NNA Asia top stories Tuesday, Nov. 27
TOKYO, NNA – The following are the top stories from NNA Asia for Tuesday, Nov. 27.
Japan’s Daiwa House diversifies Malaysian business from housing to logistics
KUALA LUMPUR, NNA – Japan’s leading developer Daiwa House Industry Co. is diversifying its Malaysian operations from housing to logistics due to a stagnating real estate market.
The company will build a distribution facility equipped with refrigerators and freezers in the central state of Selangor for 2 billion yen ($17.6 million) by the end of 2019, Yutaka Satomi, chief executive of Daiwa House Malaysia Sdn. Bhd., told NNA.
The facility will go into full-scale operation by late 2020. Most tenants are expected to be Japanese wholesalers.
Japan’s Keio scraps plan in Myanmar to develop hotels, apartments
YANGON, NNA – Japan’s railway-to-property group Keio Corp. said Monday it has cancelled a plan to develop hotels and serviced apartments in Myanmar through a joint venture with a local firm.
The company said it had failed to agree on the terms including the ownership ratio with Adventure Myanmar Tours & Incentives Co. The local unit was initially scheduled to be set up in April this year.
“Since Myanmar’s economy is expected to keep growing in the medium to long term, we will continue conducting research and consider (whether to enter the property market),” Keio said in a statement.
JR Kyushu starts overseas hotel management in Thailand, adding to condo development
BANGKOK, NNA – Kyushu Railway Co. has begun hotel management outside of Japan, expanding its business in Thailand, where it already manages serviced apartments and plans to develop condominiums.
The company, also known as JR Kyushu, said Monday it manages Aloft Bangkok Sukhumvit 11, a rented property, in a central location in the capital. The 32-story hotel is owned by Marriott International Inc. and has 298 guest rooms.