On 22 May 2017, Mr. Anant Asavabhokhin has submitted his resignation from Chairman of the Board of Directors, Chairman of the Executive Board and Director of the Company.
Land & Houses Plc. was honored with the Trusted brand 2013 award, surveyed by the Reader’s Digest magazine, to be voted as the best and only one brand in Asia, won “Platinum Award” in the Property Developer Sector for the eighth consecutive year.
This year, under the wisdom of “LH SMART thoughts for the better living”, the company introduced the innovation “AirPlus” detached-housing system. The resulting technology entails airflow for housing, which is more comfortable and friendly to the residential environment & home-owners health.
The AirPlus system is part of the company’s residential design program in collaboration with Prof Dr. Joseph Khedari, Director of the Rattanakosin College for Sustainable Energy and Environment, Rajamangala University of Technology Rattanakosin, and his team who had specialty in the field, with the profile of academic journals & conferences both in-land & over-sea level.
The system was applied from the combination theories of Thermo Dynamics & Bioclimatic Architecture, produced clean ventilation, by using Solar Energy as a system driver. On the cloudy days, the Hybrid Function will be activated for the system continuity.
The concepts of the AirPlus System are included:
- Smart and Convenient
- Continuous Ventilation
- Easy Maintenance and long life time
- Solar Energy
- Adapt to modern life style
- Live-in with good nature
The Company was honored with the Trusted Brand 2012 award in a survey by Reader's Digest magazine, to be the first Thai property developer to receive such recognition. The company also won the Platinum Award for the seventh consecutive year.
Moreover, the Company has launched the new product brand located in Chiang Mai under the “North” brand.
Land & Houses Plc. won the Trusted Brand "Platinum Award Winner" from the Reader’s Digest magazine for the sixth consecutive year.
At present, the single houses product of the Company launched with the price higher than 3 million baht, Townhouses and Condominiums launched with the price higher than 2 million baht. In order to expand the target customer’s base in to the wider range and also serve the satisfactory of the clients, the Company has developed the new product brand, launched at the lower price range than the present product’s, stated as following:
- Single House, at the price of 2.5 – 3 million baht under the name of “Inizio”
- Townhouse, at the price of 1.5 – 2 million baht under the name of “Indy”
- Condominium, at the price of 1.8 – 2 million baht under the name of “The Key”
Land & Houses Plc. was committed to operating its business based on good corporate governance principles. The Company promoted work ethics and stressed the importance of the development of the skills and quality of its personnel while improving its work system to ensure and maintain the high quality of its products and services. The efforts paid off when the Company won the Trusted Brand "Platinum Award Winner" award from the Reader's Digest magazine for the third consecutive year, the only top award in the category of real-estate service providers and developers, in recognition of the confidence consumers had in it.
In terms of product development, the Company developed in 2008 two series of house designs. "My Life'', the latest design, was the outcome of a survey on consumers' behaviors on housing demand, space utilization and lifestyles. "Modern," the latest premium design at The Landmark Residence, reflected and met the demand of modern urban living in a scale unprecedented in the 20-million-baht-plus price range. To meet the demand in the 2.7-million-to-3.2-million-baht price range, Land & Houses Plc. also developed townhome projects under the "Baan Mai" brand in a number of sites in Bangkok and its perimeter.
The Company was honored with the Trusted Brand 2007 award in a survey by Reader's Digest magazine, to be the first Thai property developer to receive such recognition. It also won the Platinum Award for the second year in a row, becoming a pride of all employees. Moreover, Tris Rating rated the Company's credit rating at "A" thanks to the lower debt-to-equity ratio, which strengthened the Company's financial position.
The Company was determined to operate within the framework of good corporate governance and emphasize the importance of the development of the skills and quality of its personnel, while continuing to upgrade its work system to ensure quality products and services. The efforts paid off when the Company received the Trusted Brand 2006 "The Platinum Winner" award organized by Reader's Digest magazine as the provider and developer of property in whom Thai consumers had the most confidence in 2006 based in a survey by Nielsen Media Research. The honorable award is the pride of all employees. In terms of the single-house market, the Company could increase its market share from 13.30% in 2005 to 15.30% in 2006.
Land and Houses Retail Bank Plc. was authorized by the Finance Ministry to operate a banking business on December 19, 2005. The establishment of the bank was initiated by Land & Houses Plc. and Quality Houses Plc., the listed property developers and property project managers with the biggest combined market share on the Stock Exchange of Thailand. In addition to their strong financial positions, they recognized the importance of management under good corporate governance principles. The decision was made because they believed Thailand should have a specialized financial institution as an alternative for Thai consumers.
