Thailand’s leading life-style real estate developer AssetWise PCL (ASW) has strengthened its partnership with Japanese real estate giant Takara Leben to launch a BHT 1.35 billion condominium in Bangkok’s Minburi neighbourhood. Atmoz Flow Minburi represents the third joint venture project in a two-year time frame between the two companies in a move that serves to underscore the viability they see in the ideally located development. Atmoz Flow Minburi is situated near the Pink Line MRT mass transit system and is easily accessible by the Minburi Market Station. It forms the first phase of the ASW’s WISEPARK community development that caters to life-styles of all generations and at same time reflects the company’s ‘We Build Happiness’ philosophy. Atmoz Flow Minburi is expected to be up and running in the fourth quarter of this year and starting to recognise revenue by then.
According to ASW Chief Executive Officer Kromchet Vipanpong, ASW holds a 51% share in Atmoz Flow Minburi venture with Takara Leben taking a 49% share. It follows on the heels of two earlier condominium projects collaborations between the Thai and Japanese firms – Atmoz Tropicana Bangna and Kave Seed Kaset Campus near Kasetsart University.
Takara Leben’s extended partnership with ASW this time around speaks volumes about their confidence in ASW and the potential of the Atmoz Flow Minburi on the location which is poised to become a new central business district with a centre of employment in the eastern Bangkok area.”The three ASW-Takara Leben joint venture projects are worth more than five billion baht and both sides are likely to take their partnership into future projects,” Kromchet said.
Atmoz Flow Minburi consists of 8-storey, 3 buildings with 739 units in total and is only 300 metres away from the Min Buri Market Station of the Pink Line MRT which is expected to be officially operational within this year.
Atmoz Flow Minburi comes with a complete common facility to meet the life-styles of residents of all generations for living together perfectly. It is the first project that embraces the ‘All Gen’ concept of room design that answers to the living needs of all ages. In addition, Atmoz Flow Minburi is also the first phase of WISEPARK’s development on a large plot of land that will evolve into a larger community.
Kazuichi Shimada, CEO of Takara Leben, said the company is looking for joint venture opportunities in real estate developments in Thailand, stemming from the experience of being a partner with ASW. “We have strong confidence in ASW whose management has committed to running good business while sharing the same business philosophy as ours, meaning adopting the design for living happily.”
Furthermore, the location of Atmoz Flow Minburi close to the Pink Line, and being surrounded by sources of employment and facilities such as industrial estates and hospitals constitute compelling reasons for Takara Leben to partner with ASW again.
Takara Leben (3492.T) is listed on the Japanese Stock Exchange and has engaged in more than 500 property development projects under the brands of The Leben, Nebel and Leben Platz. The company also has power plant and hotel businesses in Japan and expands investment in real estate to the ASEAN region such as Thailand and Vietnam.
ASW has developed more than 47 condominium and housing projects with all-encompassing life-styles under the brands of KAVE, ATMOZ, MODIZ, ESTA, and THE HONOR worth over BHT 49.9 billion with value of backlog stands at more than BHT 11.4 billion.
Assetwise PCL (SET: ASW), a leading real estate developer for lifestyle with the ‘We Build Happiness’ concept, has formed an alliance with Tokyo Tatemono, the oldest real estate developer in Japan with a 126-year history, to jointly develop the Atmoz Oasis Onnut condominium project, worth THB 2,200 million. A synergistic weaving of the partners’ long-accumulated know-hows and experience in real estate development, the plan will bring value to the project, upscaling the quality of life with “luxury resort” style, while catering to the needs of both foreign and Thai customers.
Assetwise (SET: ASW) and Tokyo Tatemono (TSE: 8804) launch their Joint Venture to develop the Atmoz Oasis Onnut condominium project at a signing ceremony in Bangkok. [Image: Assetwise]
Mr. Kromchet Vipanpong, CEO of Assetwise PCL, announced the expansion plan and partneriship with Tokyo Tatemono Co. Ltd, a TSE-listed developer, at the signing ceremony. ASW holds 51% and Tokyo Tatemono holds 49% in the joint venture (JV) to develop the Atmoz Oasis Onnut condominium project, with the concept “The Oasis Within City Resort Lost in the Garden”. Residences nestled in nature reflect this concept within the Onnut community, where the project will have 1,110 units worth THB 2,200 million.
A major Japanese developer with a storied history, Tokyo Tatemono has developed many types of real estate that capture the needs of the time, with a pioneer spirit. The Atmoz Oasis Onnut project is comparable to a large oasis covering three rai of land to create residences in a luxury resort style. The collaboration between ASW and Tokyo Tatemono invites the synergy of Tokyo Tatemono’s extensive experience and ASW’s unique design to uplift the quality of life, bringing real value to residents.
Tokyo Tatemono (TSE: 8804) is a TSE-listed real estate developer with total assets at the end of 2021 of JPY 1,650 billion, or approx. THB 438 billion. The company develops residential and commercial properties at many popular locations in Japan. This joint venture is a manifestation of trust between the two partners.
“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.
“The fact that Tokyo Tatemono collaborates with our company 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. Our outstanding facility designs are created to satisfy residents’ lifestyles. ASW is confident that our new investment will bring knowhows from our partner to build a foundation in real estate development for a sustainable growth.”
Mr Fumio Tajima, Managing Officer and Head of the Overseas Business Division, Tokyo Tatemono Co., Ltd., said “The real estate business in Thailand shows immense potential and room to grow, particularly public transit development projects, due to city expansion such as electric trains and expressways. Through joint ventures with reliable partners, the company 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.”
Assetwise, Mr Tajima adds, “Is a real estate company managed by a new generation of developers who have broad vision and run the business towards steady growth. The proof of this success is its more than 44 quality projects. For its part, Tokyo Tatemono will bring its business model under its corporate philosophy “Trust beyond the era” into the collaboration to synergize with ASW’s “We Build Happiness” concept to create opportunities and growth together.”
In operating its real estate business, ASW aims to develop both vertical and horizontal projects in high-potential locations under the “We Build Happiness” concept. Currently, the company has completed development of 44 condominium and housing estate projects under brands that are created to bring happiness appropriate to all lifestyles, including KAVE, ATMOZ, MODIZ, ESTA, and THE HONOR brands, with a total investment of THB46,700 million. 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 THB9,218 million and revenues are to be recognized on a continuous basis.
Assetwise PCL [SET: ASW]Website: https://investor.assetwise.co.th/en Released for Assetwise PCL by MT Multimedia Co Ltd Pipop (Top), T: +66 81 929 8864; E: pipop.k@mtmultimedia.com
Tokyo Tatemono Co Ltd [TSE: 8804]Website: https://www.tatemono.com/english/
