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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 2010 – 31 DECEMBER 2010
TT..UU.. DDOOMMEE RREESSIIDDEENNTTIIAALL CCOOMMPPLLEEXX PPRROOPPEERRTTYY FFUUNNDD
Annual Report
For the Period of 1 January 2010 – 31 December 2010
T.U. DOME RESIDENTIAL COMPLEX PROPERTY FUND
Table of Contents Page
Statement from the Asset Management Company 1
T.U. Dome Residential Complex Property Fund 2
Portfolio Valuation 5
Details of Property Invested by the Fund 6
Details of Purchasing and Leasing of Properties 7
Property Disposal or Leasehold Rights Transfer 7
Dividend Payment and Capital Reduction History 8
Property Market Outlook 9
Total Expenses as called from Property Fund 12
Name List of Fund Manager 13
List of Related Persons having transactions with the Funds
managed by ING Funds (Thailand) Company Limited 13
Details of the Return on Investment Receipt 14
Supervisor Report 17
Auditor Report 18
ING Funds (Thailand) Co., Ltd.
Annual Report
For the Period of 1 January 2010 – 31 December 2010
2
T.U. DOME RESIDENTIAL COMPLEX PROPERTY FUND
T.U. Dome Residential Complex Property Fund
Abbreviation as “TU-PF”
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 objective of the project is to raise funds from general investors, both individuals and juristic
persons, locally and internationally. The funds raised will be used to purchase, rent, sub-rent or
acquire immovable property and/or leasehold right and/or sub-leasehold right and acquire
benefits from such immovable property, including improvement, change, enhancement and/or
disposal of assets that the Fund has invested in or acquired, including leasing, subleasing and/or
selling or doing any other thing for the benefits of the assets, so as to generate income and
remuneration to the Fund and the unitholders, including investment in other properties and/or
securities and/or acquisition of other legal fruits thereof by any other means under the securities
laws and/or any other applicable laws.
Investment of the Fund
First Investment
The Fund plans to raise funds to invest in the dormitory and service apartment project, which are
being constructed on land owned by Thammasat University (Rangsit Campus). The Fund expects
that the project will be able to accommodate residential demands of students, lecturers and
scholars that have been increasing every year, and to organize dormitories and residence of
students and personnel up to standard suitable for control of environment and security.
After completion of the construction of the dormitory and service apartment project, the Fund will
rent the leased properties from Thammasat University for a tenor of approximately 30 years so as
to acquire benefit thereof mainly by subleasing the properties and servicing to students, lecturers
and scholars. Preliminarily, Thammasat University will act as the property manager of the
dormitories and service apartments for the Fund. The Fund may appoint other property manager
Annual Report
For the Period of 1 January 2010 – 31 December 2010
3
T.U. DOME RESIDENTIAL COMPLEX PROPERTY FUND
to manage the commercial areas for shops and recreation areas (if any), e.g. retail shops,
supermarkets, restaurants, theater or bowling hall (if any) etc.
During the time the dormitory and service apartment project has not yet completed, the Fund will
invest money in the government instruments, debt instruments and/or deposits as it may deem
appropriate.
(Please see the details of “Investment Policy” in the Prospectus)
Dividend Payment Policy
The Fund Project pays dividend to unitholders at least twice a year.
(1) If the Fund reports a net profit in any accounting period, the Management Company shall
pay dividend to unitholders at the rate of no less than 90 percent of the net profit not
including unrealized profit from appraisal or reviewed appraisal of real estate or leasehold
rights to real estate for the said accounting period.
(2) If the Fund reports retained earnings in any accounting period, the Management Company
may also pay to unitholders dividend from the said retained earnings.
Provided that dividend payment under (1) shall not increase the Fund’s accumulated loss for the
accounting period when dividend is paid.
Dividend payment under (1) and (2) by the Management Company shall be completed within 90
days of the end of the accounting period when dividend is paid. In the event that the
Management Company is unable to make payment by the time specified above, the
Management Company shall inform unitholders and the Office of the SEC in writing.