The Company pioneered the strategy of Pre-Built Condominium, which simply means that condominium units sold by L&H are totally completed construction and built-in furniture will be included. The condominium strategy is implemented at four locations of inner Bangkok including Sap Road, Sukhumvit Soi 61, Sukhumvit Soi 43 and Narathiwat Ratchanakarin Road, under the brand name of "The Bangkok".
L&H started developing the new construction technology of Pre-Fabricated Wall. The state-of-the-art technology will have main objectives to enhance construction quality and efficiency and reduce construction times. The first housing project to be implemented the pre-fab wall system is Prueklada Rangsit Klong 4, which has detached houses costing from 2.5 million baht.
The concept of Baan Sabai house: the completed house before sales has been further developed and improved to include added values, the main elements of perfect living. Among values added to the house to meet buyers' requirements are kitchen cabinets, furniture for the food preparation area, air-conditioners and beautiful garden
L&H imposed the new strategy of "Baan Sabai house": The Completed house before sales for all of its housing projects. Made-to-order houses, which allow buyers to pay monthly down payments, were cancelled. That means every house at L&H projects, which is available for sales, is totally completed its construction and ready for homebuyers to transfer homeownership.
- September The Company divested the investment in Siam Sindhorn Co.,Ltd. and Noble clear Holdings (BVI) Limited by selling shares in both companies totaling 14.49% at the price of Baht 0.01 and 14.42% at the price of Baht 0.01 respectively, due to the large negative amount of shareholders' equity of both companies.
- August The Company appointed Dr.Siri Ganjarerndee to be the audit committee so as to replace MR. Pridiyathorn Devakula who retired since May, 2001 and also appointed Dr. Seek Ngee Huat to be the Company's director.
November The Company invested in Asia Asset Advisory Co.,Ltd., intending to purchase or lease real property or invest in the claims, by subscribed 499,994 shares at the price of Baht 10 per share, with the aggregate amount of 4.99 Million Baht or 49.99%.
The Online Project Management System (OPM) was developed to link and coordinate between the management, construction, and group project departments as well as contractors and material suppliers.
The web site of "homedd.com" was developed to provide convenience to homebuyers. The web site has information of housing projects, locations, housing designs, prices and eight financial institutes bidding to deliver the effective information of home loans to buyers. The mortgage approval is made on-line.
The Pre-built house strategy was initiated and implemented to precisely serve needs of homebuyers. The strategy can ensure homebuyers that they will be able to make a buying decision, while seeing the real completed houses and chose one among the completed units. Many homebuyers had changed their buying behaviors after getting nightmare experiences during the property crisis that they did not get the house they bought. They would make a buying decision until the houses were finished.
Demcember The Company bought 348,000 shares of Home Products Center Co.,Ltd. at 140 baht per share, with the par price of 100 baht per share, totaling 48.72 million baht, from one of its subsidiaries, PCM precast Floors Co.,Ltd. The transaction, which had already been approved by PCM Precast Floors' board, should help expand the scope of the Company's businesses as Home Products Center Co.,Ltd operates businesses complementing to the Company's construction material retailing and wholesaling. The deal also provided more circulating capital for its subsidiary.
The Company appointed an audit committee comprising
- Mr.Prateep Wongnirund Chairman
- M.R.Pridiyathorn Devakula Committee
- Mr.Pakawat Kovitvathanapong Committee
November The Company successfully restructured debts worth 17,435.05 million baht of the total of 17,713.20 million baht. The remaining 278.15 million baht was undergoing negotiations. The major elements of the restructuring were as follows:
- For debts of 14,485.5 million baht, the repayment period was extended to 7 years. The principals were not to be paid in the first two years. The baht-denominated debts were charged interests at the rate of the minimum lending rate (MLR) of the creditor banks or of a local bank as determined by the creditors. For debts denominated in foreign currencies, the interest rate of LIBOR+1% applied.
- Debts of 120 million yen, or 45.67 million baht, were converted into 45,672 convertible debenture at 1,000 baht each subjected to the following conditions:
- The Convertible rate was set at 18.38 baht on ordinary share
- The interest rate was set at 14% a year
- The redemption period was set equally for every year, from December 1, 2002 to December 1, 2006
- Redemption could be made before maturity at the face value plus an equivalent of the average MLR of four Thai commercial banks minus 4% a year of the face value, calculating from the issue date to the date of redemption.
