Listed property firm AP (Thailand) Plc has signed an agreement with Japan-based Mitsubishi Estate Group (MECG) to develop four condominium projects worth Bt23 billion in this year, according to the company’s chief executive officer Anuphong Assavabhokhin.
When combined with its existing joint venture projects under development, the total value of the company’s projects amounts to Bt74.43 billion, he said.
Shojiro Kojima, Managing Director of Mitsubishi Estate Asia ,on behalf of Mitsubishi Estate Group, has expressed confidence in the potential of the economy of Thailand and the success in the projects’ development with AP (Thailand).
The three -year budget (2018-2020) of MECG’s overseas investment is set at 400,000 million yen (around Bt11.7 billion). The company also has investment plans for the US, UK, Europe, China, Oceania and Asean. Thailand is one of its main investment targets because Thailand has strong economic growth ans is expected to remain so in the long term, especially in Bangkok, he said.
The overall market for residential properties in 2018 is expected to grow in accordance with the national economic growth foorecast of 3.8-4 per cent. Marketing activity and consumer sentiment have been improving since late year, Anuphong added.