In consideration of dividend payment, if the dividend per investment unit to be paid during a fiscal
year period is lower than or equal to Baht 0.10, the Management Company reserves the right not
to pay such dividend for that period whereby such dividend shall be carried forward for payment
at the end of the fiscal year period.
(Please see the details of “Terms, Policy, and Procedures for Paying Dividends to Unitholders” in
the Prospectus)
Annual Report
For the Period of 1 January 2010 – 31 December 2010
4
T.U. DOME RESIDENTIAL COMPLEX PROPERTY FUND
Capital of the Fund Project : 1,065,000,000 Baht
Number of Investment Units : 106,500,000 million units
Registered Capital of the Fund Project : 1,042,298,000 Baht
Registered Number of Investment Units : 104,229,800 units
Type of Investment units : Holder name specified
Supervisor : Siam City Bank Plc.
Investment Units Registrar : ING Funds (Thailand) Co., Ltd.
Fund Advisor : -None-
Property Manager : Thammasat Property Management Office
Interzone Building, 99 Moo 8, Klong Nueng Sub-District,
Klong Luang District, Patumthani 12120
Tel (02) 151-2999
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 2010 – 31 December 2010
5
T.U. DOME RESIDENTIAL COMPLEX PROPERTY FUND
T.U. Dome Residential Complex Property Fund
Portfolio Valuation
AS at 31 DECEMBER 2010
ASSETS Market Value (Baht)
% of NAV
1. BANK DEPOSIT 16,559,233.23 1.71%
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 - 0.00%
TREASURY BILL - 0.00%
Total - 0.00%
3. INVESTMENT IN PROPERTY
PROPERTY - 0.00%
LEASEHOLD RIGHTS 942,700,000.00 97.62%
Total 942,700,000.00 97.62%
4. OTHER ASSETS
ACCRUED INTEREST 20,329.44 0.00%
OTHER RECEIVABLES 35,075,810.00 3.63%
DEFERRED CHARGES 4,805,744.69 0.50%
OTHER ASSETS 605,947.94 0.05%
Total 40,507,832.07 4.18%
TOTAL ASSETS 999,767,065.30 103.51%
5. LIABILITIES
ACCRUED FEES AND EXPENSES (13,106,860.54) -1.35%
RENTAL RECEIVED IN ADVANCE (8,759,250.00) -0.90%
SECURITY DEPOSIT (6,526,960.00) -0.68%
OTHER PAYABLES (5,625,024.07) -0.58%
OTHER LIABILITIES (37,311.33) 0.00%
TOTAL LIABILITIES (34,055,405.94) -3.51%
TOTAL NET ASSET VALUE 965,711,659.36 100.00%
NO OF UNITS 104,229,800.0000 UNITS
NET ASSET VALUE PER UNIT 9.2652 BAHT
Annual Report
For the Period of 1 January 2010 – 31 December 2010
6
T.U. DOME RESIDENTIAL COMPLEX PROPERTY FUND
T.U. Dome Residential Complex Property Fund
Details of Property Invested by the Fund
As of 31 December 2010
Location Chiang Rak Road, Tambon Tha Khlong, Khlong Luang District, Pathum Thani Province
Project Features Four residential buildings, comprising a 10-storey serviced apartment building with plaza area
located on the 1st - 4th floor and three 9-storey dormitory buildings with plaza area located on
the 1st - 2nd floor for Dormitory 1-2 and on the 1st floor for Dormitory 3. Each building has one
basement connecting with each other being used as parking area.
