BANGKOK, NNA - Japanese property developer Nomura Real Estate Development Co. has expanded its overseas investment to Thailand, partnering with a local company to launch three condominium complex projects this year.
Nomura has allocated 300 billion yen ($2.7 billion) for overseas expansion during fiscal 2016-2024 while 10 billion yen ($91 million) is initially set for Thailand, Nomura Real Estate Chairman Eiji Kutsukake said at a press conference unveiling the projects in Bangkok on Thursday.
"Middle-income residents in Bangkok are tending to grow, making steady growth for the Thai real estate market in the long run," Kutsukake said, adding that its move towards expanding overseas is driven by population decline in Japan.
Thailand is the fourth Asian country in which Nomura has invested following ventures in Vietnam, China and the Philippines.
The three high-rise condominium towers under the "Knightsbridge" brand, with a total of 1,620 units and worth 6.1 billion baht ($183 million), will be jointly built by Nomura, which has a 49 percent share in each project, and Bangkok-based Origin Property Public Co.
The condos are located in three areas in Bangkok -- Ramkhamhaeng, Ratchayothin and Onnut -- with construction scheduled to finish in 2020.
The Japanese company will provide expertise in luxury design and innovation dubbed "Luxmore" for the Thai condos along with know-how, including storage development and interior design for amenities.
Origin's Chief Executive Officer Peerapong Jaroon-ek said launching the join-venture projects with Nomura will boost the company's foreign clientele.
"We expect to develop more types of properties other than just condominiums with Nomura in the future. We are also interested in hotels, office buildings, warehouses and serviced apartments as well as real estate management services," he added.
A presales event for the new residences will be held in Bangkok in the middle of next month, with the company hoping to sell 50 percent of the available properties. A roadshow in Japan is scheduled for October. (NNA/Kyodo)