Japan’s Creed teams up with Thai realtor Altitude Development
BANGKOK, NNA - Japanese property developer Creed Group has set up a joint venture with Thai realtor Altitude Development Co. in its first foray into the local real-estate market.
The companies said on Tuesday they had formed Altitude Creed Talat Phlu Co., with the Thai partner holding a 51 percent stake and Creed 49 percent.
“We have successfully developed real-estate projects in a number of countries and Thailand is a strategic market for us to grow our regional presence,” Toshihiko Muneyoshi, Creed managing director, said at a press briefing.
The companies also revealed the launch of its first project, a 2.4 billion baht ($77 million), 34-story condominium development, Altitude Unicorn Sathorn-Tha Phra. Construction will begin in the third quarter of this year and is expected to be finished by the third quarter of 2021.
The development located near the Thai train network's Talad Phlu station in Bangkok consists of 711 mainly one-bedroom units with prices starting at 2.19 million baht. Presales are set to start on July 20, 2019. The developer expects presales to reach 70 percent of the total by the end of this year.
Thailand is the seventh market in Southeast Asia that Creed has entered, Muneyoshi said, adding that the company has pushed more aggressively into the region’s growing real-estate market since 2012.
He said that the company invests about $150 million annually in all of its operations, spending about $500 million outside Japan in the last seven years.