In a move that further strengthens its position as a leading developer of urban condominiums with space optimization as the main theme, AP (Thailand) PLC has recently entered into a partnership with Mitsubishi Estate Group, Japan’s largest real estate developer by assets, forming a joint venture to develop three large condominium projects in Bangkok with a combined value of over 7 billion baht. Combining Japanese design concepts with the living preferences of Thai urban dwellers, the projects, located next door to BTS and MRT stations, will be launched simultaneously in May.
AP CEO, Anuphong Assavabhokin, said that the partnership is an important step toward fulfilling AP’s goals as a real estate developer with a vision to become “The Most Responsive Creator” for its customers.
RHYTHM Sukhumvit is part of three Bangkok projects being jointly developed by AP (Thailand) PLC and Japan’s Mitsubishi Estate Group worth a combined 7.1 billion baht.
“By forging an alliance with MEC, AP is taking a major step towards raising its potential as an organization as well as the knowledge and abilities of our people. In recent years, the company has sent staff to exchange training programs to enable them to work more effectively in all aspects of the company’s operations, from construction and product quality assessment to sales, so that they can apply the knowledge gained to further raise the company’s operations in line with international standards,” said Anuphong.
“Through knowhow exchanges, the partnership is expected to further strengthen AP’s position as a leading condominium developer with expertise in designing and managing spaces to fit the needs of urban dwellers who prefer the convenience of short commutes and urban lifestyles,” he continued.
The partnership will involve an in-depth collaboration between AP’s product design team and designers from Mitsubishi Jisho Sekkei, a professional firm of architects affiliated with MEC, with the goal of blending Japanese design philosophy with deep insights into Thais’ living behavior to create joint design innovations that ensure space optimization in every condominium unit developed by AP.
The AP-MEC joint venture encompasses three condominium projects in three attractive neighborhoods and a combined worth of approximately 7.1 billion baht. RHYTHM Sukhumvit 36-38, located 300 metres from BTS Thonglor Station, will cater to those who are attracted to the diversities of life in this vibrant neighborhood, while RHYTHM Asoke II, situated only 400 meters from MRT RAMA 9 Station and only 60 meters from the Expressway, will target working people in the Asoke and Ratchadapisek areas.
2-Bedroom units at the luxurious RHYTHM Asoke start at 6.57 million baht.
The third development, ASPIRE Ratchada-Wongsawang, a 100-metre walk to the Wongsawang station on the MRT Purple Line, will cater to working professionals who prefer a convenient commute to Ratchayothin and Central Bangkok. All three projects will be launched simultaneously in mid-May.
Hirotaka Sugiyama Chief Executive Officer, Mitsubishi Estate Group said, “The Mitsubishi Estate Group is the leading real estate developer in Japan with a long history of development of office buildings since becoming the recipient of the government land sale in Marunouchi district in central Tokyo in 1890. Our businesses cover a wide range from development, leasing, operation/ management of offices and commercial facilities, development of investment property, residential development and sales, to property design & supervision, and real estate agencies.
“Now we have the pleasure of having AP as our partner in Thailand, a country that is enjoying strong economic growth as well as an expanding real estate market. By combining AP (Thailand)’s superior know-how in the Thai market and Marunouchi’s development know-how built over the last 100 years, I am certain that we will be able to create brand new values, provide products our customers will love, and then be very successful in this competitive market.”
The joint venture is operated under an agreement with MEC Thailand Investment Pte. Ltd. (MTI), a newly formed company by Mitsubishi Estate Asia Pte. Ltd.(MEA) and Mitsubishi Jisho Residence Co., Ltd.(MJR), both wholly owned subsidiary of Mitsubishi Estate Co., Ltd.(MEC). AP holds 51% of the shares while MTI holds 49%.
