Japan’s JR Kyushu buys Bangkok apartment complex for $90m

Image from pixabay

Japan’s Kyushu Railway Co (JR Kyushu) has acquired a serviced apartment complex in Bangkok for 2.9 billion baht ($90.6 million), marking its first foray into the hotel and serviced apartment business outside Japan.

The project is the first major investment in Thailand by JR Kyushu. After closing the purchase last month, it has rebranded the property as Sharma Lakeview Asoke and appointed Onyx Hospitality Group as the hotel management service provider.

“The Shama Lakeview Asoke Bangkok project is a crucial step as our first business engagement in Southeast Asia,” Toshihiko Aoyagi, president of JR Kyushu, said in the statement.

The 429-key serviced apartment complex is located on Sukhumvit Soi 16 and is a short distance from mass transit and Benjakitti Park and Lake.

The Japanese firm will spend over 100 million baht on renovation and expects to launch the renovated property on April 1. However, parts of the property will undergo refurbishment and enhancements throughout 2018 and 2019.

JR Kyushu has formed two associates, JR Kyushu Capital Management Thailand Co and JR Kyushu Business Development Thailand Co, in Thailand to focus on business potential in Southeast Asia since last year.

Mori Building Real Estate Investment Advisory was the exclusive advisor behind this acquisition and the management deal between JR Kyushu and Onyx.

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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.