Thailand’s leading life-style real estate developer AssetWise PCL (ASW) has strengthened its partnership with Japanese real estate giant Takara Leben to launch a BHT 1.35 billion condominium in Bangkok’s Minburi neighbourhood. Atmoz Flow Minburi represents the third joint venture project in a two-year time frame between the two companies in a move that serves to underscore the viability they see in the ideally located development.
Atmoz Flow Minburi is situated near the Pink Line MRT mass transit system and is easily accessible by the Minburi Market Station. It forms the first phase of the ASW’s WISEPARK community development that caters to life-styles of all generations and at same time reflects the company’s ‘We Build Happiness’ philosophy. Atmoz Flow Minburi is expected to be up and running in the fourth quarter of this year and starting to recognise revenue by then.
According to ASW Chief Executive Officer Kromchet Vipanpong, ASW holds a 51% share in Atmoz Flow Minburi venture with Takara Leben taking a 49% share. It follows on the heels of two earlier condominium projects collaborations between the Thai and Japanese firms – Atmoz Tropicana Bangna and Kave Seed Kaset Campus near Kasetsart University.
Takara Leben’s extended partnership with ASW this time around speaks volumes about their confidence in ASW and the potential of the Atmoz Flow Minburi on the location which is poised to become a new central business district with a centre of employment in the eastern Bangkok area.”The three ASW-Takara Leben joint venture projects are worth more than five billion baht and both sides are likely to take their partnership into future projects,” Kromchet said.
Atmoz Flow Minburi consists of 8-storey, 3 buildings with 739 units in total and is only 300 metres away from the Min Buri Market Station of the Pink Line MRT which is expected to be officially operational within this year.
Atmoz Flow Minburi comes with a complete common facility to meet the life-styles of residents of all generations for living together perfectly. It is the first project that embraces the ‘All Gen’ concept of room design that answers to the living needs of all ages. In addition, Atmoz Flow Minburi is also the first phase of WISEPARK’s development on a large plot of land that will evolve into a larger community.
Kazuichi Shimada, CEO of Takara Leben, said the company is looking for joint venture opportunities in real estate developments in Thailand, stemming from the experience of being a partner with ASW. “We have strong confidence in ASW whose management has committed to running good business while sharing the same business philosophy as ours, meaning adopting the design for living happily.”
Furthermore, the location of Atmoz Flow Minburi close to the Pink Line, and being surrounded by sources of employment and facilities such as industrial estates and hospitals constitute compelling reasons for Takara Leben to partner with ASW again.
Takara Leben (3492.T) is listed on the Japanese Stock Exchange and has engaged in more than 500 property development projects under the brands of The Leben, Nebel and Leben Platz. The company also has power plant and hotel businesses in Japan and expands investment in real estate to the ASEAN region such as Thailand and Vietnam.
ASW has developed more than 47 condominium and housing projects with all-encompassing life-styles under the brands of KAVE, ATMOZ, MODIZ, ESTA, and THE HONOR worth over BHT 49.9 billion with value of backlog stands at more than BHT 11.4 billion.
Source: ASW
