Sumitomo Forestry to launch large-scale housing project in Thailand
BANGKOK, NNA - Sumitomo Forestry Co. will start a large-scale housing project near Bangkok with a Thai partner in a bid to expand its overseas operations.
The Japanese timber, building materials and housing firm said Monday it plans to invest $190 million to build about 1,400 units of detached houses and storefront townhouses with Property Perfect Public Co. in Pathum Thani Province, just north of the capital.
Sumitomo Forestry said in a statement that development by a joint venture between its wholly owned subsidiary, Sumitomo Forestry Singapore Ltd., and Property Perfect, will begin this month for scheduled completion in 2027.
Sumitomo Forestry and Property Perfect established the joint venture with capital of 500 million baht ($15.9 million) last Thursday, Sumitomo Forestry spokesman Hiroki Onishi told NNA. Sumitomo Forestry holds a 49 percent stake and the Thai firm the remaining 51 percent.
Property Perfect is also active in real estate development in Japan and owns Kiroro Resort, a popular ski resort in Hokkaido.
Under the housing project, tentatively named Lake Forest, three- to four-bedroom houses with an average price per unit of $162,000 will be built.
The project is Sumitomo Forestry's first detached housing project in Thailand. It has undertaken two luxury condominium projects in Bangkok with Property Perfect and its group arm Grande Asset Hotels & Property Public Co.
Sumitomo Forestry plans to establish operations to sell 10,000 units of houses per year in the United States and 3,000 units in Australia.
The Japanese company sees Asia as the third key area after the United States and Australia, and is seeking to strengthen relations with Property Perfect and other local partners to expand its Asian businesses. (NNA/Kyodo)