26. ∫√‘…——∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π) L.P.N. Development Public Company Limited25
To The Shareholders
L.P.N. Development Public Company Limited
The Companyûs Board of Directors appointed the Audit Committee comprised of three directors who are
distinguished and independent, namely, Mr.Amornsuk Noparumpa, the Chairman of the Audit Committee, Mr.Thep
Roongtanapirom, and Mr.Weerasak Wahawisal as Audit Committee, with one of these persons having expertise and
experience in auditing, with effect from April 25, 2006 and on the same day the former Audit Committee resigned due
to the fact that their two terms had expired namely, Professor Siri Keiwalinsrit, Chairman of the Audit Committee and
Audit Committee Mr.Vudhiphol Suriyabhivadh.
The Audit Committee has performed their duties according to the responsibilities assigned by the Companyûs
Board of Directors in accordance with the requirements of the Stock Exchange of Thailand. The Audit Committee held
four meetings in 2006. The Audit Committee held discussions with the management, the certified auditor and the
internal auditor according to the specified schedule. In every meetings, the Audit Committee expressed their opinion
and independently reported to the Boardûs Meeting. The material issues that were reported are as follows:
1) The Audit Committee reviewed and approved the quarterly financial statements as well as the annual
balance sheet that was prepared according to generally accepted auditing standards in order to
ascertain that the information was disclosed adequately, before presenting the same to the Companyûs
Board of Directors for further approval.
2) The Audit Committee reviewed disclosure of connected transactions and the transactions that gave rise to
conflicts of interest to conform to the standards of the Stock Exchange of Thailand.
3) The Audit Committee reviewed that the Company complied with applicable provisions of law as well as the
requirements of the Stock Exchange of Thailand on a regular basis.
4) The Audit Committee followed up and promoted the corporate governance development process of the
Company on a regular basis.
5) The Audit Committee proposed the appointment of office of DIA International Auditing to be the Companyûs
auditor in 2007 for another one year with remuneration of 0.81 million Baht for further presentation to the
Annual General Meeting of Shareholders.
6) The Audit Committee considered and proposed the annual audit plan and reported the audit results from
the Internal Audit Department and also gave its support to the development of personnel to be more
efficient and more skilled according to international professional standards.
Following the Audit Committeeûs review, it found that the Company adopted the proper preparation process
and disclosed information in the financial statements that was adequate and that the Company has an effective
internal control system.
On behalf of the Chairman of Audit Committee
Mr.Amornsuk Noparumpa
Chairman of Audit Committee
January 24, 2007
28. ∫√‘…——∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π) L.P.N. Development Public Company Limited27
Report on the responsibility for auditing financial statements and corporate governance
The Company has always emphasized internal control. In this regard, the Companyûs Board of Directors assigned
the Audit Committee to review appraisal on internal control systems intended to make such controls adequate and
proper for the business, and to ensure that the performance, property control, financial systems, risk management, and
performance supervision are efficient and effective.
From internal audit results in 2006, no situations related to the Companyûs internal control that were deemed as
a material weakness that may impact the financial statements in any respects were found.
The Audit Committee was comments that the Company had an adequate and proper preparation process and
internal control system and reported accordingly to the Board of Directors of the Company. The Board of Directors
agreed with the opinion of the Audit Committee.
In addition, at the Annual General Meeting of Shareholder in 2005, a questions was raised regarding the
timetable for repayment of the loan in the amount of 200 million Baht by Grand Unity Development Co., Ltd. which was
scheduled to be completely repaid within 2006. The Executive Directors pointed out that sales in 2006 had been lower
than planned and as a result the scheduled repayment was postponed to be repaid in full within the third quarter
of 2007.
32. ∫√‘…——∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π) L.P.N. Development Public Company Limited31
1989 - Established the Company with Baht 50 Million registered capital on June 21, 1989 to develop Lumpini Tower
Project.
1990 - Invested in Pornsanti Co., Ltd. in proportion of 20.00%.
