- The first real estate joint venture in Thailand with a different managerial structure
- MEC Japanese team stationed permanently in Thailand in a show of confidence in AP Thailand
- Ensures continuing growth with over Bht 47,000 million worth of JV projects to be developed in 4 years’ time
- In the first half of this year will launch 2 major projects: Life One Wireless and Life Ladprao
- Partnership further elevated under ‘AP Think Different’ concept making a difference in various respects: “space innovation and technology”, "knowledge and quality residences”, and “quality of life, society and community”
- ‘AP Digital Community’ concept integrated into space design in response to the digital lifestyle of urbanites, while developing 'AP Checklist’ as a tool in inspecting quality at every step of the process
Bangkok (24 January 2017) – AP (Thailand) Public Company Limited, the leader in real estate development for urbanites which strives to make a difference through design innovation for space optimization, today, announced three successful years of the partnership between two leading property developers: AP Thailand and Mitsubishi Estate Group (MEC). The company revealed its business approach under the AP Think Different strategy calling for stronger cooperation.
Life One Wireless
Over the last three years, the partnership between the two companies has been more than a fund investment. The confidence Mitsubishi Estate has in AP and Thailand is evident in their business structure since AP and Mitsubishi Estate are the first partnership to employ a different model in their real estate joint venture in Thailand. They have also set up a parent company, called “Permium Residence Ltd.”, with a registered capital as high as Bht 6,100 million. It is in charged with managing joint venture projects. Mitsubishi Estate also has its specialised team from Japan stationed in Thailand, working together with AP’s team.
In 2017, as the joint venture enters its fourth year, AP and MEC plan to develop more condominiums together. In the first half of this year will launch two projects namely Life One Wireless and Life Ladprao, while other projects are currently under review by the partnership. From their first joint venture in 2014 to the present, AP and Mitsubishi Estate have jointly developed projects worth Bht 47,000 million.
RHYTHM Sukhumvit 36-38
This includes eight condominium projects worth Bht 26,730 million. Sales of the eight projects have averaged 85%. The fourth quarter of 2016 saw the first group of buyers moving in to make their home in four completed joint venture projects, namely: 1. RHYTHM Sukhumvit 36-38; 2. ASPIRE Ratchada-Wongsawang; 3. ASPIRE Sathorn-Thapra; and 4. RHYTHM Asoke II. The four projects have a better-than-projected ownership transfer rate, to the satisfactory of both AP and MEC.
Khun Anuphong Assavabhokhin, CEO of AP (Thailand) Pcl, said, “I am very pleased that AP Thailand and Mitsubishi Estate Group have successfully worked together over the last three years. Our partnership is a matter of more than the money we put together, it also involves investing in building knowledge that covers everything that matters in the real estate industry. We have actively developed extensive knowledge and technology and have elevated the standard of Thailand’s real estate industry. Each party has a set of strengths that complement each other. MEC has shared its expertise in general design and space design, quality control in every step of the work process. AP has shared with and advised MEC on the principles of real estate business in Thailand. Over the last three years, we have seen our friendship and cooperation get better and grow stronger."
As the partnership enters its fourth year, the company will continue to operate under the AP Think Different strategy, which is AP’s business cornerstone. It will use the strategy to further elevate the cooperation between AP and MEC to improve efficiency in 3 major areas: 1) space innovation and technology focusing on making a difference in functional space and life comfort; 2) knowledge and quality residential products which form a bigger common goal to jointly elevate the stature of Thailand’s real estate industry; and 3) quality of life that will hopefully contribute to a life well lived for homeowners and society at large.
Mr.Shojiro Kojima, Managing Director of Mitsubishi Estate Asia, on behalf of Mitsubishi Estate Group, said, “We are very pleased to partner with AP Thailand as it is Thailand’s leading property developer with great expertise, experience and work systems. Our partnership has yielded very satisfactory results whether it be in sales and ownership transfer.”
“As for our immediate and future business direction, Thailand will continue to be one of our major investment hubs in Southeast Asia because of the growth prospect and investment opportunity it offers considering the current development and expansion of the country's transportation network, particularly the mass rapid transit system that will contributes to the growth of new urban communities. This is an important factor that makes Thailand’s real estate industry, especially the condominium market in Bangkok, appealing. We will continue to invest together with AP, especially in condominium developments along the rapid transit lines in the city where AP is the market leader and a dominant force in the sector. In 2017, we and AP look forward to developing joint venture projects worth at least Bht 20,000 million.” Mr. Kojima added.
As the partnership enters its fourth year, AP will continue to focus on pursuing the AP Think Different strategy as the cornerstone of AP’s business and will integrate the strategy to bring the partnership between AP and MEC to the next level of efficiency in 3 major areas:
1. Space innovation and technology: We are committed to making a difference in functional space while offering life comfort for all AP-branded residential projects. Through our vision for an AP Digital Community, the new generation will be able to live comfortably at AP projects where the Internet of Things (IOT) will be integrated into our space design. From now on, space design will not be limited to residential units but will also take into consideration every detail outside of the room. New condominiums from AP will also integrate IOT in the design of common areas in keeping with urbanites’ future living trends.
2. Quality know-how and residential products: The sharing of different techniques between AP and MEC will be deeper at many levels. This includes the AP Check List in which AP collaborated with MEC designers and quality control team. This soon be completed check list will be an important tool to control the quality of projects right from the design stage down to quality inspection. Together with AP Academy, the first institution in Thailand for comprehensive real estate learning, MEC also helped us in developing training courses and supporting AP Open House project where Thai students are offered an opportunity to learn hands on with our Japanese partner in Japan.
3. Life quality, society and community: AP and MEC collaborated in AP Design Lab to differentiate AP residential products, and extend the benefit to improving the quality of life for people in society and nearby communities. This year, we and MEC will continue to work together to create more good things which allow residents in our projects and society at large to live a quality life.
“From the first step of working together in residential development, today I am proud to see our friendship grow in other areas, too. There is no bigger pride to take on than the fact that AP and its partner have made a difference under our shared passion to create quality residential innovation to elevate Thailand’s real estate industry.” Khun Anuphong concluded.
Mr. Vittakarn Chandavimol, Chief of Condominium, AP Thailand Pcl.
“AP Thailand – The Differentiator, Leader in Residential Innovation”
