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2016 Q3 Results Analyst Meeting and 2017 Business Plan
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Presentation 2016 Q3 Results Analyst Meeting and 2017 Business Plan Disclaimer The information (Confidential Information) contained in this presentation is strictly confidential and is provided by Ananda Development Public Company Limited
2016 Q3 Results Analyst Meeting and 2017 Business Plan
Disclaimer
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The information (“Confidential Information”) contained in this presentation is strictly confidential and is provided by Ananda Development Public Company Limited (the “Company”) to you solely for your reference. Neither this presentation nor any part thereof may be (i) used or relied upon by any other party or for any other purpose; (ii) copied, photocopied, duplicated or otherwise reproduced in any form or by any means; or (iii) redistributed, passed on or otherwise disseminated, to any other person either in your organization or elsewhere, without the prior written consent of the Company. By attending this presentation, participants agree not to remove this document, or any materials provided in connection herewith, from the conference room where such documents are provided without express consent from the
reasonable, the Confidential Information is subject to change without notice, its accuracy is not guaranteed, has not been independently verified and it may not contain all material information concerning the Company. None of the Company, or any of their respective members, directors, officers, employees or affiliates nor any other person 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. This presentation is for information purposes only and does not constitute or form part of any offer or invitation for sale or subscription of or solicitation or invitation of any offer to or recommendation to buy or subscribe for any securities, nor shall it or any part of it form the basis of or be relied on in connection with any contract, commitment or investment decision in relation thereto in Thailand, United States or any other jurisdiction. Any such purchase should be made solely on the basis of the information contained in the announcements to the Stock Exchange of Thailand relating to such securities. No reliance may be placed for any purposes whatsoever on the information set forth in this presentation or on its completeness. This presentation contains projections and forward‐looking statements that reflect the Company's current views with respect to future events and financial performance. These views are based on a number of estimates and current assumptions which are subject to business, economic and competitive uncertainties and contingencies as well as various risks and these may change over time and in many cases are outside the control of the Company. You are cautioned not to place undue reliance on these forward looking statements. No assurance can be given that future events will occur, that projections will be achieved, or that the Company's assumptions are correct. Such forward‐looking statements are not guarantees of future performance and accordingly, the actual results, financial condition, performance or achievements of the Company may differ materially from those forecasted and projected or in the forward‐looking statements.
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3Q/2016 Financial Statements
3Q2016 2Q2016 3Q2015 % Q-o-Q % Y-o-Y
M Baht % M Baht % M Baht % Total revenue
2,979 100% 2,889 100% 2,665 100% 3% 12%
Revenue from sale of real estate
2,358 79% 2,528 87% 2,251 84% (7%) 5%
Other incomes
621 21% 361 13% 414 16% 72% 50%
Gross Profit
979 35% 996 35% 994 38% (2%) (1%)
SG&A
581 20% 589 20% 611 23% (1%) (5%)
