As part of moving to the NEXT LEVEL, "Origin Property" announced its business expansion through a joint venture with "Tokyu Land Asia" to develop "One Phayathai", a mixed-use project with 3.6-billion-baht REIT value that gathers offices, retails and hotels in one building. This project also becomes the first IHG Dual Branded Hotel in Thailand as it brings Hotel Indigo and Holiday Inn Express to be in one place. Its prime location can easily reach two international airports. It expects to serve demands from both Thai and foreigners by the end of 2023 when the COVID-19 pandemic falls off.
Mr.Peerapong Jaroon-ek,Chief Executive Officer of Origin Property Public Company Limited (ORI), says that following its 'ORIGIN NEXT LEVEL' vision, the company's subsidiary, One Origin Company Limited, has announced a new business expansion through a 51:49 joint venture with Tokyu Land Asia Pte Ltd, a subsidiary of the umbrella of Tokyu Land Corporation, one of the leading property developers in Japan, to develop One Phayathai, a mixed-use project with REIT value over 3.6 billion baht. The companies aim to expand their recurring income business in Thailand.
"Tokyu Land Asia is our significant partner due to its strengths in capitals, know-how technology and fruitful experiences in property development across Japan and Southeast Asia. Importantly, it has shared the same vision with us to create the best ecosystem for our residents. This collaboration will enable both companies to share knowledge related to sustainable development and environmentally-friendly design, which will be another big step to create the NEXT LEVEL of the quality of life for our customers," says Peerapong.
Tokyu Land Asia is a property development and investment arm of Tokyu Land Corporation, which has recorded over 67 years of experience in property business in Japan. Tokyu Land Corporation is a subsidiary under Tokyu Fudosan Holdings Corporation, a Tokyo Stock Exchange-listed firm. As one of Nikkei 225 companies list, Tokyu Fudosan Holdings Corporation reported a total asset of 2.652 trillion yen or approximately 790 billion baht in the latest financial report. This latest joint venture has reflected its confidence in Origin Property and Thailand's investment climate.
Mr. Masaoki Kanematsu, Managing Director of Tokyu Land Asia Pte Ltd, as of the execution of the joint venture, says that the joint venture in One Phayathai is its first-ever investment in Thailand after it has searched for the right partner in Thailand for years. The company is pleased to have Origin Property as its partner as it is well-known for its reliability and has a good reputation in the industry. This joint venture will also initiate the knowledge sharing between both companies and further explore more potential collaboration opportunities in other areas, for example, logistics, renewable energy and other prospective businesses in Thailand.
One Phayathai is a mixed-use project which has a 31-floor building next to a luxury condominium, Park Origin Phayathai, in the center of Bangkok. This project is developed under the "ONE STEP JOURNEY" concept, gathering all lifestyles at one place. This is the first project in Thailand that will have two world-class hotel brands within the same building. One is boutique brand Hotel Indigo with 210 rooms and the other is trusted essential brand Holiday Inn Express with 202 rooms. Under the IHG Hotels & Resorts family of brands, the hotels will offer differentiated hotel experiences for both leisure and business travelers.
In addition, the building offers a commercial space of 2,200 square meters for shops and offices. The space utilization covers 26,880 square meters. The project's location is 200 meters from the Phayathai interchange station of BTS Green Line and Airport Link to Suvarnabhumi International Airport and Don Mueang International Airport. It is scheduled to start the construction in Q3/2021 and expected to complete it by Q4/2023. By then, the COVID-19 situation is expected to be under control.
One Phayathai pays attention to a design that must be friendly to both the environment and local communities nearby. Therefore, it will provide a green area in front and make a vertical green façade to reduce the heat from outside the building. The fenestrations will be large enough to let natural light come inside the building in order to avoid unnecessary heat and save energy consumption. It also considers an automatic car parking system to reduce the pollution emission in car parking lots on the ground. Additionally, it will use only energy-saving, environmentally-friendly and low albedo construction materials for the sake of communities around the project.
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