Real Estate Pattaya

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					Pattaya Heights
Pattaya [Thailand]

Proud SPonSorS of the next Big thing aS Seen on
                                                                                                                             Pattaya Heights • Pattaya [Thailand]

                                                                                        RUSSIAN FEDERATION

                                                        UZBEKISTAN                                                                            DEM. PEOPLE'S
                                          AZERBAIJAN             KYRGYZSTAN                                                                   REP. OF KOREA

    ■ About Obelisk         SIRYAN                                 2                                        CHINA                            REPUBLIC OF KOREA
                            ARAB REP.
                                  IRAQ             IRAN      AFGHANISTAN
    ■ About Iguana                                                 3
                                          KUWAIT                                        NEPAL BHUTAN
    ■ Legal Advice                           BAHRAIN            4
    ■ About Xchange Business        SAUDI ARABIA
                                                                   5                         BANGLADESH                                 TAIWAN
                                                      OMAN                                          MYANMAR
    ■ Property Ownership in Thailand                               6          INDIA                             LAOS

    ■ Deal Summary              ERITREA    YEMEN
                                                                   7                                                                             PHILIPPINES
                                     DJIBOUTI                                                                     CAMBODIA
                                                                                        SRI LANKA                                                              PALAU
    ■ Thailand: Market Overview                                    9                                                           DARUSS

    ■ Thai Baht: Currency Exchange
                                                                   10        MALDIVES                                     ALAM
    ■ About: Pattaya and East Thailand                             11
    ■ The Opportunity: Pattaya Heights                SEYCHELLES 13        Chagos Archipelago                                INDONESIA
                                                                           Diego Garsia
    ■ The Purchase Process: Pattaya Heights                        14                                           Christmas (Austr.)
                                      COMOROS                                                                                                      EAST TIMOR
    ■ Investment Scenarios: Short-Term Hold                        15                                     Cocos (keeling)
                                                                                                          Islands (Austr.)
    ■ Investment Scenarios: Mid-Term Hold                          16
                         MOZAMBIQUE             MAURITIUS
    ■ A Secure Exit Strategy:   Resale Market
                                                           Rodriges Island
                                             Reunion (Fr.)
    ■ A Long-Term Investment Approach: Rental Markets              18                                                                               AUSTRALIA

    ■ Pattaya Heights                                              20
    ■ The Complex and Facilities                                   21
    ■ The Apartments                                               22
    ■ White Goods, Fittings and Furniture                          23
    ■ Specifications                                               24
    ■ Licenses and Guarantees                                      25

    ■ Why Pattaya Heights                                          26
    ■ Obelisk International’s Commitment                           27
    ■ Contact Obelisk International                                28

                                                                                                      Pattaya Heights • Pattaya [Thailand]

    Obelisk International
       Obelisk International provides investors with opportunities to invest in carefully selected real estate projects from
       around the world.

       Obelisk International offers a wide range of real estate investment possibilities in both the sought-after established
       regions and in the more dynamic emerging markets.

       All projects share outstanding potential for return on investment.

       Obelisk International’s service to investors is based upon three main principles:

               1. PRICE: cost effective projects at highly competitive market prices.
               2. PROFIT: all projects offered to investors are chosen for their investment potential.
               3. PERFORMANCE: each project is chosen with an understanding of the performance probabilities
               from short- to long-term.

       Real estate offers security, longevity and tangibility, where many other investments do not.

                                                                                                            Pattaya Heights • Pattaya [Thailand]

    Iguana Company
    The Iguana Company is recognised as a highly professional         Iguana The Developer provide innovative designs to build
    Thai property developer and constructor, designing and            the finest condominiums and villas for the ultimate
    building only premium condominiums and villas in choice           customer satisfaction in luxury living. The Pattaya Heights
    locations. Founded by a team combining over seventy years         project has exceeded all expectations through meticulous
    experience within property development, the company               attention to detail resulting in a higher level of quality than
    operates under its own capital and by exclusive partnerships      would normally be seen in new luxury properties of this
    with external private investors.                                  standard.

    The company’s initial activities in real estate consisted         Iguana The Constructor carryout the building works of the
    of buying land in select positions for the planning and           designs they create to perfection. By keeping the design
    construction of private villas, alongside purchasing second       and building in-house and incorporating their extensive
    hand condo units, undertaking substantial reformation,            experience of large-scale renovation projects, they complete
    redesigning and modernising, following European                   all developments to standards above those recognised in
    standards for resale. Examples include Baan Suan Lalana           Europe, guaranteeing an inherent level of quality throughout
    - a development of 100 completely renovated units, Metro          the entire project process from start to finish.
    Condominium - a project of 50 extensively remodelled units,
    and the Hyde Park Residence which consists of 79 units,           Iguana Property Management ensures Obelisk International’s
    currently under construction and due for completion in            clients have a comprehensive on-site property management
    February 2008.                                                    service, with a choice of three management options, to enable
                                                                      the maximum rental potential to be earned from investment
    As their experience in the local real estate market matured,      in Pattaya Heights. The company also has a commitment
    they extended their line of business to start their own           to the resale of apartments upon completion, via on-site
    exclusive condominium projects. With a shrewd insight to          operations managing internet sites and membership to an
    the future, and commitment to provide outstanding design          established network of real estate companies within Thailand.
    to the highest quality, the company has acquired lands of         Condominiums are in strong demand from both local residents
    their own within prime locations of the city of Pattaya for       and particularly foreign purchasers as up to 49% foreign
    future projects, including a beach front project for a 40 story   freehold allows direct foreign ownership of units, a rarity for
    condo tower.                                                      overseas buyers in the Thai property market.

