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
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Tokyo Tatemono Co Ltd [TSE: 8804]Website: https://www.tatemono.com/english/
Topic: Press release summary