1992 - Incorporated Lumpini Property Management Co., Ltd. having 99.98% of its shares held by the Company, in order
to manage the various projects of condominiums developed by the Company and subsidiary-companies; and
also ones developed by other real estates companies.
1993 - Increased the proportion of investment by holding of 99.99% of the paid-up capital of Baht 200 Million in Pornsanti
Co., Ltd..
1994 - Effect the registration of conversion into public limited company on June 21, 1994-registration No. BorMorJor.477.
- The Company was listed at the Stock Exchange of Thailand with the Securities named çLPNé.
- Issued ordinary shares to increase the capital and distribute among public for 9.2 Million shares of Baht 10 par
value with offering value per share of Baht 64.
- Increased the capital to be Baht 460 million on November 4, 1994.
1997 - Expands scope of services of Lumpini Property Management Co., Ltd. to cover and support the marketûs needs.
- Reorganized the Company and enhance capacity of the employees compatible to economical recession.
1999 - On July 26, 1999, the Company had appointed Cathay Asset Management Co., Ltd. as the consultant in respect
of restructuring and increase of the Companyûs capital by jointly formulating the negotiation trend on restructuring
with each creditor, and also planning for the Companyûs increase of capital.
- The Company enjoyed success in restructuring with financial institutes for the total obligation of value Baht 3,305.93
Million.
- Board of Directors of L.P.N. Development Public Company Limited had held the Extraordinary General Meeting of
Shareholders No. 1/1999 on October 4, 1999 for consideration on the increase of the Companyûs capital from Baht
460,000,000 (Four Hundred Sixty Million Baht Only) to Baht 3,983,000,000 (Three Thousand Nine Hundred Eighty Three
Million Baht Only) by the creation of 352,300,000 (Three Hundred Fifty Two Million and Three Hundred Thousand)
new ordinary shares, each of par value 10 Baht, making up the total amount of Baht 3,523,000,000 (Three
Thousand Five Hundred Twenty Three Million Baht Only)
2000 - On February 1, 2000, the Companyûs Board of Directors considered and appointed the Audit Committee and also
determined the scope, power, duties, and responsibility pursuant to the criteria on business supervision of the stock
Exchange of Thailand.
2001 - Launched Lumpini Place Sathorn Project-the residential condominium valued Baht 750 Million, which was the only
residential condominium opened in the economical recession period and achieved a satisfactory response; and
also Lumpini Center Project (Happyland) Phase 3, the residential condominium in Bangkapi area. As the project
development policy rules the occupancy of the customers within a 1-year period, as a result the construction
works were completed and all of the revenue was recognized in 2002. There were continuous promotion activities
held.
33. ∫√‘…——∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π) L.P.N. Development Public Company Limited32
- In September 2001, the Company agreed to enter into a joint venture agreement with Uni-Venture Public
Company Limited, Sansiri Public Company Limited and Yaowawong Co., Ltd. setting up Grand Unity Development
Co., Ltd. for the purpose of development of the WaterCliff Project the residential condominium in Rama III area,
that had been postponed since 1997, due to the economic crisis. The said joint venture company developed the
project under the new name çLumpini Place WaterCliffé having L.P.N. Development Public Company Limited
responsible for marketing administration, sales and construction work of the whole project.
2002 - Subject to the resolution of Ordinary Meeting of Shareholders 2002, the meeting resolved on April 30, 2002 to
decrease the registered capital from Baht 3,983,000,000.00 (Three Thousand Nine Hundred Eighty Three Million Baht
Only) to Baht 460,000,000.00 (Four Hundred Sixty Million Baht Only) and later increased the capital to 75,000,000.00
shares (Seventy Five Million shares of value Baht 750,000,000.00 (Seven Hundred Fifty Million Baht Only) when added
up to the existing registered capital of Baht 460,000,000.00 (Four Hundred Sixty Million Baht Only), then the
Company had total registered capital of 2002 in amount of Baht 1,210,000,000.00 (One Thousand Two Hundred Ten
Million Baht Only), being paid up capital as of January 29, 2004 of Baht 946,826,190.00 (Nine Hundred Forty Six
Million Eight Hundred Twenty Six Thousand One Hundred and Ninety Baht Only)
- The Companyûs Board of Directors resolved to appoint Mr.Pakorn Thavisin as the Vice Chairman of the Companyûs
Board of Directors.