Selling expenses
248 8% 259 9% 352 13% (4%) (30%)
Administrative expenses
334 11% 331 11% 259 10% 1% 29%
Share of Profit (Loss)
(105) (4%) (91) (3%) (152) (6%) 15% (31%)
EBIT
437 15% 370 13% 295 11% 18% 48%
Interest expenses
98 3% 75 3% 54 2% 30% 80%
EBT
339 11% 295 10% 241 9% 15% 41%
Tax
90 20% 85 22% 80 20% 5% 12%
Net Profit (Loss)
252 8% 210 7% 161 6% 20% 56%
Earnings per share (baht)
0.06 0.05 0.05
Q3/2016 Revenue beat our Analyst Consensus of 2,530 M Baht by 18% Q3/2016 Net Profit beat our Analyst Consensus of 182 M Baht by 39%
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9M/2016 Financial Statements
9M2016 9M2015 % Y-o-Y
M Baht % M Baht % Total revenue
8,463 100% 5,600 100% 51%
Revenue from sale of real estate
7,065 83% 4,650 83% 52%
Other incomes
1,399 17% 950 17% 47%
Gross profit
2,908 35% 2,161 40% 35%
SG&A
1,796 21% 1,442 26% 25%
Selling expenses
729 9% 738 13% (1%)
Administrative expenses
1,067 13% 704 13% 52%
Share of profit (Loss)
(304) (4%) (333) (6%) (9%)
EBIT
1,072 13% 590 11% 82%
Interest expenses
241 3% 186 3% 30%
EBT
830 10% 404 7% 106%
Tax
222 20% 97 13% 128%
Net profit (Loss)
610 7% 307 5% 99%
Earnings per share (baht)
0.16 0.09
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3Q/2016 Financial Highlight
3Q2016 2Q2016 3Q2015 % Q-o-Q % Y-o-Y
M Baht M Baht M Baht
Cash balance
2,091 2,757 2,230 (24%) (6%)
Assets
23,515 22,717 20,809 4% 13%
Interest bearing debts
10,158 9,809 9,940 4% 2%
Liabilities
13,619 12,904 12,964 6% 5%
Shareholders' equity
9,896 9,813 7,845 1% 26%
D/E ratio (times)
1.4 1.3 1.7 5% (17%)
Net IBDE ratio (times)
0.8 0.7 1.0 13% (17%)
1Q16 (A) 2Q16 (A) 3Q16 (F) 3Q16 (A) 4Q16 (F) 1,581 1,822 1,537 1,891 2,669 598 706 605 467 497 278 2,206 267 2,119 Unit : Mil Baht Condo Housing Ananda Share in JV Mitsui Share in JV
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2016 Transfer target between 15,000 and 16,000 M Baht
Quarter Quarter 1 Quarter 2 Quarter 3 Quarter 3 (Actual) Quarter 4 2016 Condo 1,581 1,822 1,537
1,891
2,669 7,962 Housing 598 706 605
467
497 2,268 Ananda F/S 2,179 2,528 2,142
2,358
3,166 10,230 Ananda Share in JV
2,206 2,483 Mitsui Share in JV
2,119 2,386 Total (M Baht) 2,179 2,528 2,142
2,902
7,491
15,100
to complete in 2016
Q3/2016 Transfer beat our latest guidance by 35%
Updated: Sept 30, 2016
8 8 Ideo Q Ratchathewi Ideo Mobi Sukhumvit Eastgate
Unit: M Baht
New New
0% transfer after 2016
99.0% sold
100% transfer target in 16 46% transfer after 2016
66.2% sold
54% transfer target in 16
63% of Transfer Target will be derived from new projects
UNIO Charan 3
New
61.8% sold
34% transfer target in 16 66% transfer after 2016
Ideo Mobi Wongsawang Interchange
New
48.7% sold
30% transfer target in 16 70% transfer after 2016
1Q16 3Q16 4Q16 2Q16
Transfer Begins
Ideo Q Chula Samyan1
New
97% sold
71% transfer target in 16 29% transfer after 2016
Note : 1 Joint Venture with Mitsui Fudosan and Ananda 51% Share
Updated: Sept 30, 2016
9 9 Ideo Mobi Sathorn Elio Sukhumvit 64 Elio Del Ray Unit: M Baht
99.6% already transferred
99.6% sold
0.4% transfer target in 16 100% already transferred
100% sold
2.2% transfer target in 16 100% already transferred
100% sold
16.9% transfer target in 16
37% of Transfer Target will be derived from existing projects
Ideo Sathorn Tha Phra Ideo Wutthakat Ideo Mobi Charan Interchange
74.4% already transferred
76.7% sold
31.9% transfer target in 16 88.1% already transferred
89.8% sold
31.4% transfer target in 16 86.2% already transferred
88.3% sold
22.4% transfer target in 16
Atoll (5 projects) Arden (3 projects)
45.4% already transferred
49.3% sold
32.0% transfer target in 16 57.6% already transferred
61.7% sold
18.0% transfer target in 16
1Q16 (A) 2Q16 (A) 3Q16 (F) 3Q16 (A) 4Q16 (F) 2,977 7,436 6,544 11,129 Unit : Mil Baht Condo Housing
