Introduction of Creed Group

April 2023

CREED GROUP
Table of Contents

1. Mission
2. Highlights
3. Business
4. Management

© 2023 CREED GROUP 1

1. Mission

Creed Group contributes to the growing

Asian housing industry by transplanting
Japanese knowledge, experience and
capital

© 2023 CREED GROUP 2

2. Highlights │ History

AnGia, Creed Invested, was

Lao PDR IPO at HCMC Stock Exchange
Indonesia
2020
Bangladesh 2017
End of rehabilitation plan 2013
USD 4B of AUM 2011
Up-listed to 1st TSE 2007
1996 2005
Founded Creed Group

2021
2018 NPL Investment in Japan
Thailand
2014
2012
Vietnam

2009
Delisting Malaysia
2006 Myanmar

2001 IPO Office REIT Cambodia

IPO at Nasdaq Japan

© 2023 CREED GROUP 3

2. Highlights │ Completed & On-going projects – Last 10 years

Bangladesh Japan
◼ Creed City Park (2017) ◼◼◼AAAcquired 28 distressed assets
◼ Blessed Hill Residence (2018) through a bank loan
◼ JCX Business Tower (E 2022) restructuring (2021)
◼ JCX Platinum Palace (E 2022) ◼ Acquired 5 golf courses from a
◼ JCX Signature (E 2022) distressed debtor & disposed
successfully (2011-2022)

Laos
Myanmar (until Y2019)
◼ Landed house project under
◼ Starcity Zone B (2016)
negotiation
◼ Starcity Zone C (2018)
Cambodia
◼ Bodaiju Residences (2018)
Thailand ◼◼ AArata Garden Residences (2021)
◼ Altitude Unicorn Sathorn ◼◼ ABorey Maha Sen Sok (2018)
Tha Phra (2022) ◼◼ ABorey Maha Boeng Trea (E 2026)
◼ Kraf Vibe Bangna (E 2025)
Vietnam
◼ City Gate Towers (2014)
Malaysia ◼ An Gia Riverside (2017)
◼ ION 1, 2, 3 & 4 (2016-2017) ◼ An Gia Skyline (2017)
◼ ION AXXESS (2022) ◼ An Gia River Panorama (2020)
◼ Affordable Condo in Medini ◼ An Gia Sky 89 (2021)
(new) ◼ An Gia The Song (E 2022)
◼ An Gia Westgate (E 2023)

Indonesia
◼ Kawana Golf Residences (2021) ◼ High-rise residential
◼ Serpong Garden Residences (2020-) ◼ Landed house
◼◼ A Mustika Village Sukamulya (E 2026) ◼ Commercial and others
◼◼ Mustika Garden Tamansari (E 2026) (Year of completion)

© 2023 CREED GROUP 4

3. Business │ Target

◼ Focusing on the middle / low-income segment

 In a market where the averaged age is young and the population continues to grow, the demand from low to middle-income
segment are always high.
 The local demand has been stable, the risk is the lowest in terms of business, and many large-scale projects can be developed.

高所得者層

High Income

Middle Income

Main Target

Low Income

© 2023 CREED GROUP 5

3. Business │ Creed Cambodia

◼ In the underdeveloped, small market of Cambodia, we operate as a complete developer: land acquisition, licencing, design,
construction, sales & marketing, end financing, and the property management after hand-over.

Creed Cambodia 180+ (as of Oct 2022)

Property Property
Micro Finance
Development Management

Property
Housing Loan
Management

Sales & Marketing Construction Administration Strategic Leasing

Project Accounting & Business

Sales (Local) Finance Service Apartment
Management Development

Construction Legal
Sales (Overseas) Corporate Strategy
Support

General Affairs &

Marketing
HR

◼ By having a complete developer function, we are able to carry out suitable project management in new markets.

© 2023 CREED GROUP 6

3. Business │ Partnership Strategy

◼ Creed cooperates with local partners in every country especially in the area of negotiations of land price and the obtaining of permits,
as they are one of the most difficult elements for foreigner players.

◼ Creed’s strategy towards partners

 Continuity – We prefer to develop pipeline projects with the same partner, instead of one-off projects.
 Investing in platforms/companies – To foster stronger relationships with our partners, we invest in them if needed.