                                                                                                                  Pattaya Heights • Pattaya [Thailand]

    Legal Advice
       Chandler and Thong-EK
    For the Pattaya Heights project, Obelisk International have partnered   Situated in the heart of Bangkok, Chandler and Thong-EK are
    with Chandler and Thong-EK, an internationally recognised legal         comprised of 9 partners, 24 associates, 2 foreign consultants
    firm operating for over 30 years in Thai business and finance legal     and over 52 non-professional staff speaking Thai, English,
    practices. Renowned for their extensive consulting experience in        French and Lao, as well as part of an established network of
    Thailand encompassing a variety of fields including corporate,          professional lawyers, present in financial centres and foreign
    commercial and financial transactions, covering areas such as           jurisdictions around the world.
    investment funds, real estate projects, foreign investments and
    related tax issues. The company will provide advice throughout the      Recognised for their excellence in international project financing,
    purchase process aiding decision making relating to tax issues,         the International Financial Law Review (IFLR) awarded Chandler
    regulation and all legal requirements.                                  and Thong-EK the “Thai Law Firm of the Year” in 2007, for the
                                                                            seventh consecutive year.
    Established in 1974, the founding partner, Albert T. Chandler,
    graduated from Harvard Law School in 1964 and has been                  It is not surprising the company has represented major Thai and
    practising law in Bangkok for 38 years. The senior partner              international clients in a broad spectrum of foreign investment
    Niwes Phancharoenworakul, holds two LL.M. degrees from                  transactions. The company’s reach, outstanding breadth
    New York University, was a member of the Constitution Drafting          of experience and inherent due diligence supports Obelisk
    Committee 1996 to 1997 and a member of the Senate during                International’s commitment to provide secure investments for
    the period 2001 – 2006.                                                 our clients.

                                                                           Pattaya Heights • Pattaya [Thailand]

       Xchange Business
    Established in 1996, Xchange Business has enjoyed more than a
    decade of success in an extremely competitive foreign exchange
    market. The strategy of having experienced FX specialists offering
    a one to one approach has ensured an unrivalled level of customer
    service and with exchange rates that you will find extremely hard to
    beat, Xchange Business is the choice of many property investors
    across the globe.

    Based in the heart of Edinburgh’s traditional financial district,
    Xchange Business operates its Treasury as well as a chain of over
    200 Bureau de Change outlets which are based throughout the
    length and breadth of the UK. The model allows Xchange Business
    to offer an FX one stop shop for private investors and businesses
    that have an interest in today’s global markets.

    Xchange Business has a wide range of products and services on
    offer including spot deals, forward contracts and currency options.
    What makes Xchange Business unique though is its consultative
    approach, ensuring that every customer’s individual requirement is
    identified and catered for. This ethos has proved highly successful
    and resulted in an enviable client portfolio.

                                                                                                            Pattaya Heights • Pattaya [Thailand]

    Property Ownership
                            Pattaya Heights
    Non-residents are permitted to purchase condominium units in      and certificate issued from the bank is required.
    Thailand, according to the 1991 condominium act; payment of
    the unit must be transferred from outside Thailand, entering      The law also stipulates that foreign ownership of the entire
    the country as foreign currency to be exchanged into Baht, with   building should be a maximum of 49%, owned by non-Thai and
    instructions that the funds are to purchase a condominium and     51% owned by Thai, calculated on the basis of floor size rather
    providing details of the unit. A “Foreign Exchange Transaction    than units, although each unit holds its own title deed. It is the
    Form” from the recipient bank must be completed for each          only law within the Thai property legal framework which allows
    transaction, all of which must be presented at the Land           foreigners to have direct property ownership.
    Department to register the condominium.
                                                                      Until last year, it was permitted by the government for a foreigner
    If the purchaser has permanent residence or holds a non-          to purchase 100% of a building. Although this is no longer
    resident or foreign currency bank account containing Thai Baht,   allowed, if the permission to buy 100% of a building was given
    they may use these funds for the payment of the unit in Thai      before the new law was introduced, that 100 % ownership still
    Baht. For the transfer of the condominium, a withdrawal receipt   holds today.

                                General Tax Rules with Regard to Buying and Selling of Property
                 CATEGORY             SALE OF FREEHOLD          TRANSFER OF          SALE OF BUILDING         LIABILITY TO TAX
                                      LAND & PROPERTY         LEASEHOLD LAND
         TRANSFER FEE                          2%                     N/A                     2%               SELLER / BUYER
         LEASE REGISTRATION FEE               N/A                     1%                     N/A              LESSOR / LESSEE
         SPECIFIC BUSINESS TAX            3.3% or N/A                 N/A                3.3% or N/A               SELLER
         STAMP DUTY                       0.5% or N/A                 0.1%               0.5% or N/A               SELLER
         WITHHOLDING TAX                  1% or 5 - 3%                N/A                1% or 5 - 3%              SELLER

                                                                                                                    Pattaya Heights • Pattaya [Thailand]

      Deal Summary
    INVESTMENT PERSPECTIVES: There is a strategy for all types of           EXIT STRATEGY: The Chornburi region has a significant expatriate
    investment, from a short-term hold approach that relies on the          community with 7,900 expatriates registered in the area (Labour
    capital growth alone, to a long-term investment scenario where the      Ministry September 2006), with growth of the community increasing
    estimated 6%-7% rental yields will add a supplementary income           at more than 20% year-on-year over the past three years. The
    to the investor. The Pattaya Heights project is sold at 24% under       strength and growth of the expatriate community highlights the
    average market value, which gives the investor an immediate return      growing demand for property rental and resale. Property buyers
    on investment.                                                          in Pattaya are looking for both second home and investment.
                                                                            Demand for more permanent rentals is also emerging with an
    LOCATION: The project is located in the coastal resort of Pattaya in    increase in local business activity and foreign long-stays (retirees.)
    the province of Chonburi. Pattaya is nestled along a picturesque bay    Profile of Buyers: 60% of Pattaya prospects are currently residing
    on the East Coast of the Gulf of Thailand, roughly 170 kilometers       in Thailand (both Thais and foreigners); 25% of buyers are British
    southeast of Bangkok. From a fishing village in the 1960’s, Pattaya     nationals, 16% are Americans, 7% are Scandinavian and another
    has emerged as the favorite Southeast Asian vacation center.            6% are Irish.