- For debts worth 2,903.88 million baht, the Company made agreement to settle them with the creditors by repaying 1,753.97 million baht. The Company made a profit of 1,149.91 million baht from the debt restructuring.
The Company sold 178,176,546 ordinary shares to existing shareholders at the proportion of 5 old shares for2 new shares at 14 baht each, raising 2,494.47 million baht.
September It was a major change in the Company’s shareholding when GIC (Government of Singapore Investment Corporation Pte Ltd.) purchased the Company’s 94,285,715 shares at Baht 14 per share, accounting for 21.17% of the issued shares, leading to the total capital increase of Baht 1,320 million.
June To lift the living standard of Thai consumers, L&H began initiating new housing designs and improving house function and construction quality. The company made a market survey, especially among those who live in its existing housing projects, about their housing requirements and brought up the result to develop into new housing designs. The new housing designs under the concept of "Baan Sabai" were based on convenience, safety and energy saving. Baan Sabai is considered as the company's new business strategy, emphasizing on its leadership in developing housing designs and living standards. Baan Sabai house comprises three main elements;
- Good air ventilation and energy saving The Baan Sabai house is made from light - weight concrete blocks, green tinted glass, which helps reduce solar reflection and heat, wooden eaves and aluminium foil under the roof.
- With a complete smart function, The Baan Sabai house is designed to have a practical function system such as pest-control pipes are laid underground, bathrooms have both wet and dry areas, kitchen consists of preparation and cooking zones and wallpapers are installed for every room.
- Readiness for convenience and safety The Baan Sabai house installs an automatic electricity safety system, emergency electricity, high quality mosquito screens, water pump and water-reserve tank and garden around the house. The concept of Baan Sabai house is initiated as a completely built house which is ready for buyers more than in the past and the buyers will not be time-comsumed and able to leave all the problems about preparing to move in. This will help them reduce financial burdens as well.
To provide more convenience to customers, the company installed the central telephone number "230-8888" to link all housing projects. Customers can dial the automatic number and then press selected numbers to access each project and get information. In this year, the Thai property market was in a deep crisis and consumers lacked confidence to buy a house. They were afraided they would not get a house they had already bought, while developers had been struggling in serious financial problem. Despite the property crisis, L&H continued to build its trust and awareness among prospective buyers by kicking off the new campaign advertisement on "the Last Lot of Houses, the Last Prices". The company gathered a number of houses whose customers were unable to pay more on down payments and resold them at special prices. With this novel campaign, the company got a brisk success in sales and realized that there was still housing demand from real buyers but many of them Lost their confidence in developers.
With efficiency of the new advertising tool Land & Houses Guide, published every Thursday, L&H could enormously lower its marketing expenses. Within this year, the company launched its new advertising campaign on "Promise is Not Promise'' which had main contents about homebuyers who bought a house but did not get it. L&H still built trust and confidence among consumers by delivering houses to all customers.
L&H saw big potential to do advertisements In order to directly reach target customers as this would help it spend more efficiently on advertising and marketing activities. In general, the company will work on about 20-25 housing projects every year and it is required to advertise these projects throughout the year. As a result, the company has developed its own database to outline marketing and advertising plans under the new concept of "Direct Mass Marketing". This has significantly slashed marketing expenses while its housing sales have risen due mainly to higher efficiency in marketing and advertising.
Moreover, the company imposed new advertising strategies by launching a special publication inserted in daily and weekly newspapers such as Thai Rath and Prachachart Thurakit. Called "Land & Houses Guide", the publication provides information about the company's housing projects along with special promotions and activities for target customers.
December The Company invested 700 million baht in Bangkok Transit System Public Co.,Ltd or BTSC and held 2.92% of share. The investment was divided into 350 million baht of shares and another 350 million baht cost of Convertible Debenture.
August Shareholding in Quality Construction Products Co.,Ltd was changed. Land and Houses holds 30% of share capital, American International Assurance holds 25%, Quality Houses holds 25%, Mr.Pong Sarasin holds 2.67% and PCM precast floor Public co., Ltd. holds the remaining 17.33%.
July The Company incorporated with the consortium of 5 Indonesian companies, namely PT PRIMA SEHATI, PT MEKANUSA CIPTA, PT ANEKAGRIYA, PT RUMINUSA, PT KANAKA GRANAASRI, and PT PUTRA PRABUKRAYA. The principle objective is to engage in investment of the in real estate development in Indonesia. The Company owned 19.90% of share capital in each company.