Land Title deed number 1388, total area of 12-2-50 rai
Purpose of Use Dormitory, Serviced Apartment and Plaza
Project Area and
Area Invested by the
Fund
Serviced Apartment
Dormitory 1
Dormitory 2
Dormitory 3
Basement – Car-parking area
Floor 1 - 4 – Retail plaza
Floor 5 - 10 – 216 units Serviced Apartments
Basement – Car-parking area
Floor 1 - 2 – Shopping area
Floor 3 - 9 – 392 units dormitory
Basement – Car-parking area
Floor 1 - 2 – Shopping area
Floor 3 - 9 – 392 units dormitory
Basement – Car-parking area
Floor 1 – Shopping area
Floor 2 - 9 – 448 units dormitory
Lease Period From 26 December 2008 to 25 December 2038 (Approximately 30 years)
Investment in
Property
Cost of leasehold right Baht 985,000,000
Related acquisition cost Baht 12,446,137
Renovation cost Baht 20,700,000
Fixed Asset Baht 237,553
Total Baht 1,018,383,690
Appraisal Value Baht 942,700,000 as of 15 December 2010 by C.I.T. Appraisal Co., Ltd.,
by Income Approach
Rental and Services
Income per year
From 1 January 2010 to 31 December 2010 equivalent to Baht 64.214 million
Obligation None
Annual Report
For the Period of 1 January 2010 – 31 December 2010
7
T.U. DOME RESIDENTIAL COMPLEX PROPERTY FUND
TU Dome Residential Complex Property Fund
Details of Purchasing and Leasing of Properties
For the Period from January 1, 2010 – December 31, 2010
- None -
TU Dome Residential Complex Property Fund
Property Disposal or Leasehold Rights Transfer
For the Period from January 1, 2010 – December 31, 2010
- None -
Annual Report
For the Period of 1 January 2010 – 31 December 2010
8
T.U. DOME RESIDENTIAL COMPLEX PROPERTY FUND
T.U. Dome Residential Complex Property Fund Dividend Payment and Capital Reduction History
Dividend Payment History
Dividend Payment No. Performance Period Total Amount Per Unit
Book Closing Date Payment Date
1 11 Oct 06 - 31 Mar 07 13,028,725.00 0.125 30 May 07 12 June 07
2 1 Apr 07 - 30 Sep 07 11,465,278.00 0.110 30 Nov 07 12 Dec 07
3 1 Oct 07 - 30 Sep 08 4,481,881.40 0.043 28 Nov 08 12 Dec 08
4 1 Oct 08 - 31 Mar 09 8,129,924.40 0.078 29 May 09 12 June 09
5 1 Apr 09 - 30 June 09 2,084,596.00 0.020 31 Aug 09 14 Sep 09
6 1 Jul 09 - 30 Sep 09 7,296,086.00 0.070 30 Nov 09 14 Dec 09
7 1 Jan 10 - 31 Mar 10 3,126,894.00 0.030 31 May 10 14 Jun 10
8 1 Oct 10 - 31 Dec 10 7,296,086.00 0.070 22 Mar 11 30 Mar 11
Capital Reduction History
Registered Capital before Capital Reduction
Capital Reduction Registered Capital after Capital Reduction
No. Performance Period
Total Amount Per Unit Total Amount Per Unit Total Amount Per Unit
Book Closing Date
Payment Date
1 1 Oct 09 –
31 Dec 09
1,042,298,000.00 10.00 8,025,694.61 0.077 1,034,272,305.39 9.923 19 Mar 10 31 Mar 10
Reasons for Capital Reduction
Since the Fund has excess liquidity from
(1) Unrealized loss from revaluation of leasehold right
(2) Amortization of deferred expenses
Annual Report
For the Period of 1 January 2010 – 31 December 2010
9
T.U. DOME RESIDENTIAL COMPLEX PROPERTY FUND
T.U. Dome Residential Complex Property Fund
Property Market Outlook
Industry and Competition Analysis
Residential Market near Thammasat University (Rangsit Campus)
At the end of December 2010 (semester 2, academic year 2010), Thammasat University (Rangsit Campus) had total
student enrollments of 21,240, increased by 2.3% compared with the same period last year. The said numbers can be
classified as follows;
Level of Study TU Students Thammasat University
(Rangsit Campus) Semester 2/2009
TU Students Thammasat University
(Rangsit Campus) Semester 2/2010
Bachelor Degree
Diploma
Master Degree
Ph.D.
