Bangkok--29 Nov--Asian Property Development The partnership with Pacific Star, which is surprised the real estate market, will help strengthen AP’s long-term investment strategy rather than securing short-term capitals to expand its property business. The Singaporean partner is expected to bring its world-class knowledge and expertise to help upgrade the Thai property industry to meet international standards. Mr Anupong Asavabhokhin, CEO of Asian Property Development, said the company decided to join hands with Pacific Star Group, the integrated property investor in Asia with headquarters in Singapore, because it wanted to bring in new know-how to help develop novel products for long-term survival. “This is an important strategic move for AP, which will help us learn about new products, new designs and new construction techniques. Moreover, the strength of Pacific Star as the international fund manager will help us access more to foreign customers. This partnership will make us to move forward and lift the property business to reach the world-class standard,” he said. Pacific Star has its office in Thailand, which runs its operation Pacific Star International (Thailand) Ltd. In the partnership agreement, AP and Pacific Star will form two joint ventures. AP will hold a 51% stakes in both new set-ups and manage the projects. Pacific Star will add its expertise to help develop the two condominium projects into world-class developments. The first venture is AP Pacific Star (Sathorn), which will develop a condominium project on 3.2 rai of land in Sathorn Soi 12. The three-billion-baht project will be developed under The Address concept. Another venture is AP Pacific Star (Ratchada), which is designated to develop a condominium project on a 7-rai plot near the subway route in Ratchadapisek area. This three-billion-baht project will come under the Life brand. Both development projects are underway for product design and development, which will differentiate from existing AP projects. They are planned to be launched by the middle of 2008. ‘’In the past two years, more than 10 foreign companies have shown interests to be our partners. But the key to having a strategic partner is not the money as we have our own solid and efficient financial position. Our debt-to-equity ratio stood as low as 0.87 times at the end of third quarter this year.” “We are eyeing for someone who has excellent expertise and similar business philosophy and Pacific Star is also looking to building profits in long-term as well,” Mr Anupong said. The relationship with Pacific Star began when the Singapore side bought RS Tower from AP last year. Mr Pritpal Singh Gill, country manager of Pacific Star Thailand, said the group has a vast experience in investing and developing a number of successful property projects in many countries. Pacific Star has a major policy to form strategic alliances with local developers who are acceptable in their countries. ‘’Thailand has a lot of opportunities for the property business. That’s why we decided to join with AP, which is the leading developer in the residential area in Thailand. This partnership will not only help us have a strong partner but also learn more about laws and regulations related to the property development as well as consumer behaviors and the changing market and local management excellence as well,” Mr Gill said. “We’re confident that our partnership with AP will be successful and reach a goal as expected by both of us’’ he added. Pacific Star Group is a real estate investment house providing specialist and customized investment management, private equity, fund management, REIT management, asset management and property management services in Asia. This is done through a powerful combination of innovation, knowledge and expertise from experienced professionals from the world’s leading investment banks, real estate consulting firms and property companies. Pacific Star has transacted deals in prime grade A office, retail and residential properties in key cities in Asia valued at over US$5 billion. The group based in Singapore has its representations in Hong Kong, Beijing, Shanghai, Tokyo, Kuala Lumpur, Seoul, Mumbai, Sydney, the US, and Thailand. One of Pacific Star’s well-known investment in Singapore was the direct investment in Ngee Ann City, a landmark shopping center on Orchard Road, and then injected into Prime REIT in Sep 2005. Lately in Malaysia, the group has an investment in KL Pavillion which is a prime mixed-use mega development comprising a retail mall, luxuary residences, office and hotel, located in the heart of Kuala Lumpur’s prime shopping district. In Thailand, the group has already set an investment platform by developing two projects called Sathorn Garden and Eight Thonglor. For more information, please contact Asian Property Development Plc Tel (02) 261-2518-22 ext 304