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2016 Launches Target between 20,500 and 21,000 M Baht
Quarter Quarter 1 Quarter 2 Quarter 3 Quarter 3 (Actual) Quarter 4 2016 Condo 2,977
6,544
11,129 20,650 Housing
(M Baht) 2,977
6,544
11,129
20,650
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Launches 8 Sites JV 5 Sites accounting for 84% of launches)
Full Year guidance decreased by 5%
Postpone 3 projects launches with a combined value of 2.5 billion Baht from 4Q16 to 1Q17
New Launch in Q3 >> UNiO Sukhumvit 72
11 11 11
UNiO Sukhumvit 72 Project value (M Baht) 1,460
984 Soft Launched date July 2016 Expected transfer date 2017 Location
New Launch in Q3 >> UNiO Rama 2-Thakham
12 12 12
UNiO Rama 2 - Thakham Project value (M Baht) 985
724 Soft Launched date July 2016 Expected transfer date 2017 Location Rama 2 Road, opposite Central Rama 2
New Launch in Q3 >> Venio Sukhumvit 10
13 13 13
Venio Sukhumvit 10 Project value (M Baht) 861
162 Soft Launched date September 2016 Expected transfer date 2017 Location
14 14 14
New Launch in Q3 >> Ideo Mobi Asoke
Ideo Mobi Asoke Project value (M Baht) 3,238
507 Soft Launched date September 2016 Expected transfer date 2018 Location
15 15 15
Ananda Urban Pulse Press Conference
16 16 16
AMC Event
New Launch in Q4 >> Ideo Sukhumvit 93
17 17 17
Ideo Sukhumvit 93 Project value (M Baht) 6,184
1,332 Soft Launched date October 2016 Expected transfer date 2018 Location
New Launch in Q4 >> Ideo Mobi Sukhumvit 66
18 18 18
Ideo Mobi Sukhumvit 66 Project value (M Baht) 2,414
298 Soft Launched date October 2016 Expected transfer date 2018 Location
New Launch in Q4 >> Ideo Phaholyothin-Chatuchak
19 19 19
Ideo Phaholyothin-Chatuchak Project value (M Baht) 2,531
391 Soft Launched date October 2016 Expected transfer date 2018 Location
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2016 Presales Target between 21,500 and 22,500 M Baht
Quarter Quarter 1 Quarter 2 Quarter 3 Quarter 3 (Actual) Quarter 4 2016 Condo 3,995 2,691 4,198
6,223
6,622 19,532 Housing 783 763 883
707
273 2,525 Total (M Baht) 4,778 3,454 5,082
6,930
9,119
22,057
Q3/2016 Presales beat our latest guidance by 36%
Full Year Presales Guidance increased by 5%
1Q16 (F) 2Q16 (A) 3Q16 (F) 3Q16 (A) 4Q16 (F) 3,995 2,691 4,198 6,223 6,622 783 763 883 707 273 Unit : Mil Baht Condo Housing
2016 2017 2018 1,739 5,480 188 2,206 6,227 8,659 2,119 5,983 8,320 419 Unit: Mil Baht Ananda's Backlog - Condo Ananda's Backlog in JV - Condo Mitsui's Share Ananda's Backlog - Housing
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Updated: Sept 30, 2016
6,483 17,167 17,690
Unit: M Baht
next 3M16 secured by Backlog
21 21 2016 2017 2018
year 2017 secured by Backlog
3.14%
1.00% 3.00% 5.00% 7.00% 1 2 3 4 5 6 7 8
18.16%
1.00% 11.00% 21.00% 31.00% 41.00%
1 2 3 4 5 6 7 8 2.78%
0.00% 2.00% 4.00% 6.00% 8.00% 1 2 3 4 5 6 7 8
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1Q15 2Q15 3Q15 4Q15 1Q16 2Q16
Note: % Cancellation Rates are calculated by cancelled value divided by beginning backlog + presales
Updated: Sept 30, 2016
3Q16 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16
7.79%
1.00% 6.00% 11.00% 16.00% 21.00% 1 2 3 4 5 6 7 8
5.33%
0.00% 10.00% 20.00% 1 2 3 4 5 6 7 8
19.82%
15.00% 25.00% 35.00% 45.00% 1 2 3 4 5 6 7 8
Updated: Sept 30, 2016
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Note: % Mortgage Rejection Rates are shown by units
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16
Fact sheet Detail
Debentures of Ananda Development Public Company Limited No. 2/2016 Tranche 1 Due 2017
Unsubordinated and Unsecured Debentures without a Debenture holders’ Representative in the Name-Registered Debenture Certificate
Institutional investors or/and high net worth investors
1,000,000 Units
1,000 Baht/Unit
1,000 Baht/Unit
1,000,000,000 Baht
6 October 2016
1 Year 10. Interest Rate 3.05%