    In 2006, Pattaya was the premier Thailand destination for tourists,     Our partner, Iguana, will pro-actively sell condominiums at the Pattaya
    with a total of 5.8 million visitors. Moreover, tourist arrivals have   Heights project, as they become available upon completion. The focus
    increased at an annual rate of 10% since 2001, with most of the         of the resale activity will be via internet websites and an established
    growth coming from “premium” tourism, i.e. visitors who stay in four-   network of reliable real estate companies based in Thailand. Every
    and five-star hotels. This segment represented 30% of all arrivals in   attempt to provide a resale option for Obelisk International clients
    2006 and included growing numbers of tourists from places such          will be given a priority. Their expertise in this ensures you have a
    as China, Russia and Korea.                                             clear exit strategy.

    BUILDING PERMIT: The Pattaya Heights building one has all the           CURRENCY FLUCTUATIONS: To insulate clients from possible
    necessary building permits in place. This will be supplied with the     currency fluctuations and any associated risk to investment, Obelisk
    purchase contracts along with all the building due diligence.           International have partnered with XchangeBusiness, a prestigious
                                                                            UK Forex company, to provide FOREX services for the Pattaya
    SECURITY OF INVESTMENT: It is of the utmost importance that             Heights project.
    our investors feel safe and secure with every investment made.
    Therefore the lawyers, Chandler and Thong-EK, will conduct              LEGAL: Obelisk International are partnering with Chandler and
    extensive research and carry out full due diligence for the project.    Thong-EK. Recognised for their excellence in international project
                                                                            financing, the International Financial Law Review (IFLR) awarded
                                                                            the company the “Thai Law Firm of the Year” in 2007, for the
                                                                            seventh consecutive year.

Investment Potential
                                                                                                                    Pattaya Heights • Pattaya [Thailand]

                       Market Overview
    ECONOMIC GROwTh AND INVESTMENT                                          (TAT) projecting continued strong growth of 7% for 2007, calculating
    Thailand’s economy was the strongest performer of the East Asia         a total of 14.8 million arrivals generating Baht 547 billion.
    region during the period 2002–2004, with economic growth at
    6.9% in 2003 and 6.1% in 2004. Sustained economic growth                Thailand’s tourism market has experienced a dramatic change to
    during 2006 was attributable to the continued strong growth in          normal trends, witnessing a substantial increase in longer-term
    exports which has seen a year-on-year growth of 17%, ending 2006        rentals. A minor reduction in demand for hotel accommodation
    with international reserves at US$66.9 billion, considerably higher     has been noted with a significant increase in demand for luxury
    than total external debt.                                               villa and condominium type accommodations. Additionally, there
                                                                            is a growing demand for properties located within resorts. The
    2006 saw a rise in interest rates and inflation from 4.5% to 4.7%       chairman of CB Richard Ellis Thailand commented that resort
    considered a response to the rise in oil prices. However, these are     property development is an important element of the tourist
    both expected to fall during 2007. The Thai economy as a whole          industry to pull in high income tourists for both short and
    should remain stable and is projected for 2007 to see a steady          long-term stays.
    growth rate of 4.5% to 5%, inflation rates drop to between 3% and
    3.5% resulting from the lower oil prices, an appreciation of the        CB Richard Ellis also stated that the global trend of owning
    Baht and stable private consumption.                                    property overseas with an end to retiring there is a growing reality.
                                                                            Thailand, already a branded tourist destination, is recognised as
    Thailand, a free-enterprise economy is open to foreign investment       the preferred location in Asia to buy a second home. Distance is
    and has been rated as the fourth most attractive country worldwide      no longer an issue as long haul flying is available to everyone and
    for foreign direct investment according to a survey carried out         significantly more affordable with the dramatic growth of low cost
    by the UN Commission for Trade and Development. As foreign              carriers within Asia.
    investment enters improving infrastructure, the effect will be a rise
    in property prices.                                                     The New International Bangkok Airport, a US$4 billion investment,
                                                                            was recently opened and is now the largest airport in South
    Coupled with foreign investment, the second half of 2007                East Asia, capable of receiving 45 million passengers per year.
    should see the release of the fiscal budget spurring the start of       It operates the tallest control tower at 132.2m and the longest
    government investment projects. Although Thailand already has           runway in the world with the second biggest terminal building at
    a well developed infrastructure, the government is spending a           563,000 square meters.
    further US$100 billion on improvements over the next few years.
    The knock on effect should attract more tourists and will push up       REAL ESTATE MARkET
    property prices.                                                        Thailand is experiencing heightened activity in two distinctive
                                                                            sectors of the property market. Apartments situated in major cities
    STRONG TOURISM GROwTh                                                   hold a strong demand from the domestic market, with rental yields
    The Thai tourism industry represents a significant sector of            showing solid growth over recent years and predicted to continue
    Thailand’s economy comprising 9% of GDP in 2005 according to            into the future. Equally, demand is high for resale properties located
    the Bank of Thailand statistics. 2006 saw international tourist         in resort developments in key tourist destinations, where growing
    arrivals reach 13.4 million with the Tourism Authority of Thailand      demand stems from overseas second homeowners, retirees and

                                                                            The Thai residential market remains a strong sector for investment
                                                                            with 63% of units sold. Currently, 193 new residential projects,
                                                                            totalling 21,284 units, are being constructed in the Sukhumvit,
                                                                            CBD and Riverside areas of Bangkok, which are three key areas
                                                                            that are predicted to continue offering strong investment potential,
                                                                            according to the Managing Director of AREA, the Agency for Real
                                                                            Estate Affairs.

                                                                                                                     Pattaya Heights • Pattaya [Thailand]

      Thai Baht
                       Currency Exchange
     On July 2nd 1997 the bank of Thailand finally gave up its long battle against local and international speculators by abandoning the peg
     that tied the value of the Thai Baht to the US dollar. Since 1997 the currency exchange rate has been determined by supply and demand
     in the foreign exchange market and has been allowed to float freely. This specific currency pairing has a high volatility percentage rating
     which makes long term currency forecasts extremely difficult.

