Japanese housing developer Anabuki enters Thai market with Thanasiri
BANGKOK, NNA - Japanese housing developer Anabuki Kosan Inc. is entering Thailand's housing market in partnership with local firm Thanasiri Group Public Co. as part of its overseas expansion effort.
The construction of around 90 houses will soon start in Nonthaburi, north of Bangkok. The project is valued at 600 million baht ($19 million), an official of the overseas business division at Anabuki Kosan told NNA on Friday.
The two companies plan to develop houses mostly with a floor space of 160 to 170 square meters in several phases and start handing over the first completed residences to customers in the fourth quarter of 2020, according to the official.
In February, Anabuki Kosan, based in Kagawa Prefecture in western Japan, established a housing development joint venture Anabuki Thanasiri (Thailand) Co. with Thanasiri and Thai Konoike Corp., a local unit of major Japanese contractor Konoike Construction Co., according to a Thanasiri statement released on Feb. 3.
The venture, capitalized at 50 million baht, is owned 50 percent by Thanasiri, 49 percent by Anabuki Kosan and 1 percent by Thai Konoike.
Besides Thailand, Anabuki Kosan is undertaking a housing project in Indonesia and has a representative office in Vietnam from which it is conducting market research, the official said. (NNA/Kyodo)