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15 July 2015
SCB Asset Management Co.,Ltd., (SCBAM) as management company of CPN Retail Growth Leasehold Property Fund (CPNRF) would like to inform the progress of the Renovation Project of CentralPlaza Pinklao Shopping Complex as follows:
| Subject |
The Renovation Project
(as of March 30, 2015) |
The Renovation Progress
(as of June 30, 2015) |
| Area to be Renovated and Renovation Period of the Central Plaza Pinklao Shopping Complex (the Renovation Project) |
Phase 1 having an area of approximate 85 percent of G, 1st, 2nd, 3rd and 4th floors:
During the renovation, the shopping complex will normally be opened whereby the areas that will remain opened for operation during the renovation in year 2015 are as follows:
- Area of Central Pinklao Department Store
- Phase 2 area which is located between CentralPlaza Pinklao Department Store and the office buildings
- Plaza area which is located on 5th -6th floors
- The area of the Office Buildings Tower A and Tower B. |
Phase 1 having an area of approximate 85 percent of G, 1st, 2nd, 3rd and 4th floors:
| 1. |
The renovation of the 1st floor of the parking area as to change using purpose to be letteble area |
| |
: 98% completion |
| 2. |
The renovation of the areas in the CentralPlaza Pinklao Shopping Complex |
| |
: 30% completion |
| |
- G and 1st Floor: The areas are ready to be decorated by the new tenants. |
| |
- 2nd and 3rd Floor: The areas are in process of preparation such areas to deliver possession to the new tenants. |
| |
- 4th Floor: The existing tenants are delivering the leased areas back as to prepare such areas to be renovated. |
| 3. |
The renovation of CentralPlaza Pinklao Shopping Complex’s façade |
| |
: 13% completion |
| |
|
| Overall progress: approximately 43% |
|
Phase 2 having an area of approximate 15 percent of G, 1st, 2nd, 3rd and 4th floors:
Phase 2 area which is located between CentralPlaza Pinklao Department Store and the office buildings. The renovation will be gradually implemented with no shop closing. |
Phase 2 having an area of approximate 15 percent of G, 1st, 2nd, 3rd and 4th floors:
The Renovation Project-Phase 2 will be taken place in 2016. SCBAM will further notify details of the Renovation Project-Phase 2. |
| Reviewed Appraised Value of the Renovation Project |
Pre-Renovation Condition
Baht 4,520.00 Million
Appraised value as of March 20, 2015
(calculation period = approximately 9.8 years) |
Pre-Renovation Condition
- |
Post-Renovation Condition
Baht 4,553.00 Million
Appraised value as of March 20, 2015
(calculation period = approximately 9.8 years) |
Post-Renovation Condition
Baht 4,458.00 Million
Reviewed Appraised value as of June 30, 2015 (calculation period = approximately 9.5 years) |
| Appraiser |
TAP Valuation Co., Ltd. |
| Appraisal Method |
Income approach method |
|
*** Investors may request for more details of the reviewed appraisal report at SCBAM.
In this regard, SCBAM will manage to review the appraised value of the Renovation Project and notify the progress of the renovation of the CentralPlaza Pinklao Shopping Complex on quarterly basis. Unitholders can make additional inquiries through SCBAM Call Center Tel: 0 2777 7777 Press 0 Press 6 from 8.30am-5.00pm.
As of July 15, 2015
SCB Asset Management Co.,Ltd.,