Example of our partners

AnGia Scientex Mustika Land

(Vietnam) (Malaysia) (Indonesia)

AnGia has carved a niche in Vietnam as
a developer, rapidly grown over the past
few years. They develop several projects
in Ho Chi Minh City, some of them
holding up to thousands of units.
Scientex is one of the top producers of
stretch film and a leading player in the
flexible plastic packaging industry, as well
as a reputable developer of affordable yet
quality homes in Malaysia.
Mustika Land is a housing developer,
mainly running low-cost landed housing
projects in outskirts of Jakarta city.

Altitude Development Triple Gem JCX Development

(Thailand) (Cambodia) (Bangladesh)

Emerging developer founded in 2014. Triple Gem is a company that is JCX is a construction company which
Differentiates their products by always experienced in land and license specializes in residential, commercial,
planning effective projects from the acquisition. They also have land banking and land development in Dhaka. They
customers’ point of view. functions. are also a competent developer.

© 2023 CREED GROUP 7

 Selected
On Going
Projects

© 2023 CREED GROUP 8

3. Business │ Project (Borey Maha Sen Sok)

Type │ GDV Landed House Dev. (759 units) │ USD45M

Land Area 114,000 sqm

Price Range │ Average Price USD47K ~ | USD59K

Start │ Completion 2015 │ 2018

Acquired land, built a building and sold it. Targeting the actual demand of local middle-income people. Since it is difficult for
middle-income earners to obtain loans from banks, the businesses themselves also carry out installment sales (about 240
units).Contributing to the development of the city by providing products that meet actual demand and responding to local
Description
demand. At the beginning of development, there was almost no housing development in the surrounding area, but
nowadays, local housing is concentrated. It is a very popular area. Currently, Creed Cambodia is managing this project as
a property management company.

© 2023 CREED GROUP 9

3. Business │ Project (ARATA Garden Residences)

Type │ GDV Landed House Dev. (737 units) │ USD109M

Land Area 126,000 sqm

Price Range │ Average Price USD85K ~ | USD140K

Start │ Completion 2017 │ 2021

Acquired lands and built houses to sell. Targeted the local demand for middle to high-end segment.
When Creed acquired the lands and started to develop the project, there were few housing developments surrounding the
Description project. Up to date, office buildings, shopping malls and housing developments (both high-rise and landed houses) are
being developed together with the improvement and development of infrastructure in this area
Currently, Creed Cambodia is managing this project as a property management company.

© 2023 CREED GROUP 10

3. Business │ Project (Borey Maha Boeng Trea)

Type │ GDV Landed House Dev. (1,759 units) │ USD65M

Land Area 231,000 sqm

Price Range │ Average Price USD25K ~ | USD37K

Start │ Completion 2019 │ 2026 (E)

Acquired lands and built houses to sell. Targeted the local demand for low to middle segment.
The area of the project is outskirt of Phnom Penh, the capital city of Cambodia, and one of the areas where factories
including the Royal Group Phnom Penh Special Economic Zone are located. The area is being rapidly developed by the
Description government. Major infrastructure developments are the new international airport, the 3rd ring road surrounding Phnom Penh,
the improvement/expansion of National Road No.3 and so on.
Creed has started to develop the project since early 2022 after the country opened its border and economic sentiment was
getting better.

© 2023 CREED GROUP 11

3. Business │ Project (Mustika Village Sukamulya)

Type │ GDV Landed House Dev. (3,268 units) │ USD56M

Land Area 356,000 sqm

Price Range │ Average Price USD12K ~ | USD17K

Start │ Completion 2019 │ 2026 (E)

A joint venture with local developer Mustika Land. This is strategic location of upcoming toll road within 15km. Constructed
a single-story link house with a land size of 50-72sqm per unit. The attractive point is plenty of facilities such as central park,
Description
pond and water treatment plant. The development of similar housing for low-income earners is increasing in the
surrounding area, and the population is becoming more concentrated.

© 2023 CREED GROUP 12

3. Business │ Project (Mustika Garden Tamansari)

* Mustika's other projects (land 72 sqm, building 45 sqm)

Type │ GDV Landed House Dev（402 units） │ USD 17M (IDR 258B)

Land Area 49,992 sqm

Price Range │ Average Price USD 32K~47K (IDR 483M-705M) | USD 43K (IDR 643M)

Start │ Completion 2023 | 2026 (E)

A joint venture with local developer Mustika Land (60%) and listed Malaysian developer Scientex (20%).
The project is planned to develop approximately 5 ha with approximately 400 units. The target market is the middle class,
Description
and once the expressway under construction is completed, there will be good access to the surrounding industrial park.
Sales are expected to begin in the second half of 2023.