2003 - On the occasion that the Company had been carried on for 15th year in 2004, the Company had held various
events under the ç15 years of bounded relationshipé to express the gratitude to the honoured customers and
supporters who have provided the Company with the loyal support all along and also subsidised the charitable
events such as subsidisation of fund in construction of tennis court for youth or contribution to Thai Red Cross
Society to buy the dialysis equipment in assistance of terminal chronic nephritic patient.
- The Company entered into the Agreement to lease out the whole area of Lumpini Residence building with Riei
(Thailand) Co. Ltd. for the expansion purpose of the business in field of serviced apartment and rental for long stay
for the Japanese customers.
- Increase the proportion of investment in Grand Unity Development Co.,Ltd. from 25% to 33.33% in order to enlarge
the opportunity in development of project, marketing, and products including to increase the business alliance.
2004 - The Annual General Shareholdersû Meeting of 2004 held on April, 7 2004 resolved to change the par value from
Baht 10 to Baht 1, increasing the number of shares from 121,000,000 shares to 1,210,000,000 shares. In the said
meeting it also resolved to register the increase of the Companyûs Capital to be 276,706,550 shares (Two Hundred
Seventy Six Million Seven Hundred Six Thousand Five Hundred Fifty Shares) at par value Baht 1 making a total
registered capital of Baht 1,486,706,550 (One Billion Four Hundred Eighty Six Million Seven Hundred Six Thousand Five
Hundred Fifty Baht Only) divided into 1,486,706,550 ordinary shares (One Billion Four Hundred Eighty Six Million Seven
Hundred Six Thousand Five Hundred Fifty Shares) valued Baht 1 (One Baht Only).
- The Company, following ç15 years of bonded relationshipé project, had pursued events to express gratitude to all
customers, partners, staff, and through various activities, i.e., free inspection of systems installed in the customerûs
units, giving out the essential equipment to be used for mutual benefit for any juristic condominiums, holding (in
cooperation with the Stock Exchange of Thailand) a charity concert to donate the proceeds to the charity
organizations, arranging the ç15 years of bonded relationship sharing to Phayathai Babiesû Homeé and awarding
scholarship to the employeeûs children etc.
34. ∫√‘…——∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π) L.P.N. Development Public Company Limited33
- The Company was invited by the Stock Exchange of Thailand to participate in çThailand Focus 2004é events to
present the operational results, policies, directions, strategies and operational plans of the Company to foreign high
calibre executives, managers of funds and investors from leading institutes.
2005 - The Company had its securities ranked in SET Index 100 of Stock Exchange of Thailand which was published on
18th
April 2005 and was also ranked in 2005 to be 1 of 93 listed companies in the Stock Exchange of Thailand and
was awarded an appraisal of operational results for outstanding good governance in the Top Quartile group
selected by the Thai Institution of Directors Association (IOD). This time was the 3rd
year straight that the Company
was honoured to be ranked in the Top Quartile group.
- Professor Mora Bunyaphala, Chairman of the Board of Directors, passed away on July 30, 2005. The Boardûs
Meeting No. 4/2005 appointed Mr.Pakorn Thavisin to assume the post of Chairman of the Companyûs Board with
effect on August 11, 2005.
- Mr.Amornsuk Noparumpa was appointed to be director and a member of the Audit Committee with effect on
December 22, 2005. The incumbent Audit Committee were re-appointed to resume their offices during February
1, 2006 to April 30, 2008.
2006 - The Company was ranked by the Thai Institution of Directors Association as a Company with level 4 performance
that had performed according to standards of good corporate governance focusing on disclosure and
transparency of information to investors, shareholders and the general public in a transparent manner on a regular
basis, with an average of 80-89 points from a total of 100 points. This year is the fourth year that the Company
has been selected for good performance with good governance, guaranteeing by the National Good
Governance as a listed company in the Stock Exchange of Thailand with a status of çvery goodé.
