LISTED property firm Sansiri Plc has set up a joint venture firm, Siri TK One Co Ltd, with Japan-based Tokyu Corp to develop a Bt2 billion condominium project called taka HAUS in the Ekkamai district of Sukhumvit.
The partners say the development will be tailored for the lifestyles of Thai and Japanese residents. Over the long term, the developers will consider the possibility of jointly developing a community, based on the success of Sansiri’s T77 and Tokyu’s urban development experiences in Japan, Sansiri chief operating officer Uthai Uthaisangsuk said at press conference yesterday.
Tokyu Corp is engaged in the development and operation of a railway network on the peripheries of Tokyo, urban and real-property development and hospitality businesses, among other operations, and is entering the joint venture alongside Saha Tokyu Corp Ltd.
Sansiri itself holds 70 per cent of the joint venture’s shares, while Tokyu Corp and Saha Tokyu hold 29 per cent and 1 per cent of the remaining shares, respectively, with registered capital of Bt10 million.
“We will set up joint venture firms on a project-by-project basis, including the possibility of doing so with BTS Group Holdings Plc,” Uthai said. “This is a new challenge for us to undertake as we seek to expand our business for the long term.”
Uthai said that the alliance between Sansiri and Tokyu Corp stems from the similarities between their business philosophies. “With Sansiri’s mission statement of ‘Complete Your Living Experience’ and Tokyu’s group slogan of ‘Toward a Beautiful Age’, both of our companies will go beyond developing houses,” Uthai said.
Toshiyuki Hoshino, director, senior managing executive officer and executive general manager of International Business Headquarters of Tokyu Corp, said the group respected this strategic partnership with Sansiri, based on “mutually understandable values and vision”.
“The group understands that there is a cultural difference between Thailand and Japan, but together with the Thai leading developer Sansiri, Tokyu will rise to the challenge to add value to the project by delivering a comfortable, safe and beautiful living environment,” Hoshino said.
He noted that Thailand had a number of economic corridor projects and that the country is considered the hub of the greater Mekong sub-region.
“There are many large industries, and the government is leading the way on the advancement of Thai industry, and that should bring Thailand continuous growth,” Hoshino said. “This is especially so in Bangkok, which continues to attract people as the centre of the economy and that brings about sustainable housing demand.”
In addition to the partnership’s collaborative research and development efforts, “Tokyu is also equipped with businesses that will promote its new project among Japanese buyers, namely the Tokyu Livable,” Hoshino said.
“Our expertise in real-estate sales, leasing and consultancy will expand our business potential among Japanese buyers, ensuring optimal mutual benefits and the building of a more robust business relationship. It’s a long-term business partnership that will create added value to both parties in a sustainable manner.”
In Thailand, Tokyu Construction has had joint venture businesses with Ch Karnchang Plc since 1981. It has contributed to delivering main roads, bridges, offices, schools, factories and, most recently, the construction of the MRT Purple Line. In the retail field, Bangkok – Tokyu Department Store Co Ltd has been a retail fixture in the city since 1985, and it has opened a second store in the Paradise Park Shopping Centre in Srinagarindra.
In 2014, Tokyu Corp with Saha Group set up a joint venture company, Saha Tokyu Corporation Ltd, for HarmoniQ Residence Sriracha, a serviced apartment project for Japanese expatriate families that opened in 2016. “The HarmoniQ Residence Sriracha is operating at nearly full occupancy and has been well received,” Hoshino said.