitality business portfolio of 37 hotels with total 4,271 keys in global tourist destinations

Investment value in six Outrigger-branded hotels is USD 310 million,• final purchase price of USD 235.39 mn. after adjustment of remaining cash, bank borrowings and NWC• funded by internal cash flow of USD 93.39 mn. and bank loans of USD 142 mn

13Note: 1. 71 keys upon acquisition and increased 6 keys in 2014.

SANTIBURI BEACH RESORT & SPA

Key stats 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18

No. of rooms 77 77 77 77 77 90 1

Occupancy rate 80% 73% 76% 54% 81% 59%

Located with a 57-rai palm garden right on a 300-metre private section of the Mae Nam Beach, this 5-star beachfront resort, a member of the “Leading Hotels of the World”, completed its major refurbishment and room addition in December 2014. The upgraded property and effective sales & marketing strategies attributed to gradual improvement of the property.

Key stats

Pre-refurbishment Post-refurbishment

2014 2015 2016 2017

No. of rooms 77 77 77 77

Occupancy rate 62% 58% 71% 71%

RevPar (Baht) 7,200 6,317 9,141 8,868

RevPar growth (yoy%) (12%) +45% (3%)

13Note: 1. Average no. of rooms after 19 pool villas added in May 2018.

14

Value Enhancement

While performance was strong, the resort underwent room expansion project – an addition of exclusive modern-style pool villas to capture Asian markets.

SANTIBURI BEACH RESORT & SPA VALUE ENHANCEMENT

Project type : Addition of 19 pool villas

CAPEX : Approx. Bt.150mn

Launch date : May 2018


15

The Bt.2,772mn acquisition 4-star luxury beach resort sitting on 167 private tranquil rais of swaying coconut palms with 800-metre white sand beach. While performance was strong, the resort underwent room expansion and refurbishment project in 2015 and 2016. These asset enhancement initiatives attributed to stronger performance in 2017.

Note: 1. Full-year performance. Acquired on 28 November 2014.2. Excludes villas closed for renovation.

PHI PHI ISLAND VILLAGE BEACH RESORT

Operational Performance

Key stats

Pre-refurbishment Post-refurbishment

2014 1 2015 2016 2 2017

No. of rooms 156 201 181 201

Occupancy rate 84% 82% 84% 85%

RevPar (Baht) 4,344 4,414 5,374 5,650

RevPar growth (yoy%) +2% +22% +5%

Key stats 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18

No. of rooms 201 201 201 201 201 201

Occupancy rate 91% 74% 86% 88% 95% 76%

16

Note: 1. Total investment by the JV company. Based on Bank of Thailand’s exchange rate of £1.00 = Bt.55.5579, as of 30 September 2015. 2. Based on internal report.

Brighton

Leicester

Key stats 2015 2 2016 2017

No. of keys 2,883 2,883 2,883


ADR (£) 63 65 68

RevPAR (£) 43 46 48

26 MERCURE-BRANDED HOTELS IN UK

The 26 Mercure-branded hotels in UK were acquired in October 2015 through a 50:50 joint-venturecompany with FICO Group. Total transaction size was approximately £155mn, or Bt.8,600mn 1.

Manchester


Key stats 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18

No. of keys 2,883 2,883 2,883 2,883 2,886 2,886

Occupancy rate 60% 75% 82% 69% 62% 76%

ADR (£) 61 69 72 66 61 70

RevPAR (£) 37 51 59 46 38 52

26 Mercure-branded hotels with 2,886 bedrooms spread throughout major cities in UK

17

HOTEL PORTFOLIO EXPANSION IN UK

Note: 1. Total investment by the JV company. Based on Bank of Thailand’s exchange rate of £1.00 = Bt. 46.8627, as of 7 September 2016. 2. Based on internal report.

Key stats 2015 2 2016 2 2017

No. of keys 229 229 229


ADR (£) 50 53 56

RevPAR (£) 36 40 41

Key stats 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18

No. of keys 229 229 229 229 229 229

Occupancy rate 67% 77% 81% 55% 69% 80

ADR (£) 55 56 57 55 53 56

RevPAR (£) 37 43 46 40 36 45

In September 2016, an acquisition of 2 Holiday Inn-branded hotels and 1 Mercure-branded hotel in UK were completedthrough a 50:50 joint-venture company with FICO Group. Total transaction size was approximately £12mn, or Bt.562mn 1.

Joint-venture invested in 3 hotels with 229 bedrooms in UK


Acquired assets

Dumfries

Darlington North

Sheffield Parkway

18

Key stats Jun-18 2Q18

No.of hotels 6 6

No.of rooms 859 859

Occupancy rate (%) 71% 71%

RevPar growth (%yoy)

Key notes• Newly acquired 6 hotels in 4 countries: (1) Outrigger Fiji Beach Resort, Fiji, (2) Castaway Island, Fiji,

(3) Outrigger Laguna Phuket Beach Resort, Thailand, (4) Outrigger Koh Samui Beach Resort, Thailand, (5) Outrigger Mauritius Beach Resort, Mauritius, and (6) Outrigger Konotta Maldives Resort, Maldives.

