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27 August 2003

NATURAL PARK SERVES HIGH-END TENANTS WITH NATURAL VILLE, A LUXURIOUS SERVICED APARTMENT ON LANGSUAN

Bangkok, August 27, 2003 – Natural Park PCL today officially launched Natural Ville, a luxurious serviced apartment building in a prime location on Langsuan Road. This 27-story building is centrally located in Bangkok’s business district, equipped with modern facilities and is the only apartment building in the area with a panoramic view of Lumpini Park. The apartment building will be managed by Accor, a world leader in property management.

Natural Park President and Chief Executive Officer Sermsin Samalapa said: “The serviced apartment market for Bangkok’s Central Business District (CBD) is growing rapidly and will provide worthwhile returns to owners in the long term. We are confident that Natural Ville, a serviced apartment in a prime location, will receive an overwhelming response from high-end tenants, as did our Natural Park Apartment on Sukhumvit Soi 49, which has had 100 percent occupancy since its launch in 1989.”

“Both of these projects are major long-term sources of income in accordance with our ‘Sustainable Growth’ strategy of property development. To achieve sustainability, we have created an income model of which 40 percent is generated from sales and 60 percent is generated from rental fees,” added Mr. Sermsin.

Natural Park has concluded an agreement for the property’s management with Accor, the largest and fastest growing hotel group in Asia Pacific. Accor covers the full spectrum of the accommodation market, offering customers the most comprehensive selection of lodging styles with memorable living experiences, backed by professional management.

According to research conducted by Jones Lang LaSalle this year, Bangkok has shown the highest percent change in rental and capital property value among cities in Asia Pacific as compared to the same period last year. The number of serviced apartments in Bangkok increased by 6.5 percent from last year. The attractiveness of the serviced apartment market is as a result of high rental fees of 700-1,000 baht/sq. m. per month for Grade A serviced apartments compared to 250-400 baht/sq.m. per month for Grade A rental apartments.

The CBD (Silom and Ploenchit) and Sukhumvit are the two areas with highest supply of serviced apartments. The CBD accounts for 25 percent of total supply in Bangkok. These locations attract investors due to the high occupancy rates and high demand.

“From the survey, we believe that we will receive impressive and worthwhile returns from serviced apartments located in the CBD. Natural Ville fits this strategy completely,” Mr Sermsin added.

With a total area of 22,000 sq. m, Natural Ville is a 27-story serviced apartment with 150 units with a luxurious and contemporary design. It offers seven room types, ranging in area from 31 sq. m. to 146 sq. m. per unit. Designs include studio, one-bedroom, two-bedroom and three-bedroom apartments. Each apartment has state-of-the-art entertainment systems and fully equipped kitchens. Also, common facilities include a swimming pool, a fitness center, a spa and the first modern Parisian-style cafe in Thailand.

This project is mainly targeted at the increasing number of expatriates and high-income earning Thais. Located on Langsuan Road, Natural Ville is situated among the leading department stores and business centers. Apart from its high-standards facilities, Natural Ville is the only serviced apartment in this area that has a panoramic view of Lumpini Park, Bangkok’s largest park. Resident can easily travel to other places in Bangkok because of the proximity to the Chidlom Skytrain Station and the subway, which will be opened next year.