Panasonic is known for its electronics and appliances but the Japanese company is now looking at investing in Thai real estate. The company says it will announce the name of its partner for a joint venture property development in the country sometime in the next 2 years, according to media reports.
More than 30 Thai companies are having discussions with Panasonic about a possible partnership. The company is currently studying the market and consumer behaviour after which it will make a decision. Plans will likely be finalised by the end of the next year with a partnership officially announced in 2019.
Panasonic is already active in property development in Japan. It is a sector that can help the sales of its electrical appliances and also support the company’s solutions business. The company understands Thailand’s real estate market has slowed, but is not worried about this.
“I am still confident in the Thai economy although the property market was slow last year. But I believe there is potential for the property sector in Thailand. For Thailand, the property market keeps growing, and has shown high potential, especially condominium projects, and corporate customers, and offices,” says Panasonic Management Thailand Deputy Managing Director Hidekazu Ito to the Bangkok Post.
Panasonic has entered Thailand’s business-to-business segment, property development, and corporate customers as part of its entry into the country’s real estate market. It has invested THB50 million to open a Panasonic Smart Solution Centre at its Thailand head office on Seri Thai Road, according to the Bangkok Post.
Thailand is one of 3 countries that now has one of these Panasonic showrooms. The other outlets are located in Indonesia and Malaysia while the company already has plans to open another showroom in Vietnam in 2018. The company is expecting the showroom to help it increase B2B business by 15 per cent in the next 3 years.
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