Mitsui Fudosan enters serviced apartment business in Thailand
BANGKOK, NNA - Major Japanese real estate firm Mitsui Fudosan Co. has started a serviced apartment business in Thailand, anticipating solid demand from tourists and expatriates.
Its local unit, Mitsui Fudosan Asia Development (Thailand) Co., opened Lyf Sukhumvit8 Bangkok, its first serviced apartment complex in the country, last Friday with local partner Ananda Development Public Co., the Japanese firm said the same day.
The eight-story building has 196 guest rooms with rates starting at 1,300 baht ($42) per night, mainly targeting short-stay travelers, Sayaka Obata, a spokeswoman for Mitsui Fudosan in Tokyo, told NNA.
The partners plan to open three more high-rise serviced apartment buildings in the heart of the capital and one in Pattaya, a beach resort southeast of Bangkok, by the end of 2021, with a total of 1,809 rooms across the five properties.
The three planned Bangkok complexes are designed for long-stay business use, while the one in Pattaya is for shorter stays, the spokeswoman said.
The Ascott Ltd., a Singapore-based global serviced apartment operator, takes on the operation of all five properties, Mitsui Fudosan said in a statement.
The two developers did not disclose the total cost nor the proportion of their interests in the five properties.
The Thai arm has so far developed 29 condominiums with over 24,000 rooms in collaboration with Ananda. Besides housing projects, the Tokyo-based company has developed two logistics facilities in Thailand, according to the statement.
In June, Mitsui Fudosan said it will build the group's first serviced housing to rent in Malaysia, scheduled to open in 2024. (NNA/Kyodo)