• The transaction was completed on 12 June 2018, with total investment of USD 235.39 million.

Financial highlights2Q18

Actual(19 Days)

6M2018 %yoy Diff. Budget (%)

Revenue (Bt.mn) 1 113 1,261 +12%

EBITDA (Bt.mn) 1 16 298 +32%


Financial Performance (on a total portfolio basis)

NEW PORTFOLIO: 6 OUTRIGGER-BRANDED HOTELS

Note: 1. Financial performance of 6 hotels from 12 June 2018.

FINANCIAL PERFORMANCE

20

FINANCIAL HIGHLIGHTMore balance of revenue from three business segments

Statement of Income 1HY 17 1HY18 2Q17 1Q18 2Q18 %QoQ %YoY

Total revenue 2,,230 2,277 1,028 1,128 954 (15%) (7%)

Gross profit 864 846 378 527 319 (39)% (16%)

EBITDA 317 986 115 480 506 5% 341%

Net profit (loss) after NCI

109 24 (62) 252 412 64% 769%

Consolidated Financial Statements (in Bt.mn)

Statement of Financial Position 31-Dec-15 31-Dec-16 31-Dec-17 30-Jun-18

Assets 25,308 30,592 40,910 54,807

Liabilities 13,378 15,096 21,815 34,944

Equity 11,930 15,496 19,096 19,863

Net IBD/E (times) 0.88 0.60 0.41 1.16

1Q18 Revenue Mix

More balance of Recurring Revenue of 48% vs. Non-recurring Revenue of 52%

21

CONSOLIDATED STATEMENT of INCOME – QuarterlyProven of SMART M&A strategy to balance overall revenue

21

REVENUEResidential Business • Revenue decreased 32% YoY and 17% QoQ,

reflecting lower revenue from NVD.• All projects developed under S recorded

remarkable high presales rate. Transferring of first project “ESSE Asoke” will be commencing from end of 2018.

Commercial Business • In Q2’18, overall revenue slightly increased by

1% YoY, reflecting gradual increases in effective rental rate at Suntowers.

• Newly developed ‘Singha Complex’, a mixed-use development which is due for commercial operation in Q3’18.

Hotel Business • 51% YoY increase of revenue caused by

integration of revenue from 6 new Outrigger-branded hotels to portfolio amt. to Bt.113mn. from mid June 2018.

• 12% QoQ. decrease caused by world cup impact in connection with start of low season period.

Exchange Losses ; Q2’18, incurred unrealized loss Bt.349mn. related to US$180 mn. convertible bonds. Financial Cost : Incurred from higher leverage related to increase of investment, mainly from CB issued in July’17 and long-term loan for hotels acquisition. Net Profit In Q2’18, increase QoQ, mainly due to fair values adjustment of Suntowers net off by the unrealized loss from foreign exchange rate.

22

CONSOLIDATED STATEMENT of FINANCIAL POSITIONInvestment Portfolio Expansion with More Effective Gearing

Financial Position and Capital Structure

• Total assets were Bt54,807mn., increased by

Bt.13,897mn. or 34% from last year mainly from

USD310mn. of investment in 6 hotels, and cost of

property development in all three business segments

reflected under the items of Inventories and Net PPE

with significant portion from Crossroads Project in

Maldives.

• Liabilities increased from higher leverage to support

new project development and acquisitions in order to

drive and strengthen the revenue and net profit

growth.

• Maturity of long term interest bearing debts has been

deliberately matched with the future operating cash

inflow to reduce the liquidity risk.

PROJECTS under DEVELOPMENT

RESIDENTIALPROJECTS under DEVELOPMENT

25

RESIDENTIAL – BY SINGHA ESTATE

Note: Company estimates and subject to change. Excludes projects developed by Nirvana Daii PCL..1. Percentage of total units. As of 30 June 2018.

