AP-MEC joint venture to develop fifth condo project
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AP (THAILAND) and strategic partner Mitsubishi Estate Co (MEC) will develop their fifth condominium project worth Bt6.3 billion on a subway route.
Life Asoke’s prime location just one step from the MRT’s Phetchaburi Station represents one of AP’s key success factors, while innovative functions designed to maximise space and the comprehensive integration of Japanese design philosophy add to the project’s attractions, chief executive officer Anuphong Assavabhokhin said yesterday.
The joint investment in Life Asoke is governed by an agreement between AP and MJR Investment of Singapore, founded by Mitsubishi Jisho Residence Co, a residential subsidiary of Mitsubishi Estate Co.
Project development will be done through the joint venture AP (Phetchaburi) Co, which is 51 per cent owned by AP and 49 per cent by MJR Investment.
Katsuaki Mori, senior executive officer of Mitsubishi Jisho Residence, said the company was confident that the Bangkok condo market would continue to grow.
While the growth of the economy in 2015 will boost consumer confidence, together with the outlook for the global economic recovery, the Thai government’s clear policies towards carrying out infrastructure projects will attract foreign investments to Thailand, he said.
Mitsubishi Estate believes that the residential market will show stable growth because of Thailand’s economic growth, increase in household income, increasing number of nuclear families and the extension of the mass-transit system.
“We are confident in AP as our partner, since AP has maintained a stable growth track record,” he said.
The group is in agreement with AP’s development approach – from customer segmentation and product strategy to corporate culture, which aims at creating new value in the market.
“We are convinced that the MEC group and AP will maintain a strong long-term partnership.
“We have exchanged a lot of knowledge and expertise during each phase of condominium development, and we would like to continue in this manner in order not only to differentiate our condominiums from others, but also to contribute to providing new value to the Bangkok condominium market,” Mori said.
Last year, the two partners developed four condominiums worth Bt10.75 billion – Rhythm Sukhumvit 36-38, Aspire Ratchada-Wongsawang, Rhythm Asoke II and Aspire Sathorn-Thapra.
