* Information contained in this news release is current as of its date of announcement. Be aware that information contained herein is subject to change without notice.
July 31, 2020
Mitsui Fudosan Co., Ltd.
Tokyo, Japan, July 31, 2020 - Mitsui Fudosan Co., Ltd. (“Mitsui Fudosan”), a leading global real estate company headquartered in Tokyo, announced today that it has decided to participate in a new business related to serviced apartments (“SA”) through Mitsui Fudosan Asia Development (Thailand) Co., Ltd. together with Ananda Development Public Company Limited (“Ananda”). Ananda is a leading Thai developer which serves as the company`s business partner in the condominium business. The inauguration for Lyf Sukhumvit 8 Bangkok, which will be the first among five properties to be developed, will take place on July 31, 2020.
Mitsui Fudosan has previously developed condominiums in Thailand within Bangkok together with Ananda, but this marks its first foray into SA. This will also be its first development, including condominiums, in Pattaya. The Company will entrust management to The Ascott Limited (“Ascott”), which has demonstrated a solid track record around the world.
Although overseas travel is currently restricted, Mitsui Fudosan will combine its development and marketing abilities with the product planning and business promotion abilities of Ananda as well as the managerial capabilities of Ascott and promote SA business in order to capture the needs of expat employees at foreign companies in Thailand as well as foreign travelers, beginning with Japanese, and handle the steady demand for both long- and short-term accommodation.
Located in an area filled with popular restaurants and entertainment facilities where many foreign travelers gather. With a terrific location just a two-minute walk from Nana Station on the Bangkok Skytrain (“BTS”), one can enjoy ultimate access to all areas within Bangkok.
Located in the rapidly developing Rama 9 area, where streets are lined with many shopping centers as well as office buildings and large-scale development is still under way. With the expressway ramp nearby, this location is suitable for access to Suvarnabhumi Airport and all areas within Bangkok.
Located in Sathorn, the center of the business and commercial districts where financial institutions and major corporations have their head offices. Home to a high concentration of hospitals, embassies, international schools, and popular restaurants, this area is incredibly convenient which makes it popular among expats and business travelers.
Located in the Thonglor neighborhood which is the most popular residential area among expats, especially Japanese. With the Thonglor Station on the BTS only a three-minute walk away and a high concentration of international schools, hospitals and popular restaurants nearby, this area offers tremendous convenience.
Located in central Pattaya, a beach resort town visited by many travelers from Thailand and abroad. Adjacent to CentralFestival Pattaya, a popular large-scale shopping mall, and located just a five-minute walk from Pattaya Beach, this area is incredibly convenient.
Ananda, which will act as Mitsui Fudosan`s business partner in this project, is a major Thai developer that has demonstrated a solid track record through sales of condominiums in Bangkok and its suburbs. Ananda has so far co-developed over 29 properties and 24,000 condominiums with Mitsui Fudosan in the condominium business, but will participate in the SA business, where stable growth is expected, for the first time. The Mitsui Fudosan Group aims to seize further business opportunities in Thailand while maximizing the property development expertise it has cultivated up until now within Japan and developing this project in partnership with Ananda.
Established in 1984, The Ascott Limited manages over 700 properties and 117,000 SA in 180 cities across 30 countries (among which there are 12 properties and 2,000 apartments in Thailand). In addition to its existing brand lineup of Ascott, Somerset and Citadines, the company is now expanding its business in Thailand to include Lyf, SA built like stylish hotels which cater to millennials.asco
One of the aspirations of VISION 2025, the Mitsui Fudosan Group’s Long-Term Vision, is to “evolve into a global company.” Accordingly, the Group continues to seek robust growth in the overseas business. Mitsui Fudosan has been conducting business in countries and regions such as China, Taiwan, Southeast Asia and India, in addition to the US and the UK. Although the Group has so far developed 29 properties, 24,000 condominiums and 2 distribution facilities in Thailand, this time marks its first foray into the SA business. Mitsui Fudosan Group continues to be on the lookout for further opportunities to expand its business.
|Location||Nana Sukhumvit Soi 8, Bangkok, Thailand|
|Access||Two-minute walk from Nana Station on the BTS|
|Total Floor Area||7,865m2|
|Structure||8 floors above ground, 1 below ground|
|Inauguration Period||July 31, 2020|
|Location||Rachadapisek Road, Din Daeng Khet, Bangkok, Thailand|
|Access||Four-minute walk from Phra Ram 9 Station on the MRT|
|Total Floor Area||40,221m2|
|Structure||35 floors, 1 below ground|
|Inauguration Period||Fall 2020 (planned)|
|Location||South Sathorn Road, Sathorn, Bangkok, Thailand|
|Access||Ten minute-walk from Chong Nonsi Station and Sala Daeng Station on the BTS|
|Total Floor Area||40,061m2|
|Structure||37 floors, 1 below ground|
|Inauguration Period||Summer 2021 (planned)|
|Location||Thonglor Sukhumvit Road, Bangkok, Thailand|
|Access||Three-minute walk from Thonglor Station on the BTS|
|Total Floor Area||41,645m2|
|Structure||41 floors, 1 below ground|
|Inauguration Period||Summer 2021 (planned)|
|Location||Pattaya Sai 2 Road, Pattaya, Thailand|
|Access||Approximately 5km to the new Pattaya High Speed Rail station, 15 minutes by car|
|Total Floor Area||24,643m2|
|Inauguration Period||Winter 2021 (planned)|