- The Company received a certificate from Ms.Phatreeya Benjaphonchai, Director and Manager of the Stock
Exchange of Thailand on the occasion that the Company was 1 of 3 companies that was selected to win the SET
Awards 2006 for Best Performance in Property & Construction which came from the performance leading to
sustainable growth and continuous value for shareholders. The award is given based on financial status and
performance excellence as well as policies concerning disclosure of information specified by the Stock Exchange
of Thailand and stock liquidity.
- The Annual General Meeting of Shareholders in 2006 held on April 25, 2006 passed a resolution to reduce capital
from 1,486,706,550 Baht to 1,475,698,768 Baht by deleting ordinary shares remaining from the reserve held for
exercising warrants with 11,007,782 shares at 1 Baht per share and approved amendment of Article 4 of the
Memorandum of Association of the Company to reflect the capital decrease.
- The Company appointed Mr.Tikhamporn Plengsrisuk as Chief Executive Officer in place of Mr.Tawechai Chitasaranachai
who resigned effective as of January 1, 2006.
- The Company appointed Professor Siri Keiwalinsrit and Mr.Tawechai Chitasaranachai as Vice Chairman effective as
of April 25, 2006.
- The Company appointed Mr.Amornsuk Noparumpa and Mr.Weerasak Wahawisal as Audit Committee in place of
Professor Siri Keiwalinsrit and Mr.Vudhiphol Suriyabhivadh who resigned, effective as of April 25, 2006 who had a
term until April 30, 2008, leaving the Audit Committee with 3 persons as follows:
1. Mr.Amornsuk Noparumpa Chairman of Audit Committee
2. Mr.Thep Roongtanapirom Audit Committee
3. Mr.Weerasak Wahawisal Audit Committee
- The Company appointed Mr.Opas Sriyapak in the position Director and Managing Director effective as of April 25,
2006.
36. ∫√‘…——∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π) L.P.N. Development Public Company Limited35
The investment Structure of L.P.N. Development Public Company Limited in the other companies in which the
Company holds over 10% of their shares as at December 2006.
L.P.N. Development Public Company Limited
Registration Date : June 21, 1989
Type of shares : Ordinary
Number of shares : 1,475,698,768 shares
Paid-up shares : 1,475,698,768 shares
Par value : 1.00 Baht
Registered Capital : 1,475,698,768 Baht*
Issued and paid-up capital : 1,475,698,768 Baht
(as of May 15, 2006)
99.99% 99.88% 33.33%
Pornsanti Co., Ltd. Lumpini Property Management Co., Ltd. Grand Unity Development Co., Ltd.
Registration Date: November 14, 1990 Registration Date: April 2, 1992 Registration Date: September 7, 2001
Type of shares: Ordinary Type of shares: Ordinary Type of shares: Ordinary
Number of shares: 200,000 shares Number of shares: 10,000 shares Number of shares: 5,000,000 shares
Par value: 1,000.00 Baht Par value: 100.00 Baht Par value: 10.00 Baht
Registered Capital: 200.00 Million Baht Registered Capital: 1.00 Million Baht Registered Capital: 50.00 Million Baht
* The 2006 Annual General Meeting of Shareholders held on April 25, 2006 passed a resolution to reduce capital from
1,486,706,550 Baht to 1,475,698,768 Baht by reducing ordinary shares that remain from the reserve for exercising rights
to warrants in the amount of 11,007,782 Baht at 1 Baht per share and passed a resolution to amend Clause 4 of
the memorandum of association of the Company in order to reflect the reduction in the registered capital of the
Company which the Company registered with the Ministry of Commerce on May 15,
Remarks - L.P.N. Development Public Company Limited is engaged in property development
- Pornsanti Co., Ltd. is a subsidiary company engaged in the property development business
- Lumpini Property Management Co., Ltd. is engaged in condominium management services, sales manage-
ment and construction management
- Grand Unity Development Co., Ltd. is a joint venture company engaged in condominium and townhouse
development focusing on development of projects that were suspended due to the economic crisis
37. ∫√‘…——∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π) L.P.N. Development Public Company Limited36
º—ß‚§√ß √â“ßÕߧå°√
Corporate Organization Chart
§≥–°√√¡°“√µ√«® Õ∫
Audit Committee
∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)
L.P.N. Development Public Company Limited
°√√¡°“√ºŸâ®—¥°“√
Managing Director
§≥–°√√¡°“√∫√‘À“√
Executive Directors
§≥–°√√¡°“√∫√‘…—∑
Board of Directors
“¬ß“π ”π—°°√√¡°“√
Directorsû Office
“¬ß“π∫√‘À“√°“√‡ß‘π
Corporate Finance
“¬ß“π∫√‘À“√‚§√ß°“√
Project Management
ΩÉ“¬µ√«® Õ∫¿“¬„π
Internal Audit Dept.