     With fluctuation as much as 12% (High – 70.88, Low – 61.92) in the last 4 months alone, property investors should consider a forward
     contract. A forward contract allows the purchaser to secure a rate today to a specific date in the future. If your investment stipulates
     percentage payments over a period of time, then an average rate can be calculated and a fixed rate set for the term of the agreement.
     The alternative would be to gamble with the fastest moving market in the world and expose your investment to an inflated price due to
     currency fluctuation.
                                                  SPOT PRICE ON 25TH JUNE                                                                    62.300
     In a unique deal for clients of Obelisk,     UNIT PRICE IN BAHT                                                          3,995,000         THB
     Xchange Business are offering a fixed        PAYMENT STRUCTURE
     rate of exchange between GBP and                                                       Spot     Forward       Forward                 Amount
     THB which takes into consideration all        Payment           Date       ThB         Rate     Points*       Rate*        GBP          Due
     forward points gained or lost due to
                                                  1           July           998,750.00    62.300              0   62.300     16,031.30   15,805.62
     interest rate differences. The example
                                                  2           01/09/2007     799,000.00    62.300       1.179      63.479    12,586.84    12,644.50
     below uses an indicative exchange rate
                                                  3           01/12/2007     799,000.00    62.300       1.295      63.595    12,563.88    12,644.50
     of £1 = 62.3 THB and property price of
                                                  4           01/03/2008     799,000.00    62.300       1.257      63.557     12,571.39   12,644.50
     3,995,000 THB showing that you would
                                                  5           01/06/2008     399,500.00    62.300       0.985      63.285     6,312.71     6,322.25
     pay no more than £63,222.48 for your
                                                  6           30/09/2008     199,750.00    62.300       0.985      63.285     3,156.36      3,161.12
                                                  TOTAL                     3,995,000.00            Fixed Rate     63.190    63,222.48    63,222.48

                                                                      Pattaya Heights • Pattaya [Thailand]

     Pattaya and East Thailand
     Pattaya is located on the east coast of the Gulf of Thailand,
     only two hours by car from Bangkok (147km to the southeast
     of the city), which will shortly be reduced to 90 minutes upon
     completion of the new motorway currently under construction.
     The city is ideally positioned to benefit from the extensive
     domestic and international transport links now available
     since the re-design and renovation of Bangkok airport, which
     re-opened in September 2006. This state-of-the-art airport,                 Atlantic
     now the largest in South East Asia, cost US$4 billion and
     can handle 45 million passengers each year and 76 flights
     per hour. This means that Pattaya is only one hour away for
     tourists arriving into Bangkok airport.

     Known as the Thai Riviera, Pattaya is regarded as one of
     Asia’s top beach resorts; catering for every type of tourist,
     whether family groups, single travelers or scuba and leisure
     divers exploring the islands and shipwrecks off Pattaya. White
     sand urban beaches where tourists can hire water sports
     equipment are just meters away from the array of hotels, bars
     and restaurants.

     There are more than 20 international-standard golf courses
     within an hour’s drive of Pattaya, designed by household
     names such as Jack Nicklaus and Nick Faldo. Pattaya’s other
     leisure attractions range from the sedate (tropical gardens,
     Buddhist temples, zoos, fishing and sailing) to the more
     active (amusement parks, museums, go-karts, horse riding
     and shooting ranges), ensuring a constant flow of tourists not
     merely looking for beach pursuits.

                                                                             Pattaya Heights • Pattaya [Thailand]

     Pattaya is a place where east meets west due to the city’s
     traditional Thai character and heritage and more western
     entertainment and nightlife amenities. Indeed it is probably the
     most cosmopolitan place in Thailand after Bangkok. Pattaya
     offers international dining as well as the world-renowned Thai
     cuisine for well below western prices.

     The nightlife of Pattaya, from beach parties to sophisticated
     jazz clubs is diverse enough to cater to tourists of all tastes and
     continues until sunrise.

     Due to Pattaya’s location on Thailand’s northern coast, to the
     east of Bangkok, it does not suffer from monsoons or any adverse
     weather conditions. This makes Pattaya and its surrounding
     coast a year-round resort, relatively rare in Thailand due to the
     widespread rainy seasons.

     Pattaya was Thailand’s top holiday destination for foreign tourists
     in 2006, with a total of 5.8 million visitors. Tourist arrivals have
     increased at an annual rate of 10% since 2001 with most of
     the growth coming from “premium” tourism (visitors who stay in
     four- and five-star hotels), which made up 30% of all arrivals in

     Since the opening of the new Suvarnabhumi Airport just outside
     Bangkok, Pattaya has begun to see the widespread construction
     of new retail facilities, entertainment and shopping centres as
     well as international hotel chains. All of these will benefit Pattaya
     and broaden its appeal to both tourists and investors alike.

                                                                    Pattaya Heights • Pattaya [Thailand]

     The Opportunity
                            Pattaya Heights
     LOCATION: The project is located in the province of
     Chornburi, with a population of 1.17 million (National
     Statistic Office Thailand 2005), it is the leading province
     for tourism and business growth in Thailand, and the
     centre for import and export activities due to its excellent
     infrastructure; the New Bangkok International Airport
     (NBIA), the sea-Laem Chabang deep seaport and a
     complete motorway system. Pattaya, located 147 Km
     southeast of Bangkok, is the top tourist destination in
     Thailand, for both international arrivals with the NBIA
     located between Bangkok and Pattaya, as well as a popular
     choice for Bangkok residents as a weekend break.

     EXPATRIATES: The Chornburi region has a significant
     expatriate community with 7,900 expatriates registered in
     the area (Labour Ministry September 2006), with growth
     of the community increasing at more than 20% year-on-
     year over the past three years. The strength and growth of
     the expatriate community highlights the growing demand
     for property rental and resale.

     PROFIT: The Pattaya Heights project is being offered to
     clients at an average of 24% below current market value,
     so owners benefit from an inherent profit from the moment
     they buy. If a conservative average capital growth of 15%
     for the next 5 years is presumed, investors stand to earn
     a substantial 153% return on investment equating to an
     annual rate of 20.39%.

