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TRANSLATION
This Annual Report is executed in a text using the Thai language which shall be the governing language.
AAANNNNNNUUUAAALLL RRREEEPPPOOORRRTTT 1 JANUARY 2009 – 31 DECEMBER 2009
FFUUTTUURREE PPAARRKK PPRROOPPEERRTTYY FFUUNNDD
Annual Report
For the Period of 1 January 2009 – 31 December 2009
Future Park Property Fund
Table of Contents Page
Statement from the Asset Management Company 1
Future Park Property Fund 2
Portfolio Valuation 6
Details of Property Invested by the Fund 7
Details of Purchasing and Leasing of Properties 9
Property Disposal or Leasehold Rights Transfer 9
Property Market Outlook 10
Total Expenses as called from Property Fund 11
Name List of Fund Manager 12
List of Related Persons having transactions with the Funds
managed by ING Funds (Thailand) Company Limited 12
Details of the Return on Investment Receipt 13
Supervisor Report 16
Auditor Report 18
ING Funds (Thailand) Co., Ltd.
Annual Report
For the Period of 1 January 2009 – 31 December 2009
2
Future Park Property Fund
Future Park Property Fund
Abbreviation as “FUTUREPF”
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 purposes of the Fund are to mobilize funds from the investors, natural persons of Thai and
foreign nationals and local and overseas juristic persons which are used to purchase and/or take
on lease immoveable properties. The Fund will accept the transfer of ownership and/or leasehold
rights and derive benefits from the immovable properties by letting out on lease or sublease,
transferring and/or disposing of immovable property invested or acquired by the Fund, and by
improving, changing, developing and/or disposing of the various properties invested or acquired
by the Fund, whether by the granting of a lease and/or sale and/or by other means relevant and
necessary to make use of the immovable properties in return for income and yields for the Fund
and its unit holders, including to invest in other properties and/or securities and/or to acquire
other fruits by any other means stipulated by the Securities Law and/or other relevant laws
Investment of the Fund
1st Investment:
On November 24, 2006, Future Park property Fund has acquired leasehold rights of immovable
properties which is a commercial center, in 1 project, certain of Future Park Rangsit Project
Building of about 52,573.09 square meters, and the right to seek benefits by means of granting
lease or area utilization rights, providing services and others in respect of certain of the Common
Area having an area of 48,190.51 square meters and the areas on the outside walls of the Future
Park Rangsit Project Building, the details being as follows:
(1) Certain leasehold rights of the Future Park Rangsit Project building to be acquired from
Rangsit Plaza Co., Ltd. covers an area of approximately 52,573.09 square meters, i.e.
between the date on which the Fund enters into the Building Lease agreement with Rangsit
Plaza Co., Ltd. and 31 December 2026. Rangsit Plaza Co., Ltd. has undertaken to extend
Annual Report
For the Period of 1 January 2009 – 31 December 2009
3
Future Park Property Fund
the Building Lease Agreement with the Fund so that the leasehold rights are extended from
the date of its expiry for another period equal to that by which Pipatanasin Co., Ltd. agrees
to extend the Land Lease Agreement.
In addition, the Fund has the right of first refusal regarding the whole or a part of the Area
under a Lease Agreement whereby a Consideration is payable for Leasehold Rights to be
acquired from Rangsit Plaza Co., Ltd. when the former tenants’ leaseholds expire. As of 30
June 2006, the total Area under a Lease Agreement whereby a Consideration is payable for
Leasehold Rights are 122,741.05 square meters.
(2) The right to apply the Common Areas of the Future Park Rangsit Project Building, totaling
48,190.51 square meters, and the areas on the outside walls of the Future Park Rangsit
Building under the Agreement Granting Rights for Area Utilization and Benefit Seeking, to
benefit seeking by means of providing lease or services or granting right to area use or by
any other means. However, such area use and benefit seeking must be consistent with the
business operation of Rangsit Plaza Co., Ltd. during the period before the Fund makes an
investment, and must have regard for the convenience of other tenants to make use of the
Common Areas of the Future Park Rangsit Project Building. On the date prior to the Fund’s
investment, a total of 7,582.79 square meters of the Common Areas were subject to the
benefit seeking activity, and other portion of the Common Areas was being used for
purposes of convenience to the service users of Future Park Rangsit Project Building, such
as for walkway.
Further the Fund will have such right during the period from the Date of the Fund’s
Investment to 31 December 2026. Rangsit Plaza Co., Ltd. has undertaken to extend the
Agreement Granting Rights for Area Use and Benefit Seeking with the Fund so that the Fund
will be entitled to acquire benefits from the Common Areas and the areas on the outside
walls of the Future Park Rangsit Building, for an additional period equal to the extension of
the Building Lease Agreement under Clause 1.1 from the expiry of the Fund’s right to utilize
the space areas.
