• Continuing collaboration with <\/strong>‘Mitsubishi Estate’ for the 5th year to strengthen mid-to-high-end condominiums<\/strong><\/span><\/li>
  • At the beginning of 2018, signed joint venture agreements for 4 major projects worth over 23 billion baht<\/strong><\/span><\/li>
  • Focused on developing products under the concept of “Creating Innovative Designs for Quality Living in the Future” (<\/strong>Innovation for Quality Living in the Future)<\/strong><\/span><\/li> <\/ul>

              Bangkok (January 9, 2018) - <\/em>AP Thailand<\/span> <\/strong>is a leader in urban real estate development, committed to developing sustainable housing innovations for a better quality of life. They are confident in Thailand's economic potential for 2018, with a return to normalcy in the trading atmosphere. Demand for mid-to-high-end condominiums is responding positively. Partnering with Mitsubishi<\/span> Estate Group<\/span> <\/strong>, a business ally, they have laid out their development plan for 2018, accelerating investments following the successful transfer of ownership for the first 6 joint venture condominiums. Mitsubishi Estate Group has announced an investment budget in Thailand totaling no less than <\/strong>20 billion baht, starting with the signing of the first condo joint venture package with 4 major projects, with a total joint venture value over 74.43 billion baht<\/strong><\/span><\/p>

              Mr. Anupong Asavapokin<\/span><\/strong>, CEO of AP (Thailand) Public Company Limited, stated, “AP Thailand has strengthened its business collaboration with Mitsubishi Estate Group (MECG) for the 5th year. At the beginning of 2018, AP Thailand and Mitsubishi Estate Group plan to continuously develop mid-to-high-end condominium projects. At the start of the year, we signed a cooperation agreement to develop 4 condominium projects worth approximately 23 billion baht, with LIFE Sukhumvit 62 being the first project ready to launch in March through the AP i-Booking system. Other projects will be gradually launched according to the planned schedule, with the total joint venture value over 74.43 billion baht to date.”<\/strong><\/span><\/p>

              “AP and Mitsubishi Estate Group are the only business partners with a joint venture model established as a parent company in Thailand under the name “Premium Residence Co., Ltd.” to manage projects under the joint venture. This year, Mitsubishi Estate has sent a specialized team from Japan to work closely with the AP team to expedite approvals and operations. The joint venture plan with Mitsubishi Estate Group continues to move forward to create significant business growth.<\/strong><\/span> Last year, AP developed larger-scale joint venture condominiums, including LIFE Witthayu, LIFE Ladprao, and LIFE Asoke-Rama 9, which resulted in a 180% increase in condominium sales compared to the previous year,” Mr. Anupong added.<\/p>

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              Mr. Shojiro Kojima<\/strong><\/span>, Managing Director of Mitsubishi Estate Asia, on behalf of Mitsubishi Estate Group, expressed confidence in Thailand's economic potential and the success of the joint project development with AP (Thailand), stating, "For MECG's overseas real estate development investment budget over 3 years (2018 - 2020) is 400 billion yen (approximately <\/strong>11.7 billion baht)<\/strong> <\/span>invested in the United States, the United Kingdom, Europe, China, Oceania, and ASEAN countries, with Thailand being one of the main investment targets due to its strong economic growth rate and continuous growth potential, especially in Bangkok, where MECG sees opportunities from the increasing household income of Bangkok residents each year, the growing number of migrants from other provinces, and the significantly improved public transportation system, leading to a new distribution of urban growth centers that make the lifestyle of Thais more flexible with smaller family units.”<\/p>

              “The results of our past collaboration have been very satisfactory, both in terms of sales and ownership transfers. From 2014 to 2017, the total sales of condominiums under the joint venture across 11 projects averaged 90% of the total value of 51.43 billion baht, with 6 completed projects ready for occupancy, including (1) RHYTHM Sukhumvit 36 – 38 (2) ASPIRE Ratchada – Wong Sawang (3) ASPIRE Sathorn – Thapra (4) RHYTHM Asoke 2, and the 2 latest projects that transferred ownership in Q4/2017, which are (5) Life Pinklao and (6) RHYTHM Rangnam, where customer responses for ownership transfers exceeded the set targets. This is a result of our collaborative efforts in developing and applying the AP Check List, one of the essential tools for quality control that starts from the design process and intensively improves the quality inspection process. The company intends to continue working with AP to develop condominiums that enhance quality living for the future to continuously supply the market in Thailand. This year, we aim to develop joint projects with AP worth no less than <\/strong>20 billion baht.<\/strong><\/span>” Mr. Shojiro Kojima added.<\/p>

              Entering the 5th year of strong collaboration and friendship, AP (Thailand) and Mitsubishi Estate Group continue to prioritize bringing AP and MECG's expertise to exchange knowledge covering residential development, innovation, and new technologies intensively and seriously, creating differentiation across all dimensions in terms of ‘quality’, ‘service’, ‘convenience’, and ‘safety’, making them a reality in AP's condominiums under the vision of “Creating Innovative Designs for Quality Living in the Future” (Innovation for Quality Living in the Future), aiming to elevate the Thai real estate industry to be on par with international standards. The first phase aims to jointly develop 4 new condominium projects worth over 23 billion baht, which will bring the total joint venture value from the first collaboration in 2014 to date to 74.43 billion baht.<\/u><\/span><\/strong><\/p>

              “With a quality team, quality housing products, and quality partners under the same passion to create quality housing innovations, I believe that AP Thailand can create differentiation and confidence for consumers and remain one of the top 3 leaders in real estate development in Thailand.                 We will present innovations and technologies for future living through continuous research and development, keeping pace with the future world to develop Thai condominiums effectively,” Mr. Anupong concluded.<\/p>

              Overall, the real estate market in 2018 is expected to grow in line with the projected economic growth rate of 3.8 – 4%. Marketing activities and consumer purchasing decision-making have improved since late last year and continued into early 2018. Competition in the real estate market remains among about 10 major operators in the Stock Exchange of Thailand, holding approximately 80% market share. Therefore, operators aiming for growth must adjust their strategies to align with the economic situation and rapidly changing customer behaviors, which are becoming more complex and segmented. They must balance their condominium and horizontal product portfolios. It is believed that mid-to-high-end condominium products are likely to grow well due to limited supply in the market, with most stock sold out last year, while horizontal products continue to grow from real demand purchasing power.<\/p>

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    Image Captions<\/u><\/strong><\/span><\/p>

    Image 1-2: Mr. Anupong Asavapokin <\/strong><\/span>CEO of AP (Thailand) Public Company Limited<\/p>

    Image 3:    Mr. Anupong Asavapokin <\/strong><\/span>CEO of AP (Thailand) Public Company Limited along with representatives from Mitsubishi Estate Group signing joint venture agreements for 4 major projects worth over 23 billion baht<\/p>

    Image 4: <\/span> Condominium project LIFE Sukhumvit 62, a joint venture between AP (Thailand) Public Company Limited and Mitsubishi Estate Group, set to be the first project launched in 2018.<\/strong><\/p>

    Thank you for the information from www.apthai.com<\/a><\/p>