Mitsubishi Estate, a major real-estate player in Japan, has shown that it continues to have confidence in the Thai property market by developing a Bt3.3-billion condominium project called Aspire Sathorn-Thapra with its strategic partner AP (Thailand).
This is the fourth Bangkok condo project by their joint venture. The first three projects worth Bt7.25 billion came out in the first half of this year.
Shojiro Kojima, managing director of Mitsubishi Estate Asia, a subsidiary of Mitsubishi Estate Corp, said yesterday that foreign investment accounted for 16 per cent of its total investment.
Thailand is one of its most important targets in Southeast Asia. Mitsubishi Estate’s three joint developments with AP have all been a resounding success in meeting their sales targets, he said.
An ongoing study of the property market has revealed similarities between the lifestyles of Bangkok and Tokyo residents. Both groups tend to have small families.
Urbanisation along mass rapid transit lines also boosts the Japanese giant’s confidence in Bangkok’s condo market, which offers high growth potential and returns on investment compared with other markets in Asia.
Past collaborations with AP, with a focus on professionalism and good corporate governance, are also a crucial factor in Mitsubishi Estate’s decision to continue with their joint venture to en-sure mutual long-term growth, he said.
Vittakarn Chandavimol, chief marketing officer of AP (Thailand), said the property market continued to show signs of recovery in the second half of this year. The condo market in particular is experiencing a boom from rising demand in areas along the Skytrain extension from Sathorn across the Chao Phraya River to Thon Buri.
AP and its partner, Mitsubishi Estate, plan to draw on a treasure chest of know-how from past joint projects to build an outstanding development on the best location in Thon Buri.
Incorporating Japanese design principles to offer complete functionality alongside pleasing aesthetics in common areas, the project aims to answer all the lifestyle needs of urban dwellers.
Aspire Sathorn-Thapra comprises 1,219 units. Booking runs from September 27-29 at its sales office on Sathorn-Tha Phra.