ΩÉ“¬æ—≤π“§ÿ≥¿“æ
Quality Improvement Dept.
ΩÉ“¬∫√‘À“√≈Ÿ°§â“ —¡æ—π∏å
Customers Relations
Management Dept.
ΩÉ“¬°ÆÀ¡“¬
Legal Dept.
ΩÉ“¬ ”π—°°√√¡°“√
Directorûs Office Dept.
ΩÉ“¬«‘®—¬·≈–æ—≤π“
Research and
Development Dept.
ΩÉ“¬°“√‡ß‘π
Finance Dept.
ΩÉ“¬∫—≠™’
Accounting Dept.
ΩÉ“¬∫√‘°“√ß“π«‘»«°√√¡
Construction
Service Dept.
ΩÉ“¬∫√‘À“√‚§√ß°“√
Project Management Dept.
38. ∫√‘…——∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π) L.P.N. Development Public Company Limited37
°√√¡°“√ºŸâ®—¥°“√
Managing Director
√Õß°√√¡°“√ºŸâ®—¥°“√
Deputy Managing Director
“¬ß“π∫√‘À“√ß“π¢“¬
Brokerage Management
“¬ß“π∫√‘À“√™ÿ¡™π
Community Management
“¬ß“π∫√‘À“√Õ”π«¬°“√
Administrative Management
“¬ß“π∫√‘À“√°“√‡ß‘π ·≈–∫—≠™’
Finance and Accounting
Management
ΩÉ“¬°“√µ≈“¥
Marketing Dept.
ΩÉ“¬¢“¬
Sales Dept.
ΩÉ“¬∫√‘°“√≈Ÿ°§â“
Customer Service Dept.
ΩÉ“¬∏ÿ√°‘®π“¬Àπâ“
Brokerage Business Dept.
ΩÉ“¬ π—∫ πÿπß“π∫√‘À“√
™ÿ¡™π
Community Management
Support Dept.
ΩÉ“¬‡´Õ√å«‘ Õæ“√嵇¡π∑å
Serviced
Apartment Dept.
ΩÉ“¬∫√‘À“√™ÿ¡™π
Community Management
Dept.
ΩÉ“¬∫√‘°“√§«“¡ –Õ“¥
Cleaning Service Dept.
ΩÉ“¬∏ÿ√°“√
General Affairs Dept.
ΩÉ“¬æ—≤π“∑√—欓°√¡πÿ…¬å
Human Resource
Development Dept.
ΩÉ“¬∫√‘À“√∑√—欓°√¡πÿ…¬å
Human Resource
Management Dept.
ΩÉ“¬°“√‡ß‘π·≈–∫—≠™’ 𑵑‘ œ
Finance and Accounting
Dept. (Juristic)
ΩÉ“¬°“√‡ß‘π·≈–∫—≠™’
Finance and Accounting
Dept. (Corporate)
ΩÉ“¬‡∑§‚π‚≈¬’ “√ π‡∑»
Information
Technology Dept.
ΩÉ“¬ª√–™“ —¡æ—π∏å
Public Relations Dept.