“BBB” (stable) by Tris Rating 24 24
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Fact sheet Detail
Debentures of Ananda Development Public Company Limited No. 2/2016 Tranche 2 Due 2017
Unsubordinated and Unsecured Debentures without a Debenture holders’ Representative in the Name-Registered Debenture Certificate
Institutional investors or/and high net worth investors
500,000 Units
1,000 Baht/Unit
1,000 Baht/Unit
500,000,000 Baht
6 October 2016
3 Years 10. Interest Rate 3.50%
“BBB” (stable) by Tris Rating
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Fact sheet Detail
Debentures of Ananda Development Public Company Limited No. 2/2016 Tranche 3 Due 2017
Unsubordinated and Unsecured Debentures without a Debenture holders’ Representative in the Name-Registered Debenture Certificate
Institutional investors or/and high net worth investors
1,500,000 Units
1,000 Baht/Unit
1,000 Baht/Unit
1,500,000,000 Baht
6 October 2016
5 Years 10. Interest Rate 4.00%
“BBB” (stable) by Tris Rating
Successful Launches FY presales guidance up 5% Construction ahead schedule Interim dividend payment 3 Bonds issued – record low cost of debt
Transfer 35% above target Presales 36% above target Net Profit up 56% YoY %SG&A to revenue down from 23% to 20% Record Backlog – 41.3 Bn Baht Net IBDE – below target at 0.8 times
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28 28 28 28 Project
estate development project for retail, residential, or hotel purposes
Location
Road (A new CBD Area)
Land Area
67 sqw
Estimated GFA
Ownership
leasehold
Official Operating Period
the first quarter
Land Value
Land value 2,079 million Baht for 30 years lease Cyber World
Potential Site Concept
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Item 2013 Actual 2014 Actual 2015 Actual 2016 Guidance
Transfer (M Baht) 8,808 9,678 9,598 15,000-16,000 Presales (M Baht) 21,083 20,898 26,235 21,500-22,500 Gross Profit Margin 37% 38% 39% 34% Total Debt / Equity, Year End 1.10 1.47 1.36 1.19 Net Interest Bearing D / E, Year End 0.30 0.74 0.70 0.94 Effective Tax Rate 21% 18% 22% 20% Launches (M Baht) 34,213 14,954 34,828 20,500-21,000 Land Purchases (M Baht) 4,343 10,284 5,258 8,660
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Dec, 2012 2013 2014 2015 2016 2017
TRANSFER
8,808 MB
TRANSFER
9,678 MB
TRANSFER1
15,100 MB
TRANSFER1
25,072 MB
TRANSFER
9,598 MB 31 31 31
Note : 1 Including Joint Venture with Mitsui Fudosan and Ananda 51% Share
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2017 Transfer target between 24,000 and 26,000 M Baht
Quarter Quarter 1 Quarter 2 Quarter 3 Quarter 4 2017 Condo 858 1,636 1,466 4,866 8,826 Housing 515 512 727 1,078 2,832 Ananda F/S 1,374 2,148 2,192 5,944 11,658 Ananda Share in JV 628
5,626 6,841 Mitsui Share in JV 604
5,405 6,573 Total (M Baht) 2,605 2,148 3,343 16,975
25,072
to complete in 2017 2017 Transfer Growth Rate
1Q17 (F) 2Q17 (F) 3Q17 (F) 4Q17 (F)
858 1,636 1,466 4,866 515 512 727 1,078 628
5,626 604
5,405
Unit : Mil Baht Condo Housing Ananda Share in JV Mitsui Share in JV
Updated: Sept 30, 2016
33 33 Ashton Residence 41 Ideo Sukhumvit 115
Unit: M Baht
New New
33% transfer after 2017
53.8% sold
67% transfer target in 17 10% transfer after 2017
64.3% sold
90% transfer target in 17
76% of Transfer Target will be derived from new projects
Ideo Mobi Bangsue Grand Interchange1
New
39.8% sold
67% transfer target in 17 33% transfer after 2017
Ideo Q Siam-Ratchathewi1
New
79.6% sold
71% transfer target in 17 29% transfer after 2016
Transfer Begins
New Housing Project
New
New Housing Project
New Housing Project
New
New Housing Project
1Q17 3Q17 2Q17
Note : 1 Joint Venture with Mitsui Fudosan and Ananda 51% Share
Updated: Sept 30, 2016
34 34 Unio Sukhumvit 72
Unit: M Baht
New
76% of Transfer Target will be derived from new projects (Cont.)