In order to give the Fund a valid, lawful right to the Fund’s 1st Investment Area, the Fund and
Rangsit Plaza Co., Ltd. will arrange for the registration with the Land Department of the
leasehold rights under the Building Lease Agreement and of the right to utilize the area of
7,582.79 square meters of the Future Park Rangsit Project Building under the Agreement
Granting Rights for Area Use and Benefit Seeking.
(For more details, please see the Summary of Prospectus)
Annual Report
For the Period of 1 January 2009 – 31 December 2009
4
Future Park Property Fund
Dividend Payment Policy
The Project has the policy of paying dividends to the unitholders at least twice a year.
(1) In case the Fund has net profits in each year, the Management Company shall pay
dividends not less than 90% of the annual net profits to the unitholders.
(2) In case the Fund has retained earnings, the Management Company may pay dividends
based upon the retained earnings to unitholders.
However, the afore-mentioned net profit and retained earnings are actually gained and are
exclusive of:
(1) unrealized profit or loss from the appraisal of the immovable properties, securities and/or
assets of the Fund,
(2) expenditures in the initial and subsequent offerings (if any) which are recorded as deferred
expenses amortized over an expected period of benefits derived from such expenditures.
The Management Company shall pay the said dividends to the unitholders within 90 days from the
end of the accounting period or any other operating period. If the Management Company cannot
pay dividends during such period, the Management Company shall notify the unitholders and the
Office of the SEC in writing.
Additional Conditions:
In consideration of dividend payment, if the dividends per investment unit to be paid during an
accounting period is lower than or equal to Baht 0.10, the Management Company reserves the
right not to pay such dividends for that period, in which case such dividends shall be brought
forward for payment at the end of the accounting period.
The Management Company shall comply with the criteria on dividend payment as stipulated.
Provided that where it is otherwise amended, added, announced, prescribed, ordered, approved
and/or relaxed by the SEC, the Office of the SEC, and/or any other competent authorities under
the law, the Management Company shall proceed accordingly, in which case it shall be deemed
that approval has been obtained from the unitholders.
Annual Report
For the Period of 1 January 2009 – 31 December 2009
5
Future Park Property Fund
Capital of the Fund Project : 4,733,161,000 Baht
Number of Investment Units : 473,316,100 units
Type of Investment units : Holder name specified
Supervisor : Thai Military Bank Plc.
(Effective till 28 February 2009)
: The Hongkong and Shanghai Banking Corp Ltd.
(Effective from 1 March 2009)
Investment Units Registrar : ING Funds (Thailand) Co., Ltd.
Fund Advisor : -None-
Property Manager : Rangsit Plaza Co., Ltd.
No. 94, 3rd Floor, Future Park Rangsit Building
Phaholyothin Road, Tambon Prachathipat,
Amphur Thanyaburi, Pathum Thani Province
Tel. (02) 958-0011
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.
Annual Report
For the Period of 1 January 2009 – 31 December 2009
6
Future Park Property Fund
Future Park Property Fund
PORTFOLIO VALUATION
As at 31 December 2009
ASSETS Market Value (Baht)
% of Total Asset
1. BANK DEPOSIT 179,195,274.97 3.64% 2. P/N, B/E, T-BILL AND BOND PROMISSORY NOTES AND BILLS OF EXCHANGE - DIRECT ISSUE - 0.00% PROMISSORY NOTES AND BILLS OF EXCHANGE - AVAL - 0.00% BOND 29,997,164.65 0.62% TREASURY BILL - 0.00% TOTAL 29,997,164.65 0.62% 3. INVESTMENT IN PROPERTY PROPERTY - 0.00% LEASEHOLD RIGHTS 4,964,300,000.00 100.88% TOTAL 4,964,300,000.00 100.88% 4. OTHER ASSETS RECEIVABLES FROM RENTAL 39,317,758.84 0.80% OTHER RECEIVABLES 492,262.44 0.01% ACCRUED INTEREST 251,666.60 0.01% DEFERRED CHARGES - 0.00% OTHER ASSETS 4,840,927.88 0.09% TOTAL 44,902,615.76 0.91% TOTAL ASSETS 5,218,395,055.38 106.05%
5. LIABILITIES OTHER PAYABLES (9,138,572.96) -0.19% ACCRUED FEES AND EXPENSES (33,229,884.54) -0.68% RENTAL RECEIVED IN ADVANCE (3,867,363.00) -0.08% SECURITY DEPOSIT (247,102,827.37) -5.02% OTHER LIABILITIES (3,846,051.61) -0.08% TOTAL LIABILITIES (297,184,699.48) -6.05%
TOTAL NET ASSET VALUE 4,921,210,355.90 100.00%
NO OF UNITS 473,316,100.0000 UNITS NET ASSET VALUE PER UNIT 10.3973 BAHT
Annual Report
For the Period of 1 January 2009 – 31 December 2009
7
Future Park Property Fund
Future Park Property Fund
Details of Property Invested by the Fund
As at 31 December 2009
The Fund invested in certain leasehold rights of Future Park Rangsit Project Building covering an area of
approximately 52,573.09 square meters, and the right to use the common area of Future Park Rangsit Project
Building, totaling 48,190.51 square meters, and the areas on the outside walls of Future Park Rangsit Project
Building to seek benefits.