© 2023 CREED GROUP 13

3. Business │ Project (River Panorama 1,2 & Sky89)

Type │ GDV Condominium Dev. （Total 1,436 units：1,006 units+430 units） │ USD190M

Land Area │ Sellable Area 7,700 sqm | 106,000 sqm

Price Range │ Per sqm USD80K ~ | USD 1,600/sqm

Start │ Completion River Panorama 1,2 (2017) Sky89 (2018) │ River Panorama 1,2 (2020) Sky89 (2021)

The 4th JV with local strategic partner An Gia Investment. Hoosiers, a Japanese listed developer, has invested in equity,
Description and Creed has been entrusted with AM. Targeting the local middle-income group, 80% of the total number of units will be
closed within 3 months after the start of sales in each phase.

© 2023 CREED GROUP 14

3. Business │ Project (Altitude Unicorn Sathorn Tha Phra)

Type │ GDV Condominium Dev. (711 units) │ USD86M

Land Area │ Sellable Area 4,800 sqm | 20,800 sqm

Price Range │ Per sqm USD85K ~ | USD3,700/sqm

Start │ Completion 2019 │ 2022

Creed’s first project in Thailand under the joint venture with Altitude Development. Altitude Development was established in
2014 and has developed condominiums, landed houses and home-offices mainly in greater Bangkok.
Description
Targeted the middle-class segment who are working in Sathorn/Silom area, where is one of the central business district in
Bangkok. It was completed in March 2022.

© 2023 CREED GROUP 15

3. Business │ Project (Altitude Kraf Vibe Bangna)

Type │ GDV Landed House Dev （334 units） │ USD 42M (THB1.44B)

Land Area 40,948 sqm

Price Range │ Average USD 89K-148K | USD 128K

Start │ Completion 2022 | 2025 (E)

The joint venture with Altitude Development (51.0%), a local developer, and Scientex (24.5%), a listed Malaysian developer.
This project is a landed house development in the Bangna area, a popular area for both supply and demand for housing.
Description
The project targets middle class and primary homebuyers.
Official sales are scheduled to begin in the middle 2023.

© 2023 CREED GROUP 16

3. Business │ Project (ION Medini)

Type │ GDV Township Dev. │ (TBD)

Land Area │ Sellable Area 334,000 sqm | 973,000 sqm

Price Range USD100K ~

Start │ Completion 2014 │ (TBD)

Creed joined a township development which Sunsuria Berhad, a listed developer in Malaysia, conducted in 2014 and took
over 100% of the project in 2016.
Description Under the special economic zone, called as “Medini”, governed by Malaysia government linked company, Creed
developed the shop lots and multi-car parking commercial building. Creed is planning to develop service apartments with
the range of affordable price for local people to own and stay.

© 2023 CREED GROUP 17

3. Business │ Venture Capital

◼ Investment into Creed’s JV partners is carried out in order to:

 Increase corporate governance
 Achieve investment gains upon partner’s IPO

◼ Creed has invested to our JV partners in Vietnam and Thailand.

 An Gia Investment (Vietnam)

• Provide Convertible Loan in 2014 (converted to 20% of Company shares). After further investments, we currently hold 23%
share of An Gia (completed to convert into shares in 2018).
• An Gia was listed on 9 Jan 2020 and Creed sold all shares in 2021
• After partnering with Creed, An Gia has invested a total project of GDV USD750M and approx. 7,800 units (including
projects yet to be launched).

 Altitude Development (Thailand)

• Provide Convertible Loan in 2019 (potentially to be converted to 20%)
• Started first Joint Venture project (Altitude Unicorn) with Creed (With a GDV of USD86M &711 units).

© 2023 CREED GROUP 18

DISCLAIMER: This informational booklet is updated periodically and therefore may not contain the latest details, information and data relating to the products,
services and facilities of the Group or other matters. The Group does not warrant the accuracy, adequacy, currency or completeness of any of the
information or materials contained in this booklet, and expressly disclaims all liability for errors or omissions in such information and materials. You
should independently obtain and verify such information and materials by contacting the relevant corporation within the Group directly, before acting
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