Phuket Residential MarketView Q4 09

Q4 2009 saw a continued recovery in the Phuket property market. Sales of resort property improved but were still at low levels and mainly concentrated in a limited number of projects.

The level of built but unsold inventory of completed condominium and villa units is low. Prices for built property have remained relatively stable with few examples of forced sale situations.

Purchasers are cautious and are focusing on projects promoted by known developers where there has been visible construction progress. We believe that demand is recovering.