Bangkok--9 Mar--AP
Leading property developer AP (Thailand) Plc. announces that it has reached an agreement with joint venture partner MITSUBISHI ESTATE GROUP (“MEC Group”) to jointly develop a fifth condominium project on Bangkok’s MRT route. Slated for a June unveiling, the 6.3-billion-baht LIFE ASOKE’s prime location just one step from MRT Phetchaburi Station represents one of AP’s key success factors, while new innovative functions designed to maximize space value and comprehensive integration of Japanese design philosophy add to the project’s attractions.
Mr. Anuphong Assavabhokhin, Chief Executive Officer, AP (Thailand) Plc. says that as a developer of residential property whose goal is to fulfill the needs of urban dwellers, AP has achieved a high level of expertise in the development of condominiums along Bangkok’s mass rapid transit routes. Having won the trust of MEC Group, one of Japan’s largest real estate developer by assets, leading to a joint venture agreement to develop condominium projects along BTS and MRT routes, AP is proud to announce a fifth joint project with MEC Group. Representing a 6.3 billion baht investment, the new ‘LIFE ASOKE’ serves to further reinforce AP’s position as the leading expert in condominium development with foreign backing.
The joint investment in LIFE ASOKE is governed by a joint venture agreement between AP an MJR Investment Pte. Ltd. (“MJRI”) of Singapore, an investment vehicle founded by Mitsubishi Jisho Residence Co., Ltd. (“MJR”), a residential subsidiary of Mitsubishi Estate Co., Ltd. (“MEC”), while project development will be done through AP (Phetchaburi) Co., Ltd., which is 51% owned by AP with the remaining 49% held by MJRI.
Mr. Anuphong goes on to say that during the first year of collaboration with MEC Group, a great exchange of knowledge took place between the two sides, encompassing project management, construction methods and an integration of Japanese thinking in production development with the goal of maximizing space value. With the new LIFE ASOKE, whose prime location reflects one of AP’s key success factors, the focus will remain on optimal space utilization while innovative new functions will be added to make every space answer urbanites’ changing living behaviors and Japanese design philosophy will be incorporated in both architecture and common-area design.
Mr. Katsuaki Mori, Director & Senior Executive Officer of MJR, says “we are confident that the condominium market in Bangkok will grow continuously. While the growth of economy in 2015 boost consumer confidence, together with the outlook of 2015’s global economic recovery, the Thai government’s clear policies toward creating infrastructure spending will attract a number of foreign investments to Thailand., The MEC group believes that the residential market will show stable growth, because of Thailand’s continued economic growth, increase in household income, population inflow from the countryside, 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 stable growth track record.”
Moreover, the MEC Group is in agreement with AP’s development approach; from customer segmentation, 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 to not only differentiate our condominiums from others, but also contribute to providing new value to the Bangkok condominium market.”
Scheduled to be launched in late June, 2015, the 6.3-billion-baht LIFE ASOKE is a 34-floor condominium development comprising 1,609 units on a prime location just one step from Phetchaburi MRT Station.