4Q17
Transfer Begins
New
New Housing Project
Ideo Thaphra Interchange1
New
Venio Sukhumvit 10
New
Unio Rama2-Thakham
New
Q Chidlom-Phetchaburi1
New
32% transfer after 2017
45.5% sold
68% transfer target in 17
Ashton Asoke1
New
33% transfer after 2017
98.0% sold
67% transfer target in 17
New Housing Project
59% transfer after 2017
28.9% sold
41% transfer target in 17 42% transfer after 2017
37.6% sold
58% transfer target in 17 41% transfer after 2017
34.8% sold
59% transfer target in 17 44% transfer after 2017
78.0% sold
56% transfer target in 17
Note : 1 Joint Venture with Mitsui Fudosan and Ananda 51% Share
Updated: Sept 30, 2016
35 35 Ideo Mobi Sukhumvit Eastgate Ideo Mobi Wongsawang Int. Ideo Q Chula-Samyan1 Unit: M Baht
29.9% already transferred
66.2% sold
35.3% transfer target in 17 21.3% already transferred
48.7% sold
36.8% transfer target in 17 8.0% already transferred
97.0% sold
18.0% transfer target in 17
24% of Transfer Target will be derived from existing projects
Unio Charan 3 Ideo Sathorn-Thaphra Ideo Wutthakat
0% already transferred
66.7% sold
47.0% transfer target in 17 88.1% already transferred
89.8% sold
4.7% transfer target in 17 86.2% already transferred
88.3% sold
4.5% transfer target in 17
Atoll (5 projects) Arden (3 projects) Ideo Mobi Charan Interchange
61.7% sold
57.6% already transferred 6.9% transfer target in 17
49.3% sold
45.4% already transferred 40.8% transfer target in 17 74.4% already transferred
76.7% sold
9.5% transfer target in 17
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2017 Launches Target between 35,000 and 37,000 M Baht
Quarter Quarter 1 Quarter 2 Quarter 3 Quarter 4 2017 Condo 6,781 8,600 5,509 7,945 28,834 Housing 1,239 3,708 2,155
Total (M Baht) 8,020 12,308 7,664 7,945
35,936
4 3 1 2
10
1 4 2
Launches 17 Sites JV 7 Sites accounting for 71% of launches) 2017 Launches Growth Rate
1Q17 (F) 2Q17 (F) 3Q17 (F) 4Q17 (F) 6,781 8,600 5,509 7,945 1,239 3,708 2,155 Unit : Mil Baht Condo Housing
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2017 Presales Target between 29,000 and 31,000 M Baht
Quarter Quarter 1 Quarter 2 Quarter 3 Quarter 4 2017 Condo
5,899 5,839 7,588 7,852 27,178 Housing 480 619 735 795 2,629 Total (M Baht) 6,379 6,458 8,323 8,647
29,807
2017 Presales Growth Rate
1Q17 (F) 2Q17 (F) 3Q17 (F) 4Q17 (F) 5,899 5,839 7,588 7,852 480 619 735 795 Unit : Mil Baht Condo Housing
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Item 2013 Actual 2014 Actual 2015 Actual 2016 Guidance 2017 Guidance
Transfer (M Baht) 8,808 9,678 9,598 15,000-16,000 24,000-26,000 Presales (M Baht) 21,083 20,898 26,235 21,500-22,500 29,000-31,000 Gross Profit Margin 37% 38% 39% 34% 33-34% Total Debt / Equity, Year End 1.10 1.47 1.36 1.19 0.9-1.0 Net Interest Bearing D / E, Year End 0.30 0.74 0.70 0.94 0.5-0.6 Effective Tax Rate 21% 18% 22% 20% 20% Launches (M Baht) 34,213 14,954 34,828 20,500-21,000 35,000-37,000 Land Purchases (M Baht) 4,343 10,284 5,258 8,660 10,000-12,000
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94% 45%