19,367
-
1,239
163
19,806
-
1,270
164
Total 20,769 21,240
As per the residential market survey near TU Dome (Chiangrak Road) as of December 2010, most of the projects had
occupancy rates of 80% - 100% with the average monthly rental rate of 5,000 – 10,000 Baht, the lowest rate was 3,800
Baht while the highest was 18,000 Baht per month. The projects with high rental rate such as Beam and Brownie with
the rates of 12,000 – 13,000 Baht and 6,000 – 9,000 Baht respectively had high occupancy rates of 90 and 100%. The
projects within the area competed with each other by their product quality and services more than entering into the
price war.
The outlook of residential market for students near Thammasat University (Rangsit Campus) remains highly demanded
and has a good potential growth as the demand for residential units varied in accordance with the number of students.
In addition, Thammasat University is one of the top government universities which students would like to register. We
can also see that the number of students’ enrollment is increasing continuously. Although new supply might enter into
the market in the future as development opportunity from high demand may be seen by the investors as well as
available land plots around this area, the factors of location, uniqueness of property management such as separated
building for male and female, property managed by Thammasat Property Management Office, having retail area and
other facilities including reasonable rental rates are still important criteria for the selection process of students and/or
their parents.
Annual Report
For the Period of 1 January 2010 – 31 December 2010
10 Details of Residential Projects near TU Dome
Project Name No. Description
Beam Brownie Inter Park Songpichet U-plus U-House Twin Town SUNTA Na Mor. VKP TU Dome
1 No.of Unit 91 220 * * * * * 400 150 210 1,232
2 Lettable Area (sq.m.) 35-46 24/40 28/32 24 32.5-40 24-38 35 26 24 17 30
3 Electricity Rate (Baht/unit) 6 6 6 5 7 7 6 6 6 6 6
4 Water Rate (Baht/month) 100 100 25/unit 150 25/unit 25/unit 25/unit 25/unit 25/unit 25/unit 100
5 Rental Rate 12,000-
13,500
6,000/ 9,000 5,000/ 6,000 4,200 8,300-
18,000
5,300-8,900 5,000 5,000 5,500 3,800 4,800
6 Occupancy Rate 90% 100% * * * * * 80% 100% 85% 83%
7 Facility
Air Conditioner / / / / / / / / / / /
Water Heater / / / - / / / / / / /
Free TV / / / - - - - - - - -
Free Refrigerator / / - - - - - - - - -
Cable System True True True True True True True True True Cable TV Satellite
Internet Free 6
Months
Monthly Monthly Free 256 K Monthly Monthly Monthly Free 64 K Monthly Monthly Monthly
* Due to most projects are developed by private companies, so the information is not publicly disclosed. The property manager is trying to seek more information such as
number of unit, occupancy rate of some projects.
Annual Report
For the Period of 1 January 2010 – 31 December 2010
11
T.U. DOME RESIDENTIAL COMPLEX PROPERTY FUND
Retail Market near Thammasat University (Rangsit Campus)
From the market survey as of December 2010, no direct competitors in terms of size and characteristics with TU Dome,
but there were some examples of indirect competitors located around this area as follows;
Project name Occupancy Rate Rental Rate for Shop* (Baht/sq.m./month)
Rental Rates for Common Area (Baht/sq.m./month)
Tesco Lotus Rangsit 100% 1,000-1,500 3,555 Baht/month
Carrefour Rangsit 95% 1,200-1,500 n.a.
Big C Rangsit 100% 1,500-2,000 750 Baht/day
Pure Place Sammakorn 80% 500-700 n.a.
Zear Rangsit 100% 550-750 n.a.
* This is the average rent on the 1st floor of each project which has retail spaces of 50 sq.m., excluding rental rate of
anchor tenant.
Supply in this area is mainly superstores, followed by shopping centers and community malls. Most of them are located
in convenient locations which are easily accessed by main roads such as Paholyothin Road, Rangsit-Nakorn Nayok
Road and the area where comprising large communities such as area between Klong 2 to Klong 4 with a lot of housing
estate projects.
The overall occupancy rate in this area remains at high level, around 80% - 100%, with average rents between 500-
2,000 Baht /sq.m./ month depending on their locations. The variable subjected to locality within the centers. The
projects within good location with high traffic can command higher rents.