ΩÉ“¬∫√‘À“√ ‘Ëß·«¥≈âÕ¡
·≈– —ߧ¡
Environment and
Social Management Dept.
∫√‘…—∑ ≈ÿ¡æ‘π’ æ√Õæ‡æÕ√åµ’È ¡“‡π®‡¡π∑å ®”°—¥
Lumpini Property Management Co.,Ltd.
39. ∫√‘…——∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π) L.P.N. Development Public Company Limited38
ºŸâ∂◊ÕÀÿâπ
√“¬™◊ËÕºŸâ∂◊ÕÀÿâπ∑’Ë∂◊ÕÀÿâπ Ÿß ÿ¥ 10 √“¬·√° ¢Õß∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π) æ√âÕ¡∑—Èß®”π«πÀÿâπ∑’Ë∂◊Õ
·≈– —¥ à«π°“√∂◊ÕÀÿâπ≈à“ ÿ¥ ≥ «—πªî¥ ¡ÿ¥∑–‡∫’¬πºŸâ∂◊ÕÀÿâπ§√—ÈßÀ≈—ß ÿ¥«—π∑’Ë 1 ‘ßÀ“§¡ 2549 ¡’¥—ßπ’È
√“¬™◊ËÕºŸâ∂◊ÕÀÿâπ√“¬„À≠à ®”π«πÀÿâπ —¥ à«π (%)
1. ∫√‘…—∑ ‰∑¬‡ÕÁπ«’¥’Õ“√å ®”°—¥ 361,338,993 24.49
2. Morgan Stanley & Co International Limited 140,520,500 9.52
3. HSBC (Singapore) Nominees Pte. Ltd. 132,800,076 9.00
4. 𓬠ÿ‡¡∏ ‡µ™–‰°√»√’ 88,641,518 6.01
5. Somers (U.K.) Limited 47,199,500 3.20
6. State Street Bank and Trust Company for Australia 42,400,000 2.87
7. ¡‘ ´—ß‚√¡—π§“∑Õ≈‘°°√ÿ߇∑æœ 41,000,000 2.78
8. State Street Bank and Trust Company 40,449,100 2.74
9. HSBC Bank Plc-Clients General A/C 37,859,600 2.57
10. Chase Nominees Limited 1 33,107,112 2.24
√«¡ 965,316,399 65.42
µ“√“ß· ¥ß‚§√ß √â“ß√“¬‰¥â¢Õß°‘®°“√∑’Ë∫√‘…—∑∂◊ÕÀÿâπµ—Èß·µà√âÕ¬≈– 20 ¢÷Èπ‰ª
Income structure of revenue from businesses in which the Company holds at least a 20 % of shares
‚§√ß √â“ß°“√∂◊ÕÀÿâπ
Shareholding Structure
‚§√ß √â“ß√“¬‰¥â¢Õß°‘®°“√
Structure of Revenue from Business
º≈‘µ¿—≥±å·≈–∫√‘°“√ / Products & Services ¥”‡π‘π°“√‚¥¬ / Operated by
æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)
Property Development L.P.N. Development Public Company Limited
æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å ∫√‘…—∑ æ√ —𵑠®”°—¥
Property Development Pornsanti Company Limited
„Àâ∫√‘°“√ ∫√‘…—∑ ≈ÿ¡æ‘π’ æ√Õæ‡æÕ√åµ’È ¡“‡π®‡¡π∑å ®”°—¥
Administration & Services Lumpini Property Management Company Limited
æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å ∫√‘…—∑ ·°√π¥å ¬Ÿπ‘µ’È ¥‘‡«≈≈ÁÕª‡¡π∑å ®”°—¥
Property Development Grand Unity Development Company Limited
√«¡ / Total
40. ∫√‘…——∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π) L.P.N. Development Public Company Limited39
”À√—∫·µà≈–ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2549, 2548 ·≈– 2547
For the each year ended December 31, 2006, 2005 and 2004
% °“√∂◊ÕÀÿâπ¢Õß∫√‘…—∑ 2549 / 2006 2548 / 2005 2547 / 2004
% of Company Shareholding √“¬‰¥â/revenue √âÕ¬≈–/% √“¬‰¥â/revenue √âÕ¬≈–/% √“¬‰¥â/revenue √âÕ¬≈–/%
- 4,846.29 96.53 3,401.54 94.95 2,355.07 95.02
99.99 5.34 0.11 4.24 0.12 4.43 0.18
99.88 138.21 2.75 132.09 3.69 113.42 4.58
33.33 30.65 0.61 44.76 1.24 5.47 0.22
5,020.49 100.00 3,582.63 100.00 2,478.39 100.00
Shareholders
List of the first ten shareholders of L.P.N. Development Public Company Limited at the date of closing register
book on August 1, 2006.
