Venturing Together to Develop the 'Kave Coco Bang Saen' Project with a Project Value of over 2,000 Million Baht
BANGKOK, Aug 3, 2023 - (ACN Newswire) - Assetwise PCL (SET: ASW), in a continuous effort to strengthen and grow in the real estate market, has teamed up with the leading Japanese real estate giant, TOKYO TATEMONO, to jointly invest in the development of the "Kave Coco Bang Saen" project, valued at over 2,000 million baht, targeting the Campus Condo market near Burapha University and reaffirming their leadership position.
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Mr. Kromchet Vipanpong, CEO of Assetwise Public Company Limited (ASW), a leading real estate developer in the lifestyle segment with the concept of "Happiness Designed for You" or "We Build Happiness," says that ASW is leading the charge to increase strength and grow in the real estate market. Most recently, ASW entered into a joint venture with Tokyo Tatemono Asia Pte. Ltd., subsidiary of Tokyo Tatemono Co.,Ltd Being the leading and the long history real estate company in Japan, to develop the "Kave Coco Bang Saen" condominium project, located near Burapha University, with a project value of over 2,000 million baht. This successful collaboration further solidifies ASW's leadership in the Campus Condo market, focusing on condominiums located near educational institutions, with ASW holding 51% of the shares and Tokyo Tatemono holding 49%.
"This joint venture marks the second project between our company and Tokyo Tatemono, working together to create residential solutions that cater to the lifestyle of the new generation. It reaffirms the confidence Tokyo Tatemono has in our company as a leader in the Campus Condo market and the lifestyle-oriented real estate market in Thailand. Tokyo Tatemono, a reputable and well-established Japanese listed on the Japanese stock exchange, has a diverse portfolio of real estate developments, including residential and commercial properties, such as hotels, golf courses, and office buildings. They are known for their attention to detail and commitment to developing high-quality projects. In 2022, Tokyo Tatemono's revenue reached up to 86,000 million baht, with registered capital of 24,000 million baht," states Mr. Kromchet.
As for the "Kave Coco Bang Saen" project, it consists of an 8-story condominium comprising 4 buildings with 974 units ranging from 23 to 34.50 square meters each, situated on over 8 rai of land near Burapha University. The project is surrounded by a vibrant community of students and working professionals. Starting at 1.59 million baht a unit, the project's total value amounts to 2,000 million baht. This condominium features a distinctive, modern, and unique design that combines fun and flexibility, catering to diverse preferences and lifestyles of the new generation. It stands out with its spacious and contemporary common areas, offering various trendy amenities to support the creative endeavors of young individuals endlessly. These amenities include a Music Studio, Meeting Chamber, Learning Hub, Fit Studio, and Kave Theater, which have been well-received in previous Kave brand projects. Prior to this collaboration, ASW and Tokyo Tatemono jointly invested in the "Atmoz Oasis Onnut" project, comprising 1,110 units with a project value of 2,200 million baht.
The CEO of ASW, in discussing the real estate market in Chonburi province, highlighted its remarkable and continuous growth. Chonburi is one of the areas in the Eastern Economic Corridor (EEC), which has seen significant infrastructure development, including projects like the Motorway (Pattaya-Map Ta Phut), High-Speed Rail (Bangkok-Rayong), Laem Chabang Phase 3 Deep Seaport, and the High-Speed Rail Linking 3 Airports (U-Tapao-Suvarnabhumi-Don Mueang). The High-Speed Rail project will connect Don Mueang Airport, Suvarnabhumi Airport, and U-Tapao Airport, covering a distance of over 220 kilometers, and will utilize an area in Sri Racha district, Chonburi, spanning over 25 rai as one of its stations.
Chonburi province also has plans to become a hub for digital innovation and industry promotion, developing digital talents. There are also plans to establish a comprehensive medical innovation center to support advanced medical research and innovation. Additionally, Chonburi aims to be a significant tourist destination, attracting both local residents and working professionals, as well as foreign executives, second-home buyers, and investors looking for rental properties. This development will positively impact the real estate market in the province, with an estimated 8.4% average increase in new residential addresses entering the market and a 5.6% average increase in new sales per year during 2023-2025.
The focus on the "Bang Saen" area, which is home to the renowned Burapha University, is also noteworthy. Burapha University is part of the special economic promotion project for genomics medicine, supporting comprehensive medical and healthcare businesses, including an operating center at the university's Faculty of Pharmaceutical Sciences with an area of over 3 rai and an investment budget of 1,250 million baht. The plan is to establish a center for DNA testing and data storage for genomics in Thailand, promoting advanced medical research and elevating Thailand's healthcare to a leading global level.
Furthermore, Bang Saen is a popular seaside tourist destination that never sleeps, attracting tourists as well as being a gathering place for the lifestyle of the new generation, including the more than 25,000 students from Burapha University, residents, workers, and tourists. This has created a demand for condominium-type residential properties, both from students seeking long-term accommodations for their studies and some students' parents who buy properties for their children to live in during their studies and later sell or rent out for a good return on investment. Additionally, the area attracts investors, workers in the surrounding large industrial estates, and tourists who enjoy the lifestyle in Bang Saen.
Mr.Tajima, Managing Executive Officer and Director of the Overseas Business Division at Tokyo Tatemono Co., Ltd., states that the company recognizes the potential of the "Kave Coco Bang Saen" project, which is located in an area with high purchasing power within the Eastern Economic Corridor (EEC). All projects under the Kave brand of ASW have received significant positive feedback from customers, including both residential buyers and investors seeking rental properties for good returns. The company is confident that the Kave Coco Bang Saen project will also be highly successful.
"We have confidence in ASW, a real estate development company with a broad vision, dedicated to elevating the quality of living and adding value in the future. We have seen success with over 50 quality real estate projects, as well as the commitment to expand growth in various markets. This joint venture will lead to another quality project and further strengthen our growth together," Mr. Tajima says.
ASW conducts real estate development focusing on high-rise and low-rise residential projects in high-potential locations. Their projects are designed with the concept of "Happiness Designed for You" or "We Build Happiness," and they have developed over 50 condominium and housing projects under various brands within the group, catering to diverse lifestyles. These brands include Kave, Atmoz, Modiz, Esta, and The Honor, with a total project value of over 55,300 million baht. The projects consist of 37 completed and ready-to-move-in projects, as well as 13 projects currently under development and for sale. The current backlog stands at over 12,500 million baht in sales revenue.
Distributed by the Public Relations Department of MT Multimedia Co., Ltd. (on behalf of ASW PCL).
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Assetwise PCL: https://assetwise.co.th/ [SET: ASW]
Source: Assetwise PCL
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