The future outlook of the retail market near Thammasat University (Rangsit Campus) is still on the bright side due to
the fact that there are a lot of nearby large scale housing estate projects and universities. In addition, several road
networks bring conveniences to this area resulting to a high level of occupancy rate, while rental rate depends on
the location, composition and anchor tenants of each project.
Annual Report
For the Period of 1 January 2010 – 31 December 2010
12
T.U. DOME RESIDENTIAL COMPLEX PROPERTY FUND
T.U. Dome Residential Complex Property Fund
Total Expen ses as called from Property Fund
For Period from 1 January 2010 to 31 December 2010
Fund's Direct Expense Amount (Thousand Baht)
% of Net Assets Value
Management Fee1 2,588.06 0.27
Trustee Fee1 365.54 0.04
Registrar Fee1 621.13 0.06
Property Management Fee1 3,156.92 0.33
Fund's Setting Up Expenses - Written Off1 6,198.22 0.64
Auditing Fee1 371.70 0.04
Engineering Consultant Fee1 457.96 0.05
Listing Fee - Written Off1 107.00 0.01
Cost of Rental and Service1 31,015.61 3.20
Insurance Premium1 1,057.14 0.10
Asset Appraisal Fee1 128.40 0.01
Advertising Expense1,2 145.64 0.02
Operating Expenses1 146.60 0.02
Total Expenses 46,359.92 4.79
Remark 1. Included VAT
2. Included the preparation and dissemination of information via the website of asset
management company
Annual Report
For the Period of 1 January 2010 – 31 December 2010
13
T.U. DOME RESIDENTIAL COMPLEX PROPERTY FUND
T.U. Dome Residential Complex Property Fund Name List of Fund Manager
For the Period from 1 January 2010 to 31 December 2010
No. Name List of Fund Manager
Property Fund Manager
1 Ms. Siriphen Wangdumrongves
2 Mr. Suttipan Kreemaha
3 Mr. Ruchtana Ruchtidhum *
4 Ms. Wannapat Nomklom
Mutual Fund Manager (Liquidity Portion)
1 Mr. Jaruwat Preepreamkul
2 Ms. Siripun Sutharoj
3 Ms. Monchaya Rachatakul
4 Ms. Linda Ubolriabroy
5 Ms. Patcharapa Mahattanakul
6 Mr. Tara Vanalabpattana
7 Mr. Verayuth Halilamien
8 Mr. Arunsak Charoonwongniramol
* Termination Date : 15 February 2011
List of Related Persons having transactions with the Funds managed by ING Funds (Thailand) Company Limited For the period from 1 January 2010 to 31 December 2010
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 2010 – 31 December 2010
14
T.U. DOME RESIDENTIAL COMPLEX 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 person who provides Soft Commission for the Fund
Securities Companies
Country Group Securities Public Company Ltd.
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.
TMB Macquarie Securities (Thailand) 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.
Annual Report
For the Period of 1 January 2010 – 31 December 2010
15
T.U. DOME RESIDENTIAL COMPLEX PROPERTY FUND
Trinity Securities Company Ltd.
Phatra Securities Public Company Ltd.
SCB Securities Company Ltd.
Finansia Syrus Securities Public Company Ltd.
UBS Securities (Thailand) Ltd.
KT ZMICO 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 Public Company Ltd.
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.
Annual Report
For the Period of 1 January 2010 – 31 December 2010
16
T.U. DOME RESIDENTIAL COMPLEX PROPERTY FUND
Commercial Banks – Foreign Branches
ABN-AMRO Bank N.V.
JPMORGAN Chase Bank, N.A.
Oversea-Chinese Banking Corp., Ltd.
The Bank of Tokyo-Mitsubishi Ufj, Ltd.
Citibank, N.A - Bangkok
Credit Agricole Corporate and Investment Bank - Bangkok
The Hongkong and Shanghai Banking Corp., Ltd.
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 2010 – 31 December 2010
T.U. DOME RESIDENTIAL COMPLEX 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 Tower1, 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