                                                                                                                        Pattaya Heights • Pattaya [Thailand]

     Purchase Process
     Pattaya Heights
     Pattaya Heights is available at an average of 23.88% below current             COMPARATIVE PRICING GUIDE               Average Price per sq./m
     market value. Comparing the price per square meter of the Pattaya
                                                                               Pattaya heights                                                  £863
     Heights project with average market prices per square meter
     reported by some of the most respected companies in the industry          Jones Lang LaSalle Property Report                               £987
     (Jones Lang LaSalle Property Report, Raimond Land Conduminium             Raimond Land Conduminium Focus                                 £1,334
     Focus, Knight Frank Residential Report 2006 and PropertyReport.           Knight Frank Residential Report 2006                           £1,081
     com), confirms that the Pattaya Heights pricing is significantly below                                             £1,590
     the average market value. The table to the right illustrates this.        Discount over market value                                     23.88%

     Pattaya Heights 1: Right Tower                                           Pattaya Heights 2: Left Tower
                     PURCHASE PROCESS                          PRICES                           PURCHASE PROCESS                          PRICES
     Apartment Average Price                                  £61,970.00       Apartment Average Price                                  £61,970.00
     Legal Cost (VAT included)*                                £1,819.00       Legal Cost (VAT included)*                                 £1,819.00
     Taxes (2%)                                                £1,239.40       Taxes (2%)                                                 £1,239.40
                                        Total Investment £65,028.40                                               Total Investment £65,028.40

     Initial Down Payment                                                      Initial Down Payment
     1st Payment (25% of purchase price)                      £15,492.50       1st Payment (25% of purchase price)                      £15,492.50
     2/3 of legal fees                                         £1,212.67       2/3 of legal fees                                          £1,212.67

     Second Payment                                                            Second Payment
     September 2007 (20% of purchase price)                   £12,394.00       January 2008 (25% of purchase price)                     £15,492.50

     Third Payment                                                             Third Payment
     December 2007 (20% of purchase price)                    £12,394.00       July 2008 (20% of purchase price)                        £15,492.50

     Fourth Payment                                                            Fourth Payment
     March 2008 (20% of purchase price)                       £12,394.00       February 2009 (20% of purchase price)                    £12,394.00

     Fifth Payment                                                             Final Payment
     June 2008 (10% of purchase price)                         £6,197.00       Upon completion June 2009                                 £3,098.50
                                                                               (5% of purchase price)
                                                                               1/3 of legal fees                                            £606.33
     Final Payment
                                                                               Provision of funds Transfer Tax (2% of purchase price)     £1,239.40
     Upon completion September 2008                            £3,098.50
     (5% of purchase price)
     1/3 of legal fees                                          £606.33                                           Total Investment £65,028.40
     Provision of funds Transfer Tax (2% of purchase price)    £1,239.40
                                                                              * VAT is charged at 7%

                                        Total Investment £65,028.40

                                                                                                                Pattaya Heights • Pattaya [Thailand]

     Investment Scenarios                                      INVESTMENT SCENARIO FOR A 1 BEDROOM APARTMENT | DETAILS
                                                                                         Total purchase cost    £61,970
     Short-Term Hold                                                                                Equity in     100%

     For investors who wish to adopt a low capital                                  Investment period (years)          2
     approach to the market and dispose of their                                Time to completion (years)             2
     investment as soon as the property is built.
     The plan is to buy off-plan under market value and
     sell it immediately after completion. This scenario                                      INVESTOR COSTS
     illustrates a cash purchaser and not leveraged                                 Apartment Average Price     £61,970
     through loan to value mortgage products.
                                                                                Legal Cost (VAT included)*       £1,819

     For this short-term investment scenario the                                              Taxes and fees     £1,239
     following has been assumed:                                                    Total Property Purchase     £65,029

     -The property is to be held for the next two years
     and is to be sold immediately after completion.                                               PROFIT
                                                                                             Purchase value     £61,970
     -After 2 years and considering a 15% capital                            Estimated purchase discount            24%
     appreciation the apartment will be sold, with a
     Return on Investment (ROI) of 66% (£42,643) that                                Estimated market value     £81,415
     is equivalent to an annual rate of 28.68%.

     -The apartment will be resold to the local market
     and benefit from the demand generated in the
     Pattaya area.
                                                            CAPITAL GROWTH RATE                     10%          15%             20%
     This scenario is subject to some modifications, for    Potential value after 2 years           £98,512     £107,671       £117,238
     instance in the case of using mortgages.                                                       £33,483     £42,643          £52,209
                                                            Return on Investment (profit)               51%        66%              80%
     For variations of this scenario or to discuss other    Equivalent rate over 2 years             23,08%      28,68%           34,27%
     investment approaches to Pattaya Heights, contact
     one of Obelisk International’s consultants.
                                                           * VAT is charged at 7%

                                                                                                                       Pattaya Heights • Pattaya [Thailand]

     Investment Scenarios
                                                                      INVESTMENT SCENARIO FOR A 1 BEDROOM APARTMENT | DETAILS
                                                                                                Total purchase cost    £61,970

     Mid-Term Hold
                                                                                                           Equity in        100%
                                                                                           Investment period (years)           5
                                                                                       Time to completion (years)              2
     This strategy is better suited to the leverage-based
     investor who wishes to generate income as well as
     capital growth.                                                                            RENTAL (from completion)
                                                                           Conservative monthly rental income               £489
     For this mid-term investment scenario the following
                                                                                                         Occupancy           75%
     has been assumed:
                                                                                                       Letting costs         15%
     - The property is to be held for the next five years to                           Net monthly rental income            £312
     benefit from the capital growth of the property and                                         Net annual income         £3,741
     the benefits of the 6.04% estimated rental yield.                                                     Net yield       6.04%
     - After 2 years, once the property is finished, we buy
                                                                                 Total Net Income Over 3 Years         £11,223
     the furniture package that has already been booked,
     enabling the apartment to be completely furnished,
     ready to live in and therefore ready to rent out.                                               INVESTOR COSTS
     - As the apartment is fully ready at completion, the                                  Apartment Average Price     £61,970
     investor will not only benefit from the rental yield, but                         Legal Cost (VAT included)*          £1,819
     will also be able to sell it easier and at a higher price.
                                                                                                     Taxes and fees        £1,239
     - After 5 years and considering a 15% capital
                                                                                           Total Property Purchase     £65,029
     appreciation the investor will sell the apartment with
     a Return on Investment (ROI) of 150% (£107,541)
     that is equivalent to an annual rate of 20.13%.               White Goods + Fittings + Furniture package              £2,898
                                                                                                   Community Fees           £907
     This scenario is subject to some modifications,                             Maintenance costs over 3 years            £1,500
     for instance in the case of using mortgages. For
                                                                                                              Total    £70,333
     variations of this scenario or to discuss other
     investment approaches to Pattaya Heights, contact
     one of Obelisk International’s consultants.                                                          PROFIT
                                                                                                    Purchase value     £61,970
                                                                                    Estimated purchase discount              24%
                                                                                            Estimated market value     £81,415

