Sale of investment units in The City Asset Fund

BackSep 26, 2006

26 September 2006
Subject    :  Sale of investment units in The City Asset Fund
To           :  The President
                  The Stock Exchange of Thailand

        Asian Property Development Public Company Limited ("AP") would like
to inform the SET of the sale of all investment units in The City Asset Fund
("CAF") by AP and its subsidiaries, which has the details as follows.
Transaction Date  :  September 26, 2006
Seller  :  Asian Property Development Public Company Limited and
its subsidiaries
Buyer  :  Brigton Investment Holding Pte. Ltd. and related companies which
have no relationship with AP and its subsidiaries
Transaction Asset  :  Investment units in The City Asset Fund which holds the RS
Tower project located at Thonglor
Benefit from Transaction : To realize a profit, expected to be 580 million Baht
from this transaction recognized in Q3 2006
Type of Transaction   :    Sale of investment units in CAF
Number of sold units (units)    Proportion (%)     Selling Price in total(Baht)
58,649,190.3491                       100%                        1,432,000,000
Percentage of Unit Holding : After the aforesaid Transaction, AP will no longer
hold the investment units in CAF.

     The aforementioned transaction is the disposal of assets of listed
company in accordance with the Stock Exchange of Thailand's rules and
regulations.The transaction size is below 15%. AP is not required to prepare a
disclosure report to submit to the Stock Exchange of Thailand.
Please be informed accordingly.

Sincerely yours,

Mr.Pichet Vipavasuphakorn
Managing Director