Real Estate Investment Trust (“GLANDRT”) which will be transferred to CPN Retail Growth Leasehold REIT (“CPNREIT”) namely the Ninth Towers Grand Rama 9 Project and the Unilever House Grand Rama 9 Project
over the prior year as a result of the decrease in occupancy of Laguna Phuket hotels and Banyan Tree Bangkok. Revenue from property development operations which comprise of property sales and the sale
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