Ananda, Mitsui to develop more condos in Bangkok for $575m

Visual from the Ananda website

Thailand’s property developer Ananda Development PCL and Japan based real estate developer Mitsui Fudosan  will be developing five more condominium projects in Bangkok with a combined value of 19 billion baht ($575.76 million), according to The Nation.

Since their joint venture two years ago, the companies have developed four condo projects with 4,100 units worth 26 billion baht ($787.88 million).  Anada holds 51 per cent in the joint venture while Mitsui holds 49 per cent.

With total 4,200 units, all five new projects will be located in different prime locations close to the mass transit stations, which are Chidlom-Phetchaburi, Silom, Bang Na, Bang Sue and Tha Pra. The projects are scheduled to launch within the beginning of next year.

Akihiko Funaoka, executive managing officer of Mitsui Fudosan, told the media that Bangkok had high potential in the condo market and the history of Japan’s property development along the mass transit could be used as a model for Bangkok.

Mitsui Group had earlier announced that it would be making aggressive investment in the Southeast Asia. It planned to spend around 155 billion baht over the next three years on expanding abroad, focusing on Thailand, Singapore, Jakarta and Kuala Lumpur.

Ananda is mostly responsible for managing all projects, while Mitsui provides the training and technology to the company.

Chanond Ruangkritya, president and chief executive officer of Ananda Development, said that the new joint venture projects will strengthen its position as the leader of condo market in Thailand. “We also plan to open up the opportunity to invest in Bangkok mass transit condominiums to Japanese both in Japan and in Thailand, who will be able to invest with confidence, recognising Mitsui Fudosan as a partner in the projects,” he said.

Also read:

TICON forms JV with Indonesia’s property developer & Japan’s Mitsui

WHA Corp to form Thailand’s first data centre with Japan’s NTT

 

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.