Hitachi, Singapore's Frasers to work on smart realty in Asia-Pacific
SINGAPORE, NNA - Japanese electronics giant Hitachi Ltd. is teaming up with a major Singaporean realtor in a bid to digitalize the real estate business in the Asia-Pacific region.
Its Singapore-based regional arm, Hitachi Asia Ltd., and Frasers Property Ltd. jointly announced Wednesday that they have signed a deal to invest up to S$50 million ($36 million) each in the next five years in the campaign.
The two partners said they will start researching potential opportunities to develop new services initially in Singapore, Thailand and Australia.
“We plan to concentrate our efforts in enterprises in the Asia-Pacific region, where urban development is underway” by combining Hitachi's technological expertise and Frasers' know-how in the smart city sector, a Hitachi spokesman told NNA on Wednesday.
The deal comes after years of collaboration between Hitachi Asia and Frasers to develop information technology infrastructure in the real estate field, backed by Japanese financial institutions. (NNA/Kyodo)