Message from Managing Director

In the twelve months ended 31 March 2009, I am pleased to report that Tanayong has made progress in expansion of our 3 core businesses, as I discuss below.

First, in the Property Development Business we have finalized our plans for the two low-rise boutique condominium projects each of 55 condominium units on nearly 2 rai of land within a short walk to the future BTS station at Udomsuk. Also, a full renovation of the golf course and clubhouse at Thana City, Bangna Trad km 14 is about to be started. Sales of our condominium units, townhouses and land plots at Thana City are receiving a positive response. During 2008/2009 we have completed the purchase of over 600 rai of prime development land near the Khao Yai National Park where we plan a four-star hotel under the U Khao Yai name as well as luxury villas, and several subdivisions of land plots for sale under the brand name Pranna Kiri.

Second, in the Hotels, Hospitality and Property Management Business our first hotel under the U Hotels & Resorts brand, U Chiang Mai, has been operating successfully since June 2008. In conjunction with Tanayong’s joint venture company, Absolute Hotel Services Co., Ltd, we plan to open more four-star hotels under the U Hotels & Resorts brand. We continue to offer for short-term and long-term lease our two leasehold residential apartment buildings near Rajadamri Road.

Our third core business of Project Management has also seen progress with the signing of a contract to design and build on a turnkey basis the Four Points by Sheraton hotel adjacent to the BTS station at Surasak. The Baan Aur–Arthorn projects for the National Housing Authority are in process of being completed by Tanayong.

May I reiterate the words of our Chairman that we are very confident of our future and the superior returns we can generate for the benefit of all our stakeholders.

Mr. Kavin Kanjanapas
Managing Director