Project Location No. 94 Phaholyothin Road, Tambon Prachathipat, Amphur Thanyaburi, Pathum Thani
Province.
Project Feature Future Park Rangsit Project Building consists of a five-storey building measuring 500
meters in length, a seven-storey car parking building situated behind the shopping mall,
three outdoor parking areas that can accommodate about 6,000 cars (Rangsit Plaza Co.,
Ltd. is the holder of the ownership of the building)
Land
Land under Title Deeds No. 310 and 92118 having an area of 108 rais, 1 ngarn, and 67.5
square wahs (Pipatanasin Co., Ltd. owns the property and has entered into a leasehold
agreement in respect of the land with Rangsit Plaza Co., Ltd.)
Purpose of Use Retail shopping center
Annual Report
For the Period of 1 January 2009 – 31 December 2009
8
Future Park Property Fund
Project Area and Area Invested by the Fund
Details Total Area
of the Project (square meters)
Area Invested by the Fund
(square meters)
1. Areas within the shopping mall are
divided into:
- Leasable areas
- Common areas
- Income generating area
- Non-income generating area
- Service areas
179,156.61
48,190.51
7,582.79
40,607.72
56,281.33
52,573.09
48,190.51
7,582.79
40,607.72
2. Indoor parking space
(for parking of about 4,500 cars)
115,325.61
3. Outdoor parking space
(for parking of about 1,500 cars)
100,314.98
Total area
499,269.04
Total income generating area 60,155.88
Lease Period From November 24, 2006 to December 31, 2026 (20 Years 1 Month 7 days)
Investment in Property Cost of leasehold right and right for using areas Baht 4,536,443,000
Related acquisition cost Baht 42,695,493
Renovation Cost Baht 304,282,603
Total Baht 4,883,421,096
Appraisal Value Baht 4,964,300,000 (As at December 31, 2009)
by C.I.T. Appraisal Co., Ltd. The Appraiser utilized Income Approach Method
Income per Year From January 1, 2009 to December 31, 2009 : Baht 661.09 million
Obligation None
Annual Report
For the Period of 1 January 2009 – 31 December 2009
9
Future Park Property Fund
Future Park Property Fund Details of Property Investment / Disposal
For the period from 1 January 2009 to 31 December 2009
-None -
Future Park Property Fund Property Disposal or Leasehold Rights Transfer
For the period from 1 January 2009 to 31 December 2009
Transaction Profit (Loss) (Thousand Baht)
Property Disposal or Leasehold Rights Transfer None
Less Acquisition of Property Disposal or Leasehold Rights Transfer None
Transfer Fee and Selling Expenses None
Net Profit (Loss) from Property Disposal or Leasehold Rights Transfer None
Annual Report
For the Period of 1 January 2009 – 31 December 2009
10
Future Park Property Fund
Future Park Property Fund
Property Market Outlook
Retail Market View
The total retail supply of retail space increased to 5.38 million sq.m. in 2009, rising by 6.7% on a yearly
basis. It is expected to increase by 2.6% to 5.52 million sq.m. at the end of the year 2010. Among these
expansions, the suburban area saw the highest growth, with total retail space rising 9.6% on a yearly basis. More
than half of the retail centers were in the shopping mall format.
On the demand side, the net take-up slew down drastically in the first half of the year 2009. However, the
improvement in the second half of the year brought the total occupied retail space to 4.97 million sq.m., rising by
6.4% on a yearly basis, almost matching the pace of the supply growth.
The overall occupancy rate of Bangkok retail properties also fell sharply in the first half and recovered
afterward, resulting in a mildly dropped to 92.5%, down 0.1% on a yearly basis. Suburban retail space recorded the
highest occupancy at 94.9%, increasing by 0.2%. In the midtown area, occupancy rates remained the same at
89.3%, whereas retail in downtown areas dropped by 1% to 93.7%. Nevertheless, overall rents increased slightly, in
line with the economic recovery.
For future retail developments, the trend for new retail centres in Bangkok is evolving from one-stop mega
shopping complexes to more focused community malls, medium-sized lifestyle and entertainment complexes such
as Esplanade Rattanathibet. New shopping experiences and new formats are also being introduced into the
market. These things force the key players to constantly reassess their approaches in order to stay strong in the
dynamic-changing environment. Maximizing rentals may prove difficult without the presence of an anchor tenant.
