Asset Wise Plc (ASW) has teamed up with leading Japanese real estate giant Tokyo Tatemono Co to jointly invest in the development of the Kave Coco Bang Saen project, which is valued at over 2 billion baht.
Kromchet Vipanpong, chief executive of ASW, says this collaboration solidifies ASW's leadership in the Campus Condo market and focuses on condominiums located near educational institutions. ASW is to hold 51% of the shares and Tokyo Tatemono is to hold a 49% stake.
"This joint venture marks the second project between our company and Tokyo Tatemono. It reaffirms the confidence Tokyo Tatemono has in our company as a leader in the Campus Condo market and the lifestyle-oriented real estate market in Thailand," Mr Kromchet said.
He said Tokyo Tatemono is known for its attention to detail and commitment to developing high-quality projects. In 2022, Tokyo Tatemono's revenue reached 86 billion baht, with registered capital of 24 billion baht.
As for the Kave Coco Bang Saen project, it consists of an eight-storey condominium, comprising four buildings with 974 units ranging from 23 to 34.5 square metres, situated on over 8 rai of land near Burapha University. The project is surrounded by a vibrant community of students and working professionals. Starting at 1.59 million baht a unit, the project's total value amounts to 2 billion baht.
Prior to this collaboration, ASW and Tokyo Tatemono jointly invested in the Atmoz Oasis Onnut project, comprising 1,110 units with a project value of 2.2 billion baht.
When discussing the real estate market in Chon Buri province, the chief executive highlighted its remarkable and continuous growth.
"Chon Buri is one of the areas in the Eastern Economic Corridor [EEC], which has seen significant infrastructure development, including projects like the motorway [Pattaya-Map Ta Phut], high-speed rail [Bangkok-Rayong], Laem Chabang Phase 3 Deep Seaport, and the high-speed rail line linking three airports [U-tapao-Suvarnabhumi-Don Mueang]," said Mr Kromchet.
Mr Kromchet said the focus on the Bang Saen area, which is home to the renowned Burapha University, is also noteworthy. Furthermore, Bang Saen is a popular seaside tourist destination that also serves as a gathering place for the lifestyle of the new generation, including more than 25,000 students from Burapha University, residents, workers and tourists.
Fumio Tajima, managing executive officer and director of the overseas business division at Tokyo Tatemono, said the firm recognises the potential of the project. He said all projects under ASW's Kave brand have received significant positive feedback from customers, including both residential buyers and investors. The firm is confident that the Kave Coco Bang Saen project will also be highly successful.
"This joint venture will lead to another quality project and further strengthen our growth together," Mr Tajima said.