With the formation of the Asean Economic Community next year, Japanese developers are announcing major expansion plans in Thailand and across the region
Two leading Japanese developers have announced major new expansion in Thailand with plans to create thousands of new homes
Mitsui Fudosan, the Mitsubishi Estate Group and the Saha Group have all announced separate plans to expand across Thailand and other areas of Southeast Asia.
It is hoped that the schemes will be boosted by the formation of the Asean (Association of South East Nations) Economic Community, in 2015, which promotes regional integration to accelerate economic growth, social progress and cultural development.
Mitsui Fudosan Co., Ltd. and Mitsui Fudosan Residential Co., Ltd. is building two high-rise condominium projects. Ashton Asoke in Asok, and the Ideo Q Siam-Ratchathewi in Ratchathewi in central Bangkok are planned to feature 1,330 units.
They are being built through Mitsui Fudosan Asia Pte. Ltd., which is headquartered in Singapore.
The 50-storey Ashton Asoke, which is close to Asok Station on the Bangkok BTS elevated railway and Sukhumvit Station on the MRT subway, is set to feature 783 units. A swimming pool, fitness center, and library are also included
The 36-storey Ideo Q Siam-Ratchathewi will have 550 units and is near the BTS Ratchatwei Station. It includes infinity edge pools and private elevators.
Mitsui Fudosan Executive Managing Officer Takeshi Suzuki says, “We have expanded our investment in Asia over more than 40 years. The first country was Singapore, followed by Malaysia, Indonesia, China, Taiwan and Thailand.”
Mitsui Fudosan Group now has 11 residential projects underway in Southeast Asia, and 13 commercial projects, including retail facilities and hotels.
In conjunction with Ananda Development Public Company Limited, it has been another condominium project, the 1,598-unit Ideo Q Chula-Samyan. Ananda is a leading housing developer with the second highest sales of condominiums in Bangkok, and the third highest in all of Thailand in 2013.
The Mitsui Fudosan Group has positioned the overseas business as one of its growth areas. In Asia, the Group also has residential projects in Thailand, Singapore, Malaysia, Indonesia, and China.
The group is planning to invest around ¥500billion (US$4.57b) in Europe, North America, and Asia by the end of the 2017 financial year.
Mitsubishi Estate Group has announced a budget of Bt58billion (US$1.8billion) for investments in Europe, the United States and Asia until end of 2016.
Mitsubishi Estate Asia has investments in China, Singapore, Vietnam and Thailand and is in talks to expand in Malaysia and Indonesia, the Nation reports.
In Thailand, the group has invested Bt10.5billion (US$0.32b) in a joint venture with AP (Thailand) for four condominium projects. Three were developed last year, with the fourth project – the Bt3.3billion Aspire Sathorn-Thapra – launched this week.
Thai developer Saha Group has also announced plans to form a joint venture with Japanese firm Tokyu Group to develop buy-to- let residential property in Chonburi Province on the east coast later this year. Tokyu also has projects in Vietnam and Western Australia as well as resorts in Hawaii and other operations.
By Adrian Bishop, Editor, OPP Connect