June The Company divested total 40% of shareholding in North Park to Bank of Asia Group and gained profit before tax in the amount of 578 million baht.
December The Company corporated with Manuela Corporation to establish M L&H Corporation in Philippines, with 40% of shares. This investment objective engaged in recapitalization in Bonafacio Land Corporation and all shares were sold out to ML&H at 1,483 million baht.
The Company entered a joint venture agreement with a Consortium of Singaporian national companies comprising : Government of Singapore Investment Corporation (GIC) and OCBC Capital Management, subsidiaries of OCBC Bank Group in Singapore. The proposed of this joint venture is to established in Thailand with 2,500 million baht capital in the first 3 years and would be expanded later to 5,000 million baht. Shareholdings in Thailand are Land and Houses, Bangkok Bank PLC, Nithipat Securities PLC, and Securities One PLC, and each held 12.5% share while Singapore's GIC and OCBC held 25% each. ( At present, this proposed investment has already been aborted)
September To actively exploit opportunities in high potential province, the Company has invested 55 million baht with Muangmai Group and established L&H Muangmai Co., Ltd in Phuket, a major southern city. The company holds 55% of share capital.
PCM Precast floor Public Co.,Ltd. (PCM), the Company's subsidiary, incorporated with Quality Houses(QH), American International Assurance (AIA), Dhana Siam Security Co.,Ltd and Mr.Pong Sarasin have established Home Products Center Co.,Ltd, a construction material supplier. The objective of the transaction is to invest directly in a company that owns distribution channel of construction materials and retail market. 40% of share capital were held and 60 million baht was invested by the Company.
June The Company issued capital-increase shares to 17 institutional investors. Of all the 8 million shares sold, 6 million were sold to Thai investors at 430 baht each and 2 million to foreign investors at 500 baht each. A total of 3,580 million baht of capital-increase was received by July 20,1995.
40% of shares million baht. About 578 million baht profit before tax were gained from this share sale to in North Park owned by the Company were sold out to Bank of Asia Group at 602 the Company.
May The Company's shareholding in SK Garment Public Co.,Ltd.(eventually renamed Big C in 1996) was diluted to 15% from approximately 25% following an issue of new shares which was taken up by Chiratiwat Group 40% and Robinson Group 15%
February The Company purchased Chao Thai Securities and renamed to Nithipat Finance and Securities Company Limited,owning 36% of the issued share. It’s as a part of Company’s investing strategy.
January The Company owned approximately 7.38% of the share capital in the consortium of Metro Pacific Corporation and companies in other 11 countries which won the right in a Philippines government auction to develop a land forming part of the former Fort Bonafacio military based on the edge of the Makati financial district of Manila, the Philippines. The Company's investment was in the Bonafacio Land Corporation which itself owned 55% of share capital and the Philippines government owned the remaining 45%. This investment cost about 1,300 million baht.
The Company hit its new high of >10,000 million baht in sales revenue.
Land and Houses was the first one to issue ECD (Euro Convertible Debenture) to The Company's foreign investors and also, managed the Road Show in Hongkong, Japan, USA, France, Germany, England and Scotland.
Since its listing in SET, Land and Houses product segmentations have been divided into several different brand names and pricing. The slogan "One of Land and Houses' Brands" was also created and used as the Company's strategy to promote brand names in all developments.
The Company became a licensed company in the Stock Exchange of Thailand or SET on February 17,1989 and was listed as Land and Houses Public Co., Ltd on April 1, 1991.
Siwalee project was developed in Rangsit area regards the focus to maximize homebuyer's needs. The Company's sales revenue started to grow steadily.
Land and Houses had undergone in depth research and developed the "Consumer Oriented" concept in Baan Nuntawan project in Chiengmai which brought about the company's strong reputation in product development and differentiation in single detached house market.
Land and Houses was incorporated on August 30, 1983 as a limited company and managed "Prueksachart Project", a housing project purchased from Teeraparb Co., Ltd., one of Kasikorn Bank's subsidiaries.
Ms.Piangjai Harnpanich, one of the Company's Board of Directors and a mother of Mr.Anant Asavabhokhin who established Land and Houses, originally managed the first small housing project, namely Baan Srirubsuk. However, at that time, the operation of the Company was not only dramatically attacked by the first Oil Crisis, but also hit by an extremely high interest rate of 20-21 % and that only 2 units were successfully sold. By the year 1977, the sales was gradually increased and the Company developed more projects; Baan Thanintorn, Baan Suknatee and Baan Prachachuen.