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Published on March 4, 2008

Miyazaki and his wife hold 49 per cent of Siam Zokei with the remainder owned by the Saha Group, chaired by Boonsithi Chokwatana.

"I have seen great potential in Vietnam, which attracts lots of investment from Japanese firms, particularly in Ho Chi Minh City and Hanoi," Miyazaki said yesterday.

"There are between 300 and 400 Japanese companies investing in Ho Chi Minh City and Hanoi. Their employees need housing and condominiums."

Miyazaki said Vietnam would be a key manufacturing base in Southeast Asia in supplying finished products to cater for huge demand in China and India.

He said the overall economy in China was expected to slow after the Olympic Games and many investors, particularly Japanese, would switch their investments to Thailand and Vietnam.

"I am interested in investing and developing office and residential projects in Vietnam, particularly in Ho Chi Minh City and Hanoi. However, I need to further discuss with the Saha Group whether it is also interested in the project," said Miyazaki.

The Saha Group has acquired land banks in major cities in Vietnam, particularly Ho Chi Minh City and Hanoi.

Founded in Thailand in 2002, Siam Zokei has invested more than Bt800 million in the Kingdom. The company has developed many property projects in Chon Buri's Sri Racha district, Bangkok and Chiang Mai under the Peaks brand. The projects have been created for Thai and foreign customers, especially the Japanese, both working and retired people who want to have a house abroad.

The Saha Group has many land banks of more than 100 rai in Bangkok, including locations in Vibhavadi-Rangsit Road, Sathupradit Road, Bang Na-Trat Road and Thon Buri. The partnership with Miyazaki is in line with the group's strategy to diversify its business into property development.

Vichai Kulsomphob, executive director of Siam Zokei and representative of the Saha Group, said the company would soon start the construction of its latest luxury condominium in Sri Racha.

Named Grand Peaks, the project requires Bt2.4 billion of investment and covers 54,072 square metres, of which 36,668 will be saleable area. The 570-unit condo will be completed in December 2009. "We also have a concrete plan to develop a Bt1.2-billion office building in North Park on Vibhavadi-Rangsit Road, as well as a Bt2-billion residential building on 11 rai on Sathupradit Road," he said.

Vichai said the company had already completed the design for its luxury villa project in Phuket. Peaks Andaman will comprise 18 villas priced between US$2 million (Bt63.9 million) and $3 million and target foreign customers, particularly from Japan, the Netherlands, Hong Kong and South Korea. The project is expected to be completed in December next year.

Kwanchai Rungfapaisarn

The Nation