The industrial business has continued to experience robust growth, benefitting from the relocation of supply chains from China, Hong Kong, and Taiwan, as well as the rapid expansion of the e-commerce sector, which has led to an ongoing increase in demand for industrial spaces. The Company has expanded its portfolio of Built-to-Suit and Built-to-Function developments, reinforcing its leadership position with over 3.63 million square meters of assets under management and a high occupancy rate of 87% at the end of FY2024. Additionally, the Company has increased its investment in the industrial property developments in line with international sustainability standards in both Vietnam and Indonesia to support the growth driven by supply chain relocations from China, Hong Kong, and Taiwan.

The Company also made considerable progress on the ARAYA The Eastern Gateway project, an industrial township spanning approximately 4,600 rai, under an associated company in which the Company holds a 50% stake. This project is designed to meet the needs of modern industries with a strong emphasis on digitalization and sustainability. Phase 1 of the project, covering 2,200 rai, includes industrial zones, business parks, logistics parks, retail spaces, and a 100 MW solar farm. The project is expected to become a key revenue contributor starting from FY2025 onwards.

In the commercial business, the Company maintained strong occupancy levels across its portfolio of office buildings, retail malls, and hotels, supported by the recovery in the business and tourism sectors. To enhance competitiveness, the Company has applied sustainability concepts to upgrade the quality of Sathorn Square and Park Ventures Ecoplex buildings, modernizing both in terms of technology and services. During the year, the Company decided to cease operations at Mayfair Marriott Executive Apartments, with plans to redevelop the site into a luxury condominium to maximize asset returns.

In the residential business, the Company refined its strategy by scaling back the development of townhome projects and focusing more on single-detached houses, targeting customers with higher purchasing power. The launch of ‘Klos Ratchada 7’ condominium project was a strategic response to signs of recovery in the condominium market. Efforts have been made to refine home designs and project layouts to better meet customer needs. Moreover, the Company implemented operational improvements, including enhanced procurement processes and stricter construction controls. Furthermore, the Company strengthened its brand presence with the goal of achieving a Top-of-Mind position in the residential real estate sector.

The Company continues to prioritize sustainability and risk management, ensuring a balance between immediate objectives and long-term sustainable goals. In FY2024, the Company achieved notable milestones, including becoming the first real estate developer in Thailand to receive recognition from the Science Based Targets Initiative (SBT) for its short-term greenhouse gas reduction target. Greenhouse gas reduction target. Furthermore, the Company earned an AA level from the SET ESG Ratings and maintained a 5-star CGR rating from the Thai Institute of Directors for the fifth consecutive year. The Company also actively promoted sustainable practices by sponsoring the Sustainability Expo 2024, ASEAN's largest sustainability event, to engage with partners and the public.

The Company strongly believes that its commitment to managing business operations in response to economic volatility and its efficient capital management have resulted in the affirmation of an A/Stable credit rating by TRIS Rating. By enhancing competitiveness and striving to create a new S-Curve to the organization, the Company is well-positioned to achieve sustainable long-term growth.

On behalf of the Board of Directors, I would like to express my sincere gratitude to our shareholders, REIT unitholders, bondholders, business partners, and all stakeholders for their continued trust and support. I also extend my heartfelt thanks to our executives and employees for their unwavering dedication and hard work in navigating these challenging times, ensuring the delivery of maximum value to all stakeholders.