The problem is that some of the main supermarket operators, such as Tops and Tesco Lotus, are also developers
themselves. Therefore, they normally choose to anchor on their own developments rather than leasing from third
party developers.
As for the retail outlook, the Confidence index, which is highly correlated with the local retail trade, has risen
for 5 out of 6 months in the second half of the year 2009. This reflects the better expectation of the government
economic stimulus package, the extension of the 5 measures for living cost subsidy, minimum wage rate
adjustment and stable oil price. The Retail sales index rose strongly as well, by 8.45% on a yearly basis. Overall,
including the demand surge, there are signs of improvement in the retail sector in the second half of the year 2009.
Nonetheless, continued improvement further would still depend on the speed of global and local economic
recovery coupled with a stabilized political environment.
Annual Report
For the Period of 1 January 2009 – 31 December 2009
11
Future Park Property Fund
Future Park Property Fund
Total Expenses as called from Property Fund
For the period from 1 January 2009 to 31 December 2009
Fund's Direct Expense Amount (Thousand Baht)
% of Net Assets Value
Management Fee* 9,618.54 0.19
Trustee Fee* 1,155.56 0.02
Registrar Fee* 2,404.63 0.05
Property Management Fee* 66,978.73 1.34
Auditing Fee* 779.14 0.02
Insurance Premium* 6,030.07 0.12
Property Tax* 10,378.28 0.21
Fund's Setting Up Expenses -Written Off* 43,310.76 0.86
Property Marketing And Administrative Expenses* 44,239.70 0.89
Asset Appraisal Fee* 184.20 0.01
Listing Fee -Written Off* 107.00 0.00
Form & Other Printing Expense* 132.31 0.00
Advertising Expense* 574.08 0.01
Other Expenses* 404.78 0.01
Total Expenses 186,297.78 3.73
Remark * Included VAT
Annual Report
For the Period of 1 January 2009 – 31 December 2009
12
Future Park Property Fund
Future Park Property Fund Name List of Fund Manager
For the Period from 1 January 2009 to 31 December 2009
No. Name List of Fund Manager
Property Fund Manager
1 Mr. Maris Tarab*
2 Ms. Chavinda Hanratanakool
3 Ms. Siriphen Wangdumrongves
4 Mr.Pairaj Migasena
5 Mr.Khematat Saradatta
Mutual Fund Manager (Liquidity Portion)
1 Mr. Maris Tarab*
2 Mr. Jaruwat Preepreamkul
3 Ms. Monchaya Rachatakul
4 Ms. Linda Ubolriabroy
5 Ms. Ruedee Patiarayakul
6 Ms. Siripun Sutharoj
7 Ms. Patcharapa Mahattanakul
8 Mr. Tara Vanalabpattana
9 Mr. Verayuth Halilamien
* Termination Date : 15 December 2009
List of Related Persons having transactions with the Funds managed by ING Funds (Thailand) Company Limited For the period from 1 January 2009 to 31 December 2009
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)”
Annual Report
For the Period of 1 January 2009 – 31 December 2009
13
Future Park Property Fund
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 persons who provide 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.
Annual Report
For the Period of 1 January 2009 – 31 December 2009
14
Future Park Property Fund
Phatra Securities Public Company Ltd.
SCB Securities Company Ltd.
Finansia Syrus Securities Public Company Ltd.
UBS Securities (Thailand) Ltd.
KT Seamico Securities Public Company Ltd.
Siam City Securities Company Ltd.
Citicorp Securities Thailand Ltd.
TSFC Securities Ltd.
Finansa Securities Ltd.
BT Securities 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.
Annual Report
For the Period of 1 January 2009 – 31 December 2009
15
Future Park Property Fund
Oversea-Chinese Banking Corp., Ltd.
The Bank of Tokyo-Mitsubishi Ufj, Ltd.
Citibank, N.A - Bangkok
Credit Agricole Corporate & Investment Bank Bangkok Branch
The Hongkong and Shanghai Banking Corp., Ltd.
Deutsche Bank AG.
Mizuho Corporate Bank, Ltd.
Sumitomo Mitsui Banking Corporation
BNP Paribas
The Bank of Nova Scotia
Others Companies
Thanachart Capital Public Company Limited
Annual Report
For the Period of 1 January 2009 – 31 December 2009
Future Park Property Fund
ING FUNDS (THAILAND) COMPANY LIMITED
Background
The Asset Management Company was registered on November 4, 1996 with a fully paid-
up 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.
is located at 130-132 Sindhorn Building Tower 1, G Floor and
Sindhorn Building Tower 3,15th and 17th Floor,
Wireless Road, Lumpini, Patumwan, Bangkok 10330.
Tel: (02) 688-7777 Fax: (02) 688-7707-8
www.ingfunds.co.th