Thong Lor is seen as one of Bangkok’s hippest spots and Shinwa Group, a large Japanese conglomerate, and Thailand’s Woraluk Property, are looking to bring Japanese style to the street’s property segment. The two companies have established a joint venture to launch the Runesu Thonglor 5 condominium project, local media reports.
The condo project is estimated to be worth more than THB 1.2 billion and is part of Shinwa’s plan to use Thailand as a base to expand into other countries in the region. It plans to invest aggressively overseas and decided that Thailand was a country with potential for growth in the property sector.
Mr.Wichai Chula-Olarnkun, co-CEO of W-Shinwa Co., Ltd.
Wichai Chula-Olarnkun, co-chief executive of W-Shinwa Co, the joint venture company, says the firm’s key policy was to create a residential development that contains the world famous Japanese-level quality. He predicts that Runesu Thonglor 5 and his company will be the first to offer authentic Japanese living standards in Thailand.
“With the unique know-how of leading Japanese property developer Shinwa, the project is genuinely perfect,” Wichai was quoted as saying by the Bangkok Post. “In the first three years, W-Shinwa will focus on property development, property management, rental management and construction, starting with property development in the first stage.”
Tomoyasu Yamabe, W-Shinwa Co’s other co-CEO, points out that the company chose Thailand because it is the centre of Southeast Asia, and can serve as a solid base for expanding into other countries in the region as well as the United States and Europe.
“This is the first joint venture for Shinwa Group, and we see a business opportunity with a strongly confidence and are confident in the Thai market,” Tomoyasu states. “Despite the large number of condominium projects in Thailand, if we have a clear vision in design and construction as well as location and the time is right, we can be successful.”
