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JV with Ananda part of Mitsui Fudosan’s Asean plan

By on Sep 26, 2014 in Property News, Residential

Major Japan-based developer Mitsui Fudosan Co has set aside an overseas investment budget worth 500 billion yen (Bt150 billion) – with half the amount earmarked for Asean including Thailand, executive managing officer Takeshi Suzuki said. The funds will be invested up until 2017.

“We have expanded the investment in Asia over more than 40 years – the first country was Singapore, followed by Malaysia, Indonesia, [mainland] China, Taiwan and Thailand,” Suzuki said. “We’re also studying [whether] to expand the investment in other countries in Asean when the Asean Economic Community becomes [fully] effective in 2015, especially Vietnam and Myanmar.”

Ananda MF Asia is behind the Bt6.5-billion Ideo Q Rama 4 condominium project, and next quarter the company is slated to launch two condominium projects worth Bt10 billion in total – Ashton Asoke and Ideo Q Siam-Ratchathewi. Suzuki said Mitsui Fudosan was interested to investing in residential, retail, and office developments in Asean because it saw demand in the market to tap all property sectors.

Along with Ashton Asoke and Ideo Q Siam-Ratchathewi, there are Ideo Mobi Sukhumvit Eastgate and Ideo Mobi Wong Sawang Interchange, which Ananda Development is developing for Bt4.5 billion in total.  Ananda Development is targeting presales worth Bt6 billion from four condominium projects in the fourth quarter. The projects were initially slated for launch in the first half of the year. It has targeted Bt11.5 billion in total presales this year after recording residential presales worth Bt3.8 billion in the first half.

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