Economic situation not strong GDP growth projections revisions pending Land price increases slowing Construction costs constrained Consumer confidence declined in October Banks remain strongly supportive – Bond Our customer group remains “cashed up” and with good credit Mass Transit Supply/Demand varies by station Mass Transit market more robust than general market
Source : University of Thai Chamber
39 39 Initial Sales Rate
Sources: AREA
59% 47% 58% 36% 64% 22% 0% 10% 20% 30% 40% 50% 60% 70% 0-300 m. > 1,000 m. 2013 2014 2015
Updated : 26 October 2016 Under Construction
2016)
Lampong (2019)
(2018)
Awarding within 2016
(2020) *Approved by cabinet April 19, 2016
*Approved by cabinet March 29, 2016
*Approved by cabinet March 29, 2016
Makasan – Huamark (2019) *Approved by cabinet July 26, 2016
*Approved by cabinet July 26, 2016
Current Line Under Construction Awarding in 2016 and under study
Mass Transit Network Expansion
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Ananda Development PLC 2016
Contact:
Chief Strategic Development Officer Ananda Development Public Company Limited john@ananda.co.th +662 056 2222 Mobile: +66 877 99 1946
Senior Investor Relations Manager Ananda Development Public Company Limited komsan@ananda.co.th +662 056 2222 Mobile: +66 819 16 3755
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Current Projects >> 9M 2016 Sales
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Updated: Sept 30, 2016
Project Launched Value (M Baht) %Net Sold Net Sales (M Baht) Backlog (M Baht) Unsold Inventory (M Baht) %Transfer
AD3: Ideo Mobi Sathorn Feb-12 1,888 99.6%
99.6% ADO: Atoll (Housing) Feb-13 7,434 61.7% 901 303 2,849 57.6% AD 14: Elio Sukhumvit 64 Mar-13 1,478 100.0%
AD14: Ideo Sathorn – Tha Phra Jul-13 3,683 76.7% 605 83 858 74.4% AD14: Elio Del Ray Aug-13 3,346 100.0% 365
AD 15: Ideo Wutthakat Aug-13 2,238 89.8% 478 37 229 88.1% AD15: Ideo Mobi Charan- Interchange Oct-13 3,796 88.3% 206 81 443 86.2% AD16: Ideo Q Ratchatewi Oct-13 2,009 99.0% (10) 57 19 96.2% AD16: Ideo Q Chula-Samyan1 Oct-13 6,834 97.0%
202 8.0% AD17: Ashton Asoke1 Sep-14 6,705 98.0%
133
Ratchathewi1 Sep-14 3,816 79.6% 39 3,037 779
Wongsawang-Interchange Sep-14 1,760 48.7% (264) 482 904 21.3% AD16: Ideo Mobi Sukhumvit Eastgate Sep-14 2,555 66.2% 160 926 864 29.9%
Sub total (2012-2014 Launched) 47,542 2,551 17,665 7,288
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Note: 1 Joint Venture with Mitsui Fudosan
Project Launched Value (M Baht) % Net Sold Net Sales (M Baht) Backlog (M Baht) Unsold Inventory (M Baht) %Transfer
AD18: Ashton Chula-Silom1 Mar-15 8,702 71.5% 533 6,218 2,484
Mar-15 1,900 53.8% (64) 1,022 878
Jun-15 2,111 66.7% 472 1,407 703
Jun-15 2,914 49.3% 424 116 1,476 45.4% AD17: Ideo Sukhumvit 115 Aug-15 2,743 64.3% 509 1,763 980
Aug-15 2,996 45.5% 53 1,363 1,633
Aug-15 5,071 50.6% 1,142 2,568 2,503
Grand Interchange1 Nov-15 2,532 39.6% 406 1,002 1,530
Nov-15 6,036 64.5% 1,417 3,890 2,146
(2015 Launched) 35,004 4,892 19,349 14,333
AD17: Ideo Tha Phra Interchange1 Feb-16 2,985 28.9% 861 861 2,124
Jul-16 1,460 34.8% 508 508 952
Jul-16 985 37.6% 370 370 615
Sep-16 861 78.0% 671 671 190
Sep-16 3,238 59.1% 1,915 1,915 1,324
(2016 Launched) 9,528 4,325 4,325 5,203
Grand total
92,075 11,768 41,340 26,824
44 44
Current Projects >> 9M 2016 Sales (Cont.)
Note: 1 Joint Venture with Mitsui Fudosan
Updated: Sept 30, 2016