The joint venture projects between Japanese real estate developer Mitsui Fudosan and Thai property developer Ananda Development Pcl (ANAN) are set to be finalised in November, according to ANAN’s chief executive officer Chanond Ruangkritya.
This move follows their joint venture in several condominium projects since 2013. This new joint venture, estimated to be worth around 15 billion baht ($433.5 million), has been on feasibility study since last year.
The joint venture will include the development of five condominium projects located near the skytrain stations in Bangkok, he said.
So far, they have invested in 12 projects together with a combined sales value of 57 billion baht ($1.64 billion). Of that, nine were already launched and the remaining will be introduced to the market in the fourth quarter.
Apart from investing in high-rise building projects, Mitsui Fudosan’s executive managing officer Akihiko Funaoka told Bangkok Post that it was also considering the investments in logistics and warehouse development in Thailand.
“Besides the Thai market, we will tap into the opportunities offered by rapidly growing Asean economies,” he said. “We are also interested in developing a retail business as Thai people love shopping while serviced apartments and residential property for rent are our interest.”
The Japanese firm has set up a new office in Bangkok since March, which is its second office in Southeast Asia after Singapore. The Bangkok office will conduct the local market research and explore any potential business opportunity for the company.