Leading Thai real estate developer SC Asset has entered into a partnership with Nishitetsu Group (NNR), a Kyushu-based multi-industry giant and a set-listed company in the Tokyo Stock Exchange, with strong business turnover in 2018 of over 380 billion yen. The joint venture, named as “SC NNR1 Co., Ltd. (SC NNR1)”, is NNR’s first real estate venture in Thailand, presenting “The Crest” located in a fast-growing area near Lat Phrao intersection as its pilot condominium project for 2019.
SC Asset Corporation PCL CEO Nuttaphong Kunakornwong revealed the key strategies in the SC-Reinvention 2020 roadmap: “To strengthen and secure sustainable growth for SC Asset, we have entered into this joint venture deal with NNR based on three main factors. First, the shared vision of delivering top-of-the-line products and quality services that really matter to our customers. Second, the strong business foundations of both companies, and third, the opportunity to break into other real estate segments in accordance with our established roadmap.”
NNR was founded in 1948 with headquarters situated in a prime commercial zone in Fukuoka. At present, NNR has 85 active offices across the globe, with diverse operations across five business fields—transportation, logistics, retail, real estate, and other leisure services. Hiroshige Horie, NNR Senior Executive Officer and General Manager-Housing Business Division, commented “We are very confident in this joint venture. Thailand has a strong foundation and growth both in terms of the economy and social development. From a cultural standpoint, Thai and Japanese people also share a many similarities. Over the years, NNR has expanded its businesses into the US and ASEAN countries such as Vietnam and Indonesia. With this collaboration, we will combine our strengths in advanced construction technologies and speed in delivering quality products and services to provide our customers with ideal living solutions.”
SC NNR1 has authorised capital of 1.2 billion baht, with SC holding 55% of shares and NNR holding 45%. In 2019, SC NNR1 plans to launch its pilot condominium project “The Crest” on a truly promising 1.9-rai plot of land near Lat Phrao Intersection. The Crest aims to capture the vibe of the northern Bangkok CBD with the promise of a landscape that offers a great view of the green area of Chatuchak Park and is in close proximity to offices, commercial buildings and leading shopping complexes such as Central Lardprao and Union Mall, of all which are conveniently accessible by the MRT Blue Line and the BTS Green Line.
Nishitetsu Group Profile
Nishitetsu Group (NNR) is a Kyushu-based multi-industry giant and a set-listed company in the Tokyo Stock Exchange, with strong business turnover in 2018 of over 380 billion yen. The group was founded in 1948 with headquarters situated in a prime commercial zone in Fukuoka. At present, NNR has 85 active offices across the globe, with diverse operations across five business fields including:
1. Transportation: buses and trains
2. Logistics: air and sea freight
3. Real estate: offices, commercial and residential property development
4. Retail: agriculture supermarkets and liquor stores
5. Leisure and Services: hotels, amusement parks and other leisure services