                                                                   CAPITAL GROWTH RATE                     10%          15%             20%
                                                                   Potential value after 5 years          £131,120     £163,755       £202,587
                                                                   Extras added to the property             £2,898         £2,898        £2,898
                                                                   Additional Income (rental)              £11,223      £11,223         £11,223
                                                                   Total Income                           £145,240     £177,875       £216,707
                                                                                                           £74,907     £107,541       £146,373
                                                                   Return on Investment (profit)             107%         153%           208%
                                                                   Equivalent rate over 5 years             15.16%         20.39%        25.24%

                                                                  * VAT is charged at 7%

                                                                          Pattaya Heights • Pattaya [Thailand]

     A Secure Exit Strategy
     Resale Market
     During the last two years, the property market substantially
     expanded within the Pattaya region; 7,899 plots of land were
     subdivided in 2005 representing more than 100% growth since
     2003, approval of construction permits for high-rise developments
     have risen to 490,479 square meters in 2005 compared to
     125,989 square meters in 2003. On average for 1H 2006 the
     size of units sold was 96 square meters with a unit price of Baht
     8.77 million (US$ 230,000).

     60% of potential buyers for property in Pattaya, both Thai
     and other nationalities, reside within Thailand - 25% British,
     16% American, 7% Scandinavian, and 6% Irish - with an even
     demand for both second homes and investment opportunities.
     For residential living, condominiums are a very popular choice
     due to the shared maintenance and security costs, and foreign
     ownership. The increase in local business activity and long-
     stay/retirement in the area, demand for long-term rentals is
     increasingly apparent.

     Our partner, Iguana, will pro-actively sell condominiums at
     the Pattaya Heights project, as they become available upon
     completion. The focus of the resale activity will be via internet
     websites and an established network of reliable Real Estate
     Companies based in Thailand. Every attempt to provide a resale
     option for Obelisk International clients will be given a priority.

                                                                                                                              Pattaya Heights • Pattaya [Thailand]

     A Long-Term Investment Approach
     Rental Markets
     The strategic location of Pattaya, only one hour from the New                       Taking from research conducted by Raimon Land and a Global
     Bangkok International Airport and less than a two hour drive                        Property report from Jones Lang LaSalle, condominiums
     to Bangkok, soon to be only 90 minutes upon completion of                           such as those of the Pattays Heights project, are expected to
     the new motorway currently under construction, adding to the                        generate an average rental yield of 6% for the region.
     general regeneration of the property and tourism sectors, is
     seeing rising demand for residential properties in the region.                      Iguana Property Management provides comprehensive on-site
     Expectations for the coming year forecast significant demand                        Property Management services for Obelisk International clients
     for the residential condominium market, and in particular, a                        who have purchased in Pattaya Heights. This service will ensure
     dramatic increase in demand for long-term rentals. To support                       that clients are able to fully maximise the rental potential of
     this, a marginal fall in demand for hotel accommodation has                         their investment at Pattaya Heights.
     been noted in conjunction with a significant increased demand
     for villas and condominiums.                                                        The following table shows the net rental yields that could be
                                                                                         earned over a 4 year period.

                            YEAR                                        NET RENTAL YIELDS %                             NET RENTAL YIELDS £
                            2010                                                  6.04%                                        €3,743
                            2011                                                  6.04%                                        £ 3,743
                            2012                                                  6.04%                                       £ 3,7431
                            2013                                                  6.04%                                        £ 3,743
                     TOTAL (4 years)                                                                                          £ 14,972
     * Rental yields calculated as a guide percentage of market value at purchase cost

The Project
                                                                                 Pattaya Heights • Pattaya [Thailand]

     The Project
             Pattaya Heights
     The Pattaya Heights development is a thoughtfully designed project
     presenting owners with a deluxe condominium in an exclusive
     location, combining the luxuries of a resort within a sophisticated
     city environment. A pair of identical 7 storey buildings offer a total of
     114 superbly appointed apartments. A wide choice of studios and
     1 bedroom apartments are available, including outstanding corner
     apartments enjoying a panoramic aspect via the glass exterior walls,
     as well as sumptuous ground floor private garden apartments.

     Occupying a strategic position within the most secure and tranquil area
     of town, next to the beautiful Royal Park, on the prominent northern
     slopes of Pratumnak Hill, the development boasts a spectacular
     viewpoint out to the breathtaking Bay of Pattaya. Within 5 minutes there
     are some of the regions finest restaurants, shopping and entertainment
     as well as the superb coral sand beaches. A number of world class golf
     courses on the Eastern Seaboard are within a 30 minute drive, with
     the New Bangkok International Airport less than one hour away from
     the project, soon to be reduced on completion of the new motorway
     currently under construction.

                                                                                                                 Pattaya Heights • Pattaya [Thailand]

     The Project
     The Complex and Facilities
     Pattaya Heights is the first condominium development, in
     Pattaya, with two “Infinity Edge” roof top swimming pools,
     from which there are unrestricted views of the Pattaya Bay.
     This unique feature coupled with the visionary design of the
     buildings, which are sure to become an important new landmark
     in Pattaya, will only add to the attractiveness of the project.

