A significant collaboration between SC Asset, a leading real estate company in Thailand, and Nishitetsu Group (NNR), a major player in the Kyushu region listed on the Japanese stock exchange with a robust revenue of nearly 380 billion yen in 2018, has resulted in the establishment of a joint venture named SC NNR1 Co., Ltd. This marks NNR's first foray into the Thai real estate market, with plans to launch a new condominium in 2019, starting with the The Crest project located at the Lat Phrao intersection, one of Bangkok's most important locations and a future transportation hub.

Mr. Natthapong Kunakornwong, CEO of SC Asset Corporation Public Company Limited revealed the proactive strategy from the SC-Reinvention 2020 roadmap for sustainable growth, stating, “We have partnered with Nishitetsu Group (NNR) for three main reasons:

  1. A shared vision and mindset focused on delivering quality products and services that provide maximum value to customers.
  2. The business strength of both companies.
  3. Opportunities for future investments in other real estate ventures according to the roadmap that will strengthen SC.”

Nishitetsu Group (NNR), established in 1948 and headquartered in Fukuoka, operates in a prime commercial zone and currently has 85 offices worldwide. The company engages in five main businesses: transportation, logistics, retail, real estate, and others. Mr. Hiroshige Horie, Senior Executive Officer and General Manager of the Housing Business Division at Nishitetsu Group, visited Thailand to discuss the joint venture with SC, expressing confidence in the potential and strength of the collaboration, stating, “Thailand is experiencing remarkable growth in both economic and social aspects, and its culture is similar to Japan. We have previously expanded investments in the United States and ASEAN countries such as Vietnam and Indonesia. Therefore, this collaboration merges the strengths of both companies in construction technology and the speed of delivering quality products and services to develop housing for the future.”

SC NNR1 Co., Ltd. has a registered capital of 1.2 billion baht, with SC holding 55% and NNR 45%. Mr. Manich Banjongthanakit has been appointed as the managing director.

The pilot project to be developed in 2019 is a new condominium under the brand The Crest, situated on over 1.9 rai in a prime location at Lat Phrao intersection, a future transportation hub surrounded by leading shopping centers such as Central Lat Phrao and Union Mall, and close to the Interchange Station of the MRT and BTS Blue and Green lines. Importantly, it is near Chatuchak Park and the Railway Park, offering views of over 700 rai of public park space. Additionally, the project is located in the heart of the North CBD, surrounded by leading office buildings, shopping centers, and numerous mega projects.

Thank you for the information from www.scasset.com