Japanese developer List Group targets luxury condo market in Thailand’s capital

26, Jul. 2019

Executives from Japan's List Group and Thailand's Habitat Group announce two joint condominium developments in Bangkok on Thursday.
Executives from Japan's List Group and Thailand's Habitat Group announce two joint condominium developments in Bangkok on Thursday.

BANGKOK, NNA - Japanese property developer List Group is forming two joint ventures in Thailand with local realtor Habitat Group, targeting growing demand for low-rise luxury housing in the capital’s central business district.

Habitat will hold a 62 percent stake in each company and List 38 percent, the companies said in a statement on Thursday. They will develop two eight-story condominium buildings worth 2.8 billion baht ($90 million) in the capital’s Thong Lor area, with unit prices in one ranging from 8 million to 14 million baht and from 7.5 million to 13 million baht in the other.

Thong Lor has become a growth area due to its prime central business district location and connection to Sukhumit Road, the companies said.

“Thailand is a key market for List Group, especially Bangkok, where we see the fundamentals are strong and expect growth in the luxury real estate segment to continue,” List CEO Hisashi Kitami said in the statement.

Pre-sales will start in September with construction scheduled to begin early next year, according to Habitat CEO Chanin Vanijwongse.

Charin also told reporters that partnership with List will provide access to a growing network of international consumers. “We are looking to consolidate our relationship with List Group in a long-term collaboration,” he said.

Since 2017, List has invested in six projects worth a total of 20 billion yen ($184.1 million) in Singapore, the Philippines, Thailand, and Indonesia, according to Yasushi Yamada, chief operating officer of List Holdings Singapore Pte. Ltd.

The Japanese company plans to expand its investment in Southeast Asia to 50 billion yen, Yamada said, without giving a timeframe.

List has also invested 5 billion yen since it entered the U.S. market in 2005, Kitami said.