All Inspire Development Plc and Hoosiers Holdings, a Japanese developer, are forming a joint venture for a condo project in Bangkok, reports local media. The 2 will now develop The Excel Hideaway Sukhumvit 50, a development worth THB2 billion.
All Inspire will hold 51 per cent of the development being built on Sukhumvit Soi 50. There will be 772 units at the low-rise condo project and some of them have already been sold. Buyers purchased a total of 300 units at a recent sales event while Hoosiers will be selling units in Tokyo in the 4th quarter of this year. The partners could also work together on future developments.
“We are interested in having the Japanese partner join in a retirement housing project. Potential locations are Phuket and Pattaya,” says Thanakorn Thanawarith, Chief Executive of All Inspire Development, to the Bangkok Post.
The Excel Hideaway Sukhumvit 50
Hoosiers have been looking at international investment this year and already acquired real estate related businesses in Cambodia and Vietnam. The company is ready to spend up to USD50 million on overseas real estate projects in the coming years.
“Thailand will be the first country that we will invest in property development, followed by the US, where we eye developing a retirement property project, and Australia next,” says Tsutomu Ikuma, Chief Financial Officer of Hoosiers.
The company has been looking for places outside of Japan for investment since the market there has been sluggish. In Thailand, Hoosiers considered investments in Bangkok, Phuket, Pattaya and Chiang Mai, but feel that Phuket and Bangkok were the best markets. It will not invest in Chiang Mai.
“This year will be the first time since our establishment in 1994 that we will invest overseas. We are set to allocate 5 per cent of our total assets to invest outside Japan from next year onwards,” says Ikuma.
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