Assetwise forms JV with Tokyo Tatemono
published : 16 Sep 2022 at 04:00
newspaper section: Business
Real estate developer Assetwise Plc (ASW) has formed an alliance with Tokyo Tatemono of Japan to jointly develop the 2.2-billion-baht Atmoz Oasis Onnut condominium project.
Kromchet Vipanpong, chief executive of Assetwise, said ASW holds a 51% stake in the venture, with Tokyo Tatemono retaining the other 49%, as they develop Atmoz Oasis Onnut condominium project under the concept of "The Oasis Within City Resort Lost in the Garden".
The project is located on three rai of land, with 1,100 units in a luxury resort style.
Tokyo Tatemono, the oldest real estate developer in Japan with a 126-year history, is a stock exchange-listed real estate developer with total assets at the end of 2021 of 1.65 trillion yen, or approximately 438 billion baht.
"This is an important step for both companies in jointly developing a real estate project in Thailand that will raise the quality of living for Thai people as well as extend a welcome mat to foreign residents," said Mr Kromchet.
"Tokyo Tatemono's partnership with ASW demonstrates our potential as a leading developer with creative products to meet the needs of the new generation's lifestyle. We have extensive development experience of both vertical and horizontal properties in all segments.
"ASW is confident that our new investment will bring know-how from our partner to build a foundation in real estate development for a sustainable growth."
Fumio Tajima, managing officer and head of the overseas business division at Tokyo Tatemono, said the Thai real estate sector has great potential and a lot of room to grow, particularly public transit development projects such as investments in electric trains and expressways.
"Through joint ventures with reliable partners, Tokyo is determined to develop properties that will contribute to raising the standard of living for residents and help to make the region more attractive and valuable, as we have experienced in Japan," he said.
Mr Kromchet added that ASW is managed by a new generation of developers who have a broad vision and drive the business towards steady growth.
The company aims to develop both vertical and horizontal projects at high-potential locations under the "We Build Happiness" concept.
ASW has completed the development of 44 condominium and housing estate projects with a total investment of 46.7 billion baht.
The overall development covers 32 completed and ready-for-occupancy projects, as well as 12 others under development and open for sales. Its current backlog is valued at 9.21 billion baht.