Ticon Industrial Connection Pcl (TICON), a Thai-listed factory and warehouse developer, has formed a second JV firm with Indonesia’s property developer PT Surya Semesta Internusa Tbk (SSIA) to expand into South Sulawesi and South Kalimantan areas.
The new company, called PT Surya Internusa Timur (SIT), has an initial registered capital of $15 million, said TICON’s chief executive officer Virapan Pulges.
In 2015, the Thai company joined SSIA and Japan’s Mitsui & Co to set up the first joint venture company in Indonesia, named PT SLP Surya TICON Internusa (SLP), to develop rental factories and warehouses in Suryacipta Technopark Project in Karawang. Currently, SLP has a total area of over 62,000 square metres for lease.
“With close business relationship between TICON and customers, most of which are conglomerates from all over the world, including manufacturers to logistics providers, we believe we can make use of this competitive advantage to further develop and strengthen the new joint venture especially in terms of better understanding of customers’ design and engineering need,” said Pulges.
Founded in 1990, TICON has built factories and warehouses with a combined space of over 2.6 million square metres nationwide. In addition, TICON is the main sponsor of the country’s largest industrial property REIT, TICON Freehold and Leasehold Real Estate Investment Trust, with a total asset value of over 32 billion baht (around $100 million).