AP Joins Forces with Mitsubishi Estate Group To Launch 3 Major Projects Worth over Bht 7.0 Billion
Bangkok–5 Mar–AP (Thailand)
In a move that further strengthens its position as a leading developer of urban condominiums with space optimization expertise, AP (Thailand) PLC has formally 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 with a combined value of over 7.0 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. For over 20 years, AP has remained committed to developing high-quality residential projects that fulfill the lifestyle needs of today’s urban dwellers. 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 its people. In recent years, the company has sent its 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.
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. The partnership involves 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. 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 comprehensive 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.
We also have active businesses overseas in three major areas i.e.the United States, the United Kingdom and the Asian countries. We have developed and invested in the U.S. since the 1970s including ownership of office buildings in Manhattan as well as various investments and development projects in other U.S. cities through our subsidiary, the Rockefeller Group. In the U.K., we started our development and investment in the 1980s, including a redevelopment project called Paternoster Square in London,located next to St Paul’s Cathedral. In Asia, the Company established Mitsubishi Estate Asia Pte. Ltd. (Singapore) in 2008 to take part in office building developments and residential projects and we have since been looking for opportunities to invest elsewhere in Asia.
Now we have the pleasure of having AP (THAILAND) as our partner in Thailand that is enjoying strong economic growth as well as an expanding real estate market and we are so pleased to be able to have this joint venture with you. Looking at AP (THAILAND)’s business projects and the sincere attitude towards your business and customers, and our Group’s brand slogan “A Love for People, A Love for the City”, I believe that our affinity is very strong.
By combining AP (Thailand)’s superior know-how in the Thai market and Marunouchi’s development know-how built over the last 100 years, as well as our experience of residential projects over the last 50 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%.
Mitsubishi Estate Co, Ltd. (MEC), Japan’s renowned integrated property developer, is headquartered in Tokyo. Listed on the Tokyo Stock Exchange since 1953, the corporation operates a comprehensive property business encompassing developing and managing large-scale projects in four business lines: residential properties, office buildings, retail properties, and hotels. MEC’s projects are noted for their outstanding quality and architectural design, which are supported by both its in-house design and quality management team and its subsidiary architect office, Mitsubishi Jisho Sekkei(MJS). The company is also renowned for its capability in sustainably managing its properties over long periods.
MEC’s assets portfolio includes more than 30 commercial buildings in Tokyo’s world-famous business and financial district Marunouchi, which comprises an area of 1.2 million square metres (120 hectares) and approximately 100 commercial buildings accommodating well over 4,000 companies and 230,000 workers. MEC has been committed to the development of the district for over 120 years. On another front, MEC has been producing high quality condominiums for nearly 50 years. MJR, its residential property business arm is recognized as one of the leading condominium developers in Japan. MEC is also active in many overseas markets including the US, England, China, and in other Asian countries where it operates through Singapore based MEA to seek opportunities in the region.