Starting 2022 with confidence, AssetWise has formed a business partnership with Takara Leben, a leading Japanese property developer with a half-century reputation, to develop Atmoz Bangna, a 2.2-billion-baht residential project in the Bangna area.
Moreover, following the successful acquisition of Maxxi Premier One, AssetWise will take over the project management of Maxxi Prime Ratchada-Sutthisan, a brand new, mid- to upper-tier residential property development in the heart of Ratchada-Sutthisan, which is scheduled to complete early this year.
“We consider the beginning of the Year of the Tiger an auspicious time to close two strategic business deals simultaneously,” comments Mr. Kromchet Vipanpong, CEO of AssetWise Public Company Limited (ASW), a leading lifestyle property developer with the concept of We Build Happiness. “Firstly, we have partnered with Takara Leben, a leading Japanese real estate developer, to develop a residential project named Atmoz Bangna. Further, we have acquired Maxxi Premier One, the developer of Maxxi Prime Ratchada-Sutthisan. This is really an important step for AssetWise to strengthen our business in response to the economic cycle with hopeful pace of recovery in 2022.”
“This is a good opportunity to be proactive with a strategy of expanding global alliance to strengthen our business while minimising risks. Also, project development time can be shortened by growing our business through acquisitions at the right time. This is like getting onto an expressway that enables the company to achieve growth faster.”
The first project in which the company is co-investing with Takara Leben is the development of a 2.2-billion-baht residential property in Bangkok’s central business district, named Atmoz Bangna. The comprehensive, low-rise condominium is situated in the emerging Bang Na area within proximity of the BTS Green Line and MRT Yellow Line along the Bang Na-Trat Road. The project is 51% owned by AssetWise and 49% by Takara Leben.
Takara Leben is a developer that plans, develops and sells own-brand condominiums and detached houses. The company also operates power generation and hotel businesses in Japan. Takara Leben was founded in 1972 and will celebrate its 50th anniversary in 2022. It has been listed on the first Section of the Tokyo Stock Exchange since 2004.
As of March 2021, Takara Leben has developed more than 500 condominium projects.
Mr. Kromchet Vipanpong (right), AssetWise CEO, and Mr. Kazuichi Shimada (in screen), Takara Leben CEO, signed the agreement.
“We continue to seek strong business partners in each country where we operate to create new opportunities for growth,” explains Mr. Kazuichi Shimada, CEO of Takara Leben Co., Ltd. “AssetWise is a public company with stability and a promising future in Thailand’s real estate market. The company has a proven track record both in terms of the quality of projects and ability to maintain growth momentum. Moreover, both of us share common business philosophies that adhere to designing happiness of living. We feel very confident and have therefore decided to co-invest in our first residential projects in Thailand.
“Thailand is one of Asia’s most high-potential countries for growing property development business as the country continuously develops many infrastructure projects such as mass transit lines and high-speed trains. The joint venture with AssetWise to develop Atmoz Bangna will form a strong foundation for the company’s long-term investment which is expected to grow in line with Thailand’s expanding infrastructure development.”
Besides the recent historic joint venture, AssetWise has taken an important further step.
“The Company has acquired Maxxi Premier One, which has a registered capital of 30 million baht,” Mr. Kromchet added. “After this acquisition, we will add Maxxi Prime Ratchada-Sutthisan condominium in the heart of Ratchada-Sutthisan into our property development portfolio. This project has been carefully selected to be aligned with AssetWise’s project development principles that focus on creating happiness of living. These can be perceived through the excellent project quality from an overall perspective, beautiful design of each unit, and pleasing convenience of comprehensive common facilities when compared to similar affordable condominiums.”
“With a total project value of 570 million baht, Maxxi Prime Ratchada-Sutthisan comprises one eight-storey building that houses 218 residential units. The location is just 400 metres from MRT Blue Line’s Sutthisan Station and situated in one of Bangkok’s prime areas engulfed in urban communities, offices, and an array of convenient facilities. It is also within proximity of the extension of MRT Yellow Line’s Lat Phrao Station, which is expected to be completed in mid-2022. Construction of the project is 83% complete to date and 100% completion is scheduled in the first quarter this year. This means the transfer of ownership can be done soon, thus generating revenue for AssetWise while reducing risks and shortening project development time. It is worth investing in as the IRR is higher than the rate of return on investment in the Company’s own undeveloped land.”
“Closing these two historic deals at the beginning of 2022 can be a big step forward for AssetWise and this provides us with an element to piece together the jigsaw of generating this year’s revenue and accelerating growth in a stable and sustainable manner.”