Names of Majority Shareholders No. of Shares Percentage %
1. Thai NDVR Co., Ltd. 361,338,993 24.49
2. Morgan Stanley & Co International Limited 140,520,500 9.52
3. HSBC (Singapore) Nominees Pte. Ltd. 132,800,076 9.00
4. Mr.Sumet Techakraisri 88,641,518 6.01
5. Somers (U.K.) Limited 47,199,500 3.20
6. State Street Bank and Trust Company for Australia 42,400,000 2.87
7. The Roman Catholic Mission of Bangkok 41,000,000 2.78
8. State Street Bank and Trust Company 40,449,100 2.74
9. HSBC Bank Plc-Clients General A/C 37,859,600 2.57
10. Chase Nominees Limited 1 33,107,112 2.24
Total 965,316,399 65.42
42. ∫√‘…——∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π) L.P.N. Development Public Company Limited41
L.P.N. Development Public Company Limited and its subsidiaries are engaged in the real estate development business with
the objective to sell and lease office buildings and residential buildings in the Central Business District of Bangkok Metropolis (CBD)
and the surrounding area. Initial projects that were developed included high rise buildings and large scale buildings.
Since the economic crisis in 1997, the Company has adjusted its business policy and strategy to focus on developing
condominiums for customers in the mid to lower-mid range as its main target group (Focus Strategy), including the creation of
differentiation of goods and services (Differentiated Strategy). The Company has developed condominiums under the çLPN Designé
that focus on utility for urban living, which is different from products found in general. The Company has also developed a style of
condominium management that focuses on the quality of life of its residents. This strategy has created confidence and loyalty
among the Companyûs customers. In addition, the Company has adopted a strategy of low cost management (Cost Leadership
Strategy) as a strong point to gain an advantage among competitors and bring success to the Company. This can be seen from
the sales volume of each project which sold out very rapidly. From 2003 onwards, the Company has distinguished its products into
clear categories to cover all groups of customers under the following names and product brands:
1. çLumpini Suiteé is a condominium project that focuses on the upper mid range target group of customers (B ) with
a price range of 60,000 Baht per square meter upwards, located in central business districts or a residential high rise
building completing with full range of facilities, luxury designs indicating resident and project status.
2. çLumpini Placeé is a condominium project that focuses on the mid to upper mid range target group of customers
(B -B) with a price range of 45,000-60,000 Baht per square meter, located in areas surrounding central business
districts and dense population centers.
3. çLumpini Villeé is a condominium project that focuses on the mid to lower mid range target group of customers
(B-B ) with a price range of 35,000-45,000 Baht per square meter which is similar to the çLumpini Placeé project but
differs in terms of location, materials used and facilities in the project.
4. çLumpini Centeré is a condominium project that focuses on the mid lower to upper lower range target group of customers
(B C ) with a price range of 25,000-35,000 Baht per square meter, mainly located along the edges of the urban center
and the suburbs with highly dense populations. Customers in this target group have a place of work or former residence
no more than 5 kilometers from the project and is a customer group that has a high demand for residences.
