TOKYO -- Developer Tokyo Tatemono will build two high-rise condominiums in Bangkok in a foray into Thailand, joining other Japanese property groups seeking growth in booming Asian emerging markets.
Japan's 10th-largest listed real estate group by sales will work with local partner Raimon Land for the project, estimated to cost around 28 billion yen ($260 million).
Plans call for a 31-story building containing about 150 homes in the exclusive Sukhumvit neighborhood in central Bangkok and a 36-story tower with roughly 250 units in the nearby Sathorn area. Construction is to begin in 2019 and be completed in 2021.
Bangkok-listed Raimon Land serves an affluent clientele and is strong in luxury condos. Tokyo Tatemono will draw on the expertise gained through its Brillia condo business in Japan to set the properties apart from comparable developments in Thailand.
With the Japanese population declining, many real estate companies are building a presence in Thailand, where home buyers increasingly look for quality.
Nomura Real Estate Development, part of Nomura Real Estate Holdings, runs a serviced-apartment business with a local partner. Mitsui Fudosan has developed 20 condo properties through a Thai alliance, for a total of about 16,000 units, while Mitsubishi Estate has developed 12 condo properties containing about 12,000 homes.