     Partners Iguana Group, foresee that these unique features,
     the prime location and the new concept of resort style living
     in Pattaya, creates promising demand in both the resale and
     rental market for these properties, making them an excellent
     investment opportunity with inherent potential capital

          Pattaya Heights 2               Pattaya Heights 1
                                                                       The Pattaya heights project boasts the following:

                                                                               2 Mini golf courses spectacularly located on the roof
                                                                       	       2	Infinity	edge	swimming	pools	located	on	the	roof
                                                                               Breathtaking views of Pattaya Bay
                                                                               Exclusive poolside bar set at water level
                                                                               Poolside Jacuzzi system
                                                                               Pool/Sun deck
                                                                               3,000 square meters of public areas
                                                                               Fully equipped gymnasium
                                                                               Coffee shop
                                                                               24 hour/7 day week security with internet accessed CCTV
                                                                               Secure underground car park
                                                                               Beautifully appointed reception with 24 hour assistance
                                                                               by helpful staff
                                                                               Informal, contemporary lounge and meeting area with relaxing
                                                                               water features and air conditioning
                                                                               Recreational gardens including rain-forest sanctuary, landscape
                                                                               garden, aquatic garden and poolside cabanas
                                                                               5 minutes to Cozy Beach
                                                                               10 minutes to Jomtien Beach

                                                                         Pattaya Heights • Pattaya [Thailand]

     The Project
             The Apartments
     The Pattaya Heights project offers a selection of apartment types
     within the 114 apartments available; sea view apartments, garden
     studio apartments, exclusive corner apartments with a panoramic
     aspect, as well as a range of quality design studio and 1 bedroom

     All apartments are finished with the below features as standard
     following European standards and guidelines, unique to the
     Pattaya Heights project:

             Built-in air conditioning throughout
             LCD Television in the living room
             Wi-Fi internet access in all areas
             Built-in halogen stove and extractor
             Refrigerator and freezer
             Bathroom appliances and glass doors
             Jacuzzi bath
             Electronic keycard entry system
             Built-in wardrobe
             Sun block curtain

     STUDIO APARTMENTS comprise of a living/dining area,
     terrace with sea or mountain views, fitted European kitchen,
     complete bathroom, tiling and recessed lighted ceilings, plus
     all standard features listed above. They range in size between
     45.70 square meters to 75 square meters and are designed
     to sleep two people.

     ONE BEDROOM APARTMENTS comprise of a large bedroom
     with complete en-suite bathroom, living/dining area, terrace
     with sea or mountain views, guest bathroom, fitted European
     kitchen, complete bathroom, tiling and recessed lighted
     ceilings, plus all standard features listed above. They range
     in size between 75 square meters to 123.50 square meters
     and are designed to sleep two to four people.

     large bedroom with complete en-suite bathroom, living/dining
     area, large terrace with both sea and mountain views, guest
     bathroom, fitted European kitchen, complete bathroom, tiling
     and recessed lighted ceilings, plus all standard features
     listed above. They range in size between 106 square meters
     to 123.50 square meters and are designed to sleep two to
     four people.

                                                Pattaya Heights • Pattaya [Thailand]

     The Project
     Fittings, Furniture and
     White Goods
     The developer offers complete furniture packs for both the
     studio and 1 bedroom apartments.

     The Studio furniture pack is offered at £2,897.65* and
     includes the following:
               “Lia” King size laminate bed with bedside table
               Laminate décor bed headboard
               Pocket spring, local fabric 6, Mattress
               3 Seat fabric sofa – Sofia Hadia
               NEO day bed
               Glass coffee table
               Laminate TV sideboard and make up table
               Stainless steel dining table with laminate top and
               wall panel
               4 Dining chairs
               Kitchenware and utensils

     The 1 bedroom furniture pack is offered at £3,086.20* and
     includes the following:
               “Lia” King size laminate bed with bedside table
               Laminate décor bed headboard
               Pocket spring, local fabric 6, Mattress
               1 Seat fabric sofa – Tasman
               NEO day bed
               Corner sofa
               Black and burgundy laminate TV sideboard and
               make up table
               Harmony coffee table
               Glass coffee table
               Stainless steel dining table with laminate top and
               wall panel
               4 Dining chairs
               Kitchenware and utensils

     * Furniture package prices are calculated at the current Thai Baht to Pound
     Sterling exchange rate and are subject to fluctuations

                                                                                                                              Pattaya Heights • Pattaya [Thailand]

     The Project
     All specifications, finishings and installations are stringently set to meet with quality standards that are in congruence with European standards.

     Structural	Specifications
             Pile driven, reinforced concrete column, beam and post tension floor structure.
             200 mm thick, plaster masonry walls.
             Solid timber doors and frames.
             Aluminum frame windows with 6mm glass, designed and laminated to reflect heat and 80% of ultraviolet rays. The advantage of
             using such glass is reduced energy consumption by reducing air conditioning load.
             Gypsum board ceiling with recessed spot lighting and hidden air conditioning vents.
             Built in wardrobes, kitchen units and surfaces designed by Euro Design Inc. Main units made of partial high density, double sided
             moisture resistant board, covered with white melamine. Doors are made of partial high density, single sided moisture resistant
             board, the inside covered with white melamine and the outside covered with white or ebony laminate. ‘Hefele’, the world leader
             in furniture fittings, is used for finishing’s such as handles and hinges, and ‘Blum’, the world’s number one drawer supplier, will
             be used for all drawer equipment.

             60 cm by 60 cm Porcelain ceramic tiles or laminate flooring in the living/dining room, bedrooms and kitchen.
             30cm by 30cm ceramic tile flooring and 60cm by 30cm ceramic wall tiles in the bathroom.
             Luxury bathroom installations including Jacuzzi bath tub, hand basin, mirrors and lavatory.
             Instant electric water heaters, concealed from view.
             Ceramic floor tiling on the balcony.
             Television, Satellite and cable installations and terminals.
             Telephone and ADSL internet outlets and connections.
             Electricity terminals.

     Communal Areas
          Lift lobby and corridor made of plaster masonry walls finished with porcelain floor tiling, gypsum board ceilings, aluminum
          windows and door with 15mm tinted glass.
          Outdoor cascading water feature.
          Reflection pool and Al-fresco deck.
          Inside atrium garden and coffee shop.
          19m infinity edge swimming pool decorated with turquoise celadon tiles.
          Poolside wood decking with rooftop gardens.
          Underground car parking with direct access from the main road and CCTV.
          24 hour security systems including finger print lobby entry, CCTV in the pool areas and car park.
          Emergency back-up power to the elevator.
          Fire systems include smoke detectors, fire alarms, sprinkler system, fire extinguishers and emergency lighting.