5. çLumpini CondoTowné is a latest brand developed by using strategy of looking for new markets (Blue Ocean Strategy)
to meet the residential needs of customers in the upper lower range (C ), which has the largest target group of
customers. Only a few developers cater to this customer group, mainly due to the fact that there are problems with
investment costs and problems with community management as well as problems with customers securing credit from
financial institutions. The Company has set the price range for these projects at 600,000-700,000 Baht per unit. The
Lumpini CondoTown project is expected to be the flag ship of residential development for the Company in the future.
For all projects that have been developed and have been transferred to customers, the Company has established a
customer service policy to take care of customers in the projects on a continual basis, with Lumpini Property Management Company
Limited responsible for managing the buildings and providing other services to add to the convenience of customers in all respects.
This service includes building manage, purchase and sale service, transfer, exchange, construction, fixtures, repairs and maintenance,
as well as security and cleaning. In addition environmental care and building good community are also managed according the
Companyûs strategy. Being chosen to management condominiums in all the projects reflects the image of responsibility to customers
of the Company, both in terms of reputation and trust that customers have for the Company.
Following the economic crisis in 1997, which severely affected the real estate business, the Company restructured its
organization by transferring responsibility for marketing, sales, customer service and engineering to Lumpini Properties Co., Ltd. in order
to achieve ease of management that is more efficient both for the parent and subsidiary company.
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52. ∫√‘…——∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π) L.P.N. Development Public Company Limited51
In 2007, the Company has set a target to develop of a total of 6 condominium projects worth a total of
9.460 million Baht. In addition, the Company has developed a strategy for maintaining its position as leader in the
condominium market and building a quality community as follows:
1) Maintain its customer base in the upper-midle to lower midle range by expanding development of condominiums
to new locations with highly density populations, close to public utilities and facilities as well as adjusting and
developing its products and projects to be more aesthetically and that are more utilitarian.
2) Expand its customer base to the middle to lower income groups (C ) who have high demand for residences,
but the market supply is low, who mostly rely on renting their residences. The Company plans to develop the
project as a Small Size Township with full facilities with prices at approximately 600,000-700,000 Baht per unit,
focusing on raising the quality of life of the residents.
3) Enhance efficiency in managing condominiums after transfer of ownership under the project çVibrant Communityé
in order to develop and strengthen the quality of life and provide safety both for residents, their property and
the residence, which is an important strategy to differentiate the company (Differentiation) and has been one
of the permanent strengths of the Company.
4) Focus on Corporate Environment and Social Responsibility (CESR) by planning with government agencies to
arrange activities to protect the environment and build a quality of urban life in order to comply with the
policies of the Company and principals of good corporate governance.
In the first half of 2007, the Company has plans to launch 4 new condominium projects namely,
1. Lumpini CondoTown Bodindecha-Ramkhamhaeng
2. Lumpini CondoTown Ramintra-Laksi
3. Lumpini Place Pinklao Phase III
4. Lumpini CondoTown Ramkhamhaeng 26
In the second part of 2007 the Company will launch two projects, one project under the çLumpini Villeé brand
and one project under the çLumpini Centeré brand or possibly both projects under the çLumpini Villeé brand. The
projects are currently looking for suitable land.
Lumpini CondoTown Bodindecha-Ramkhamhaeng
Area/Location : 32-3-23 Rai /Ramkhamhaeng 43/1 Road
Project type : 8-storey condominium, 14 buildings, 3,445 units
Objective : For sale
Project value : Baht 2,600 Million
Opening date : February 2007
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54. ∫√‘…——∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π) L.P.N. Development Public Company Limited53
Lumpini CondoTown Ramintra-Laksi
Area/Location : 25-1-76.3 Rai / Ngarmwongwan Road
Project type : A 2,500-units condominium
Objective : For sale
Project value : Baht 1,400 Million
Opening date : April 2007
Lumpini Place Pinklao Phase III
Project type : A 650-units condominium
Objective : For sale
Project value : Baht 1,200 Million
Opening date : July 2007
Lumpini CondoTown Ramkhamhaeng 26
Area/Location : 10-1-64 Rai / Ramkhamhaeng 26
Project type : A 1,200 units condominium
Objective : For sale
Project value : Baht 800 Million
Opening date : Quarter 3, 2007