Thailand’s property developer AP (Thailand) PCL signed a joint venture agreement with MJR Investment PTE LTD (MJRI) to develop the fifth condominium project worth 6.3 billion baht ($195 million) in the heart of Bangkok.
The ‘Life Asoke’ condominium will be developed by AP (Petchburi) Co, 51 per cent of which is held by AP (Thailand) and the rest 49 per cent by MJRI, which is founded by Mitsubishi Jisho Residence Co, a residential subsidiary of Japan’s giant property developer Mitsubishi Estate Group.
AP’s CEO Anupong Asavabhokhin said the success of the first four projects made MEG confident to continue the fifth project with AP, which is expected to launch in the end of June. The project will be located near Petchburi subway station and contain 1,609 units for total 34 storeys.
“We are confident that Bangkok’s condo market continues growing because of the economic recovery and the government’s policy to stimulate the investment,” he said.
Last year, they together developed four condominiums worth 10.75 billion baht, comprising Rhythm Sukhumvit 36-38, Aspire Ratchada-Wongsawang, Rhythm Asoke II and Aspire Sathorn-Thapra.
Katsuaki Mori, a senior executive in the international business division of Mitsubishi Jisho Residence Co, told The Nation in its last year interview that the company had confidence in the Thai property market’s strong growth especially in Bangkok, where urbanisation is following the mass transit system – both the BTS Skytrain and the MRT.
“Thai lifestyles have also changed towards small families that need to stay in condominiums like Tokyo people, and people’s incomes are also rising enough to buy homes in the city, so we have decided to invest in residential projects in Thailand,” he said.
Mitsubishi Estate have expanded its business to Europe and the United States for more than 4 decades ago. It has started in Asia in 2008 in Singapore, 2010 in Vietnam, 2011 in China and 2013 in Thailand after it saw the opportunities in all property segments in Asian countries.
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