2. Tentative period for first lot transfer. 3. A 51%-owned project (Partnered-up with Hongkong Land ).

Bangkok Metropolitan and its Vicinities

Projects under development Land acquisition Launch No.of units Project value(Bt.mn.) Sold (%) 1 Transfer 2

Condominium

1. The ESSE Asoke 3Q14 + 1Q15 4Q15 419 4,900 Approx. 84% 4Q18

2. The ESSE at Singha Complex 3Q14 1Q17 319 4,300 Approx. 91% 3Q19

3. The ESSE Sukhumvit 36 3 4Q16 4Q17 338 6,400 Approx. 56% 3Q20

4. Sukhumvit 43 (low-rise) 3Q17 3Q18 107 1,900 Approx. 14% 3Q20

Single-detached house

5. Santiburi The Residences 3Q14 + 3Q15 4Q16 4 26 5,500 Approx. 17% 4Q16

N

The ESSE Asoke

The ESSE at Singha Complex

Santiburi The Residences

Under construction

The ESSE Sukhumvit 36 3

4. Soft launch in 4Q16 and commercial launch in 3Q18.

Sukhumvit 43

Newly secured land on Sukhumvit 43

26

THE ESSE ASOKE


Project type : Luxury condominium(1 building, 55 storeys)

Project value : Bt.4,900mn

Total unit : 419 units

Unit type & size : • 1 Bedroom (37-53 sq.m.) • 2 Bedroom (75-84 sq.m.) • Penthouse (104.5-195.5 sq.m.)

Parking facilities : > 100% of residential unit, plus supercar and superbike parking lots

Launch date : October 2015

Transfer date : 4Q18 (tentative)

Sales progress : Approx. 84% (as of 30 June 2018)

Average price : Approx. Bt.218,000 per sq.m(Launched at Bt.190,000 per sqm)

Development progress

: • EIA approved• 70% overall construction progress

Located in BKK central business area and easily accessed by BTS and MRT, the 2.5-rai land plot on Asoke-Montri Road will be the highest condo development in Asoke vicinity.

PROJECT under DEVELOPMENT

27

CONSTRUCTION PROGRESSTHE ESSE ASOKE


28

THE ESSE AT SINGHA COMPLEX


Project type : Luxury condominium(1 building, 39 storeys)



Unit type & size : • 1 Bedroom (34.8-47.8 sq.m.) • 2 Bedroom (70-77 sq.m.) • Penthouse (215.5 sq.m.)

Parking facilities : > 80% of residential unit, plus supercar designated parking

Launch date : February 2017



Average price : Approx. Bt.266,000 per sq.m



Located at the corner of Asoke-Petchburi intersection, the project is a part of Singha Complex – a crafted mixed-use development – with connection to MRT and boat-taxi stop within walking distance.


29

CONSTRUCTION PROGRESS THE ESSE AT SINGHA COMPLEX


30

THE ESSE SUKHUMVIT 36

Note: Company estimates and subject to change.1. Hongkong Land is a leading property investment, management and development group with growing portfolios in Hong Kong, Singapore,

mainland China and other dynamic parts of Asia.

Project type : Luxury condominium (1 building, 43 storeys)



Unit type & size : • 1 Bedroom (38.5-43.3 sq.m.) • 2 Bedroom (73.5-77.0 sq.m.) • 3 Bedroom (116.8-124.3 sq.m.)• Penthouse (252.0 sq.m.)

Parking facilities : 100% (combined of conventional and automated parking system)

Launch date : November 2017






Located on 2.5-rai land plot on Sukhumvit 36 in BKK central business area, easily accessed by only 20-meter walking distance from BTS Thonglorstation. The first joint-development project by Singha Estate and Hongkong Land 1.


31

SALES GALLERY THE ESSE SUKHUMVIT 36

Note: Company estimates and subject to change.1. Hongkong Land is a leading property investment, management and development group with growing portfolios in Hong Kong, Singapore,

mainland China and other dynamic parts of Asia.


CONSTRUCTION PROGRESSTHE ESSE SUKHUMVIT 36


33

SANTIBURI THE RESIDENCES

Project type : Ultra-luxury single-detached house

Project value : Approx. Bt.5,500mn



Launch date : 3Q18


: • EIA approved • 100% for clubhouse and villa 1• 90% for villa 2, landscape, infrastructure• 47% for villa 12

Show Unit: Villa – Type 1

Clubhouse

Clubhouse Villa–Type 1 Villa–Type 2


34

SANTIBURI THE RESIDENCES

Note: Artist’s impression only. Includes elements which are not provided and serve only as indications for general concepts of the project. Information and specifications may be subject to change.


RESIDENTIAL BUSINESSNEW PROJECTS LAUNCHE

36

EYSE SUKHUMVIT 43

Note: Artist’s impression only. Includes elements which are not provided and serve only as indications for general concepts of the project. Information and specifications may be subject to change.1. Daiwa House Group is Japan’s largest homebuilder that specializes in prefabrication.

Project type : Luxury condominium (1 building, 7 storeys)



Unit type & size : • 1 Bedroom (52.25-54.50 sq.m.) • 2 Bedroom (62.50-94.75 sq.m.) • 2 Bedroom Duplex (99.50-99.75 sq.m.)

