JAPAN-BASED Pressance Corporation Co Ltd, a top-three developer of condominium projects in Osaka and other Japanese cities, has expanded its business to Thailand, where it holds a 25-per cent stake in a joint venture firm with Shinwa Real Estate (Thailand) Co Ltd and Prebuilt Plc.
They will this year develop their first condominium project in Thailand, Ren Sukhumvit 39, worth Bt2.5 billion.
“Thailand was the second country in Asean where we have invested in a condominium project after our expansion to Vietnam last year,” Pressance Corporation Co Ltd’s manager of business development, Tatsuya Nakae, said in a recent interview with The Nation.
He sees great potential in developing condo projects in Thailand, due to the country’s heavy investment in infrastructure. The rapid expansion of mass-transit rail projects in the country's major cities, is a particular inducement for residential developments close to the routes.
“We entered Thailand by setting up a joint venture with our Japanese partner, Shinwa Group, which had expanded their presence to Thailand in 2017.This boosted our confidence with our investment in the country," he said.
Since their first project, Ren Sukhumvit 39, Nakae said the company has continued its interest in further investment in Thailand with its partner, Shinwa Group. Decisions will be based on market demand.
Tomoyasu Yamabe, director of Shinwa Group and managing director of Shinwa Real Estate (Thailand) Co Ltd, says the company is following a business plan to invest Bt8 billion in Thailand in 2019 and 2020, and may ask Pressance Corporation to become a partner.
Pressance Corporation Co Ltd developed 5,200 condominium units in Japan last year and has recorded total sales above Bt30 billion yearly.
Pressance is the latest property firm from Japan to have expanded its investment into Thailand.