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.