Parking facilities : 102% (total 109 parking units, combined of conventional and automated parking system)

Launch date : 3Q2018





: • Construction - Not started

Located on 1-3-69.4-rai land plot on Sukhumvit 43 in BKK central business area, easily accessed by 750-meter walking distance from BTS Prompongstation. The first joint-development project by Singha Estate and Daiwa House Group Company Limited 1. (JV was established in August, 2018)

NEWLY LAUNCHED LOW-RISE CONDO

EYSE SUKHUMVIT 43

37



38

SALES GALLERY –EYSE SUKHUMVIT 43



COMMERCIAL BUSINESSPROJECTS under DEVELOPMENT

40

SINGHA COMPLEX

Project type : Mixed-use development• Office tower (1 building, 28 storeys)• Retail areas (office podium, 5 levels)

CAPEX : Bt.4,255mn (excluding land cost)

Net leasable area (NLA)

: • Office 53,850 sq.m• Retail 4,500 sq.m

Leasing progress 1 : • Office 75%• Retail 81%



Opening date : Commercial operation in 3Q18 (tentative)

Anchor tenant 2(Secured & transferred)

: Boon Rawd Brewery Co., Ltd. (“BRB”) –a 50-year lease of approx.10,600 sq.m

BRB’s upfront payment 2

:

Note: Company estimates and subject to change.1. % of NLA. Includes tenants submitting LOI, paying deposit, or signing lease/rent agreement.2. Part of upfront payments was recognized as revenue in December 2017 upon transfer of the space to the tenant; remaining portion will be realized over 50 years.

Right in front of MRT station, the strategic 9-rai land plot on Asoke-Petchburi Intersection, previously the Japanese Embassy, is now under construction of S’s first and world-class mixed-use complex – “Singha Complex”.

Year Up-front payment (Bt.mn.)

2015 835totaling1,9002016 610

2017 455


41

CONSTRUCTION PROGRESSSINGHA COMPLEX

Note: Company estimates and subject to change.1. % of NLA. Includes tenants submitting LOI, paying deposit, or signing lease/rent agreement.2. Part of upfront payments was recognized as revenue in December 2017 upon transfer of the space to the tenant; remaining portion will be realized over 50 years.


HOSPITALITY BUSINESSPROJECTS under DEVELOPMENT

43

43

GREENFIELD PROJECTTHE INVESTMENT IN MALDIVES

44

44

MALDIVES – STRATEGIC HOLIDAY COUNTRYMaldives: The unique tourist destination

• Unique nature islands formation• Tourism industry is government’s focus

• Convenient travel distance for beach holiday for European, Asian, Chinese and Middle-east

• International airport expansion in 2018

45

45

HanimaadhooInternational Airport

Malé International Airport

Emboodhoo Lagoon

Gen International Airport

The Male-Hulhumale Bridge

9.6 km.

Airport extension in progress

Project location

LOCATION & AIRPORT EXTENSION

Curio by Hilton : Jan 2019

Hardrock Hotel: Mar 2019

Township : Mar 2019

Crossroads : New Opening Schedule

HARDROCK HOTEL

Progress Updates

48

WATER VILLA 40 UNITS - NORTH SIDE

Brick work 10 units + Pre-cast Slab 9 units + Footing 3 units = 22 units

WATER VILLA 34 UNITS + 2 BEDROOM 3 UNITS + ROCK STAR– SOUTH SIDE

Brick work 14 units + Pre-cast Slab 3 units = 17 units 48

Progress Updates

49

49

Progress UpdatesWater Villa and Guest Room Block

49

Water Villa Guest Room Block

Beach VillaBeach Villa

BV1-BV4 Skim coat and roof tile work BV7-BV12 Roof tile work

BEACH VILLA

WV2- External cladding Walk way and stud wall work- WV1-WV20

WATER VILLA

Progress Updates

51

51

Progress UpdatesTownship Back-of-the House (BOH)

Staff Dormitory Building A

52

52

Phase 2

4 5 6 78

9

Phase 1

1 2 3

Phase Island Development Operation date

Phase 1

Ow

n an

d M

anag

e

Island 1Mixed-use township including transit resort – 200 keys, Retail & entertainment cultural & marine life center, multi-purpose hall, marina, beach club, and BOH

October 2018

Island 2 Themed resort - 201 keys October 2018

Island 3 Upscale lifestyle resort - 120 keys July 2020

Initial investment: USD83.0mn (or Bt.2,931.44mn 1)Total investment: Not exceeding USD311.5mn (or Bt.11,001.74mn 1)

Phase 2 2

Man

age

Onl

y

Island 4 4.5-star resort - 150 keys

Within April 2022

Island 5 3.5-star resort - 200 keys

Island 6 4-star resort - 225 keys

Island 7 5-star resort: 100 keys

Island 8 Timeshare resort – 100 keys

Island 9 Luxury timeshare resort

CROSSROADS – PROJECT COMPONENTS

53

53

PROGRESS UPDATES

Mock-up Room

Investor [email protected]

Tel : (+66) 2050 5555 Website: www.singhaestate.co.th

Thank You


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