Participation in Development of Two New Condominium Projects in Bangkok, Thailand Promoting development in Ekkamai, which is popular with foreigners, and an area near Kasetsart University

Tokyo Tatemono Co., Ltd. (Head Office: Chuo-ku, Tokyo; Representative Director, President & Chief Executive Officer: Katsuhito Ozawa; hereinafter, “Tokyo Tatemono”) has announced that it has participated in two new condominium development projects in Bangkok, Thailand, through its local subsidiary in Thailand, Tokyo Tatemono (Thailand) Ltd. (hereinafter, “Tokyo Tatemono (Thailand)”). We will be working on the Reference Ekkamai Project and the Reference Kaset District Project (hereinafter, the “Project”) in collaboration with SC Asset Corporation Public Company Limited (Head Office: Bangkok, Thailand; hereinafter, “SC”), a leading Thai developer.

Thailand continues to experience stable economic growth centered on the tourism industry, and stable demand for housing is expected in the medium to long term due to the growing population in urban areas and the expansion of the middle and wealthy classes. In particular, Bangkok and its suburbs, there is an extensive range of commercial facilities and other facilities that make daily life more convenient, and the extension of the railway network has made commuting more convenient. As such, further demand for houses and condominiums are expected in the future. This Project involves the development of condominiums in two locations: the Ekkamai area, a residential area that is popular with foreigners, including Japanese and Westerners, and it also closes to a commercial and central business district; and the Kasetsart area, which is close to Kasetsart University and has a wide range of facilities for daily living. SC, the joint venture partner, is a leading real estate developer with an impressive reputation in the local area that primarily develops high-quality products with sophisticated designs targeting the upper middle class and above, mainly in the city center.

Tokyo Tatemono will promote two Projects by making the most of the know-how it has cultivated in the development of condominiums in various parts of Japan and Thailand, as well as SC’s expertise in the development of condominiums, and intends to acquire further business opportunities and expand the scale of its business in the future. This marks the fifth joint venture project with SC.

【Key points of this release】
・ Participation in two new condominium development projects in Bangkok, Thailand.
・ Jointly promoting condominium development projects with local developer SC in the Ekkamai area, which is particularly popular among Japanese and Western expatriates living in Thailand, and the Kasetsart area, which is well-served by convenient facilities.

Outline of the Project

1. Reference Ekkamai Project

This property is within walking distance of BTS Ekkamai Station, which is just two stops from BTS Phrom Phong Station, an area of Bangkok with a dense concentration of offices and commercial facilities, and is located in a very convenient area with a calm living environment. The area is popular among foreigners, particularly Japanese and Western expatriates living there, well-served by supermarkets, shopping malls, and other facilities that make daily life more convenient. The area is also close to international schools and Samitivej Hospital, high-level medical facilities and is well-equipped with receive foreign patients.

2. Reference Kaset District Project

This property is located 20 km north of central Bangkok, and is accessible from two stations on two different lines: Kasetsart Station on the BTS Sukhumvit Line and Bang Khen Station on the SRT Red Line. After the opening of the new MRT Brown Line Station, scheduled for 2030, the availability of three stations on three different lines will further improve access to various parts in Bangkok. In addition, as the property is located close to Kasetsart University, one of Thailand’s top tier universities, there are also a wide range of facilities for daily living. It is also a convenient area for commuting to the city center, with the nearest Kasetsart Station being about 30 minutes from the office and commercial area.

Map of the Project locations

Joint partner in this Project

SC, the joint partner in this Project, is a partner with which Tokyo Tatemono is jointly promoting the development of condominiums and logistics warehouses in Thailand. As a strategic business partner, we have agreed to continue discussing the joint promotion of new projects in the future.

Overview of SC

Overseas business development

In the current Tokyo Tatemono Group Medium-term Business Plan, overseas business growth is listed as one of the key strategies. The Company is aiming to acquire new business opportunities, mainly in the condominium development business, which has a short business period, by collaborating with influential local partners overseas. In Thailand, we have been promoting condominium development, office building development, and logistics facility development projects in collaboration with major local developers. Tokyo Tatemono will continue to leverage the experience and expertise it has cultivated in Japan and overseas to acquire further business opportunities overseas.

Map of our business locations in Thailand

Condominiums
① The Estelle Phrom Phong (Sukhumvit 26 PJ): 157 units, completed in 2022
② Tait Sathorn 12 (Sathorn PJ): 238 units, completed in 2023
③ Atmoz Oasis Onnut (Onnut PJ): 1,110 units, completed in 2023
④ Reference Sathorn Wongwianyai (Reference Wongwianyai PJ)*: 818 units, completed in 2024
⑤ Kave Coco Bangsaen (Kave Coco PJ): 974 units, scheduled completion in 2025

Office buildings
⑥ Quant Sukhumvit 25 (Sukhumvit 25 PJ): Approx. 9,500 m² of rentable floor space, completed in 2023

Logistics facilities
⑦ Metrocat (Metrocat PJ)*: Approx. 78,252 m² of rentable floor space, overall completion in 2026
⑧ Laem Chabang (Laem Chabang PJ)*: Approx. 46,602 m² of rentable floor space, overall completion in 2025

The asterisk indicates a joint project with SC.

Note: This document has been translated from a part of the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.