                                                      PATTAYA HEIGHTS BUILDING SPECIFICATIONS
                   ground floor :               Atrium GArden- 46.5m2           roof toP:                       swimminG pooL - 125m2
                                                Gym- 91.80m 2
                                                                                                                GoLf - 140.66m2
                                                Coffee shop - 54.06m2                                           pArty AreA - 57.98m2
                                                outdoor terrACe AreA-49.60m2
                                                                                land area:                      1,200m2
                                                Lobby- 45.35m2                  groSS floor area of Building:   6,478m2
                                                reCeption - 31.65m2

                                                                             Pattaya Heights • Pattaya [Thailand]

     The Project
     Licences and Guarantees
     Chandler and Thong-EK, our legal partner, have checked the
     status of the titles to the property owned by One Pattaya Heights
     Co., Ltd. (“One PH”) and Two Pattaya Heights Co., Ltd. (“Two PH”)
     and the construction permits for their projects. All the details will
     be given with the contract. Below is a brief summary of the major
     points that have been checked:

              Land Ownership: One PH owns land under two title deeds
              (Deed no. 29019 and Deed no. 11822). Two PH owns
              land under three title deeds (Deed no. 34080, Deed no.
              34081 and Deed no. 138303).

              Status of Land Titles: The registrations on these title
              deeds at the Land Department indicate that no servitude,
              mortgage or other encumbrance is registered on any
              of these five deeds. The registrations on these title deeds
              do not bear any seal or other notation which would
              limit their transferability. Thus they may be freely
              transferred, mortgaged or otherwise encumbered.

              Construction Permits: Based on the due diligence and
              research of Chandler & Thong-EK they have established
              that a construction permit, no. 530/2550, dated 18 May
              2007, for the construction of a seven-story reinforced
              concrete building, with one floor below ground, for
              use as a residential building with an area of 6,935 sq.
              meters exists and is in effect. At present such a permit
              for Two PH has not been received, although its application
              and process are a matter of procedure (should the
              development be compliant with the requirements of the
              Building Control Act of 1979, including the submission
              of building plans and a site inspection by a governmental
              official, such a permit would normally be issued in about
              30 to 60 days). To this end the Pattaya Heights 2
              development will not be available for Investment
              until such standard procedures have been completed as
              a consequence of Obelisk Internationals extensive due
              diligence procedures.

                                                                                                            Pattaya Heights • Pattaya [Thailand]

     The Project
       Why Pattaya Heights?
       The project is available to clients at an average of 24% below current market value.
       Rental yields are expected to be in the region of 6%.
       13.4 million International arrivals were recorded in 2006, with expected growth to be 7% for 2007 reaching a total of 14.8 million
       tourists calculating to Baht 547 billion.
       Pattaya Heights project is located 147 km from the new US$4 billion Bangkok International Airport, now the largest airport in
       South East Asia, and capable of handing 45 million passengers per year.
       Pattaya was the number one holiday destination in Thailand in 2006, receiving 5.8 million visitors.
       Pattaya has a year round holiday season, being a key retreat during the south-westerly monsoon, between May and October.
       60% of potential buyers for Pattaya are already resident within Thailand.
       The Iguana Company has a commitment to Obelisk International’s clients to pro-actively sell the condominiums of the Pattaya
       Heights project upon completion.
       The Iguana Company is also committed to maximising the rental potential of the investments of Obelisk International Clients.
       Inherent attractiveness for both the resale and rental market, due to the inspirational design of the Pattata Heights project
       including unique features such as 2 ‘Infinity Edge’ swimming pools, the first in Pattaya.
       Exclusive address, next to the Royal Park on a prominent hill top.
       The most secure area of Pattaya.
       Situated within 5 minutes to beautiful beaches, restaurants, shopping and night life.

                                                                         Pattaya Heights • Pattaya [Thailand]

     Obelisk International’s
     Full due diligence is carried out on all prospective and selected
     projects in whichever way is deemed appropriate. This may
     include extensive research and analysis, market comparisons
     and onsite inspections, and ensures all projects presented
     to investors have undergone a robust selection process. A
     thorough assessment is made both on the developments
     chosen as well as on the developer who is responsible for the
     construction and delivery of the projects. Due diligence in this
     area can include site inspections of both current projects in
     progress and previous work completed by developers.

     Obelisk International has a policy of recommending only those
     projects where they are prepared to invest themselves. This
     investment by the company is just one of the ways Obelisk
     International demonstrates their commitment to the quality
     of their selected projects

     Disclaimer. Whilst every effort has been taken by Obelisk
     International to ensure that the information disclosed in
     this document is accurate and correct, the information,
     forecasts and investment scenarios presented are based
     upon assessment and interpretation by the company and its
     qualified staff members, partners and collaborators at the
     time of publication and the entire content is subject to change
     due to market trends and other fluctuating variables. As such,
     the information provided in this document is for guideline
     purposes only and should not be used otherwise. The data
     provided is based upon current and projected economic
     conditions and, therefore, the forecasted rates of growth and
     rental yields cannot be guaranteed. Obelisk International
     cannot accept responsibility for any of the content, effects
     of errors or omissions. The pictures are used for guideline
     purposes and may not exactly depict the furniture that will
     be available, depending on availability at time of completion.
     The colours, style and textures may vary. Obelisk International
     cannot be held responsible for any discrepancies regarding
     the visual representation and the actual furniture and
     materials delivered.

Find out more about how Obelisk International’s team of
trained professionals can help you make the most out of
your investments and introduce the most exciting and cutting
edge opportunities available in the real estate investment
                       market today.

Simply call from anywhere in the world and a Consultant will
be available to discuss your personal investment needs.

Whether you are an individual, smaller investor looking to
start creating your real estate portfolio, or a seasoned group
of investors looking for a new and cutting edge strategy in
real estate investment, Obelisk International can help you
                realise your investment goals.

 Call us free from UK: Tel. 0808 160 0670
Call us free from Ireland: Tel. 1800 932 514
For general and international enquiries contact us directly at:
     Tel: (0044) 808 160 0670 Fax: (0044) 808 160 0671
Alternatively you can email:

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