AssetWise PCL (SET: ASW), a leading real estate developer for lifestyle with the ‘We Build Happiness’ concept, announced its continued partnership with Japanese real estate giant Takara Leben to co-develop Kave Seed Kaset, a new campus condominium project valued at 1.35 billion baht on a high potential location along the commuter train route near Kasetsart University.
This development is testament to the confidence in the capabilities of AssetWise and in the project, combining Takata Lebun’s credentials and expertise in the development of real estate projects with ASW’s strength in meeting lifestyle needs through the creation of projects that fulfill the housing demand of Gen Z while providing good returns for investors.
Mr. Kromchet Vipanpong, Chief Executive Officer of AssetWise PCL, said that the Company continues to expand its business. The latest development being a joint venture agreement with Takara Leben, one of Japan’s leading real estate developers coinvesting in the new condominium project, with AssetWise holding a 51 percent share and Takara Leben holding the remaining 49 percent to develop the Kave Seed Kaset campus condominium.
This project is a 600-unit condominium classified into 1-2-bedroom units with usable spaces of 22 to 47 square meters and starting prices of 1.89 million baht. The 1.35-billion-baht development is located in Soi Phaholyothin 34 near Kasetsart University, strikingly designed, modern and distinctive. ASW brings its experience as a lifestyle leader to the project, with more than 30 features in an expansive common area, meeting the demands of both students and office workers. This blends with Takara Leben’s experience in project development to ensure the Kave Seed Kaset condominium completely meets the lifestyle needs of the new generation.
This joint venture with Takara Leben is their second co-developed condominium project after having jointly invested in a development in the Bangna area, pushing their co-developed projects to over 3,550 million baht. Notably, the KAVE brand campus condominiums have performed well due to clear market positioning aimed at Gen Z that perfectly matches the market demand, resulting in a strong response from members of the new generation and real estate investors.
“This joint venture with Takara Leben reinforces our partner’s confidence in ASW’s potential as the nation’s leading lifestyle-focused property developer, along with our similar outlook regarding project development with the focus on creating happiness for our residents, as well as the Company’s vision on business operations, that contains both expertise and understanding of market demand. The investment also reflects the strength of the KAVE brand, and its high potential. The Kave Seed Kaset project is located in an ideal location, and it is expected to generate good yield for real estate investors. Currently, sales for over 40 percent of the project value have been completed” Mr. Kromchet said.
Mr. Hiroshi Iwamoto, Director of Takara Leben Company Limited, explained Takara Leben was listed on the Japanese Stock Exchange (3492.T), and has a total revenue of 162,740 million yen, or approximately 41,631 million baht (as of March 2022). It has extensive experience in real estate development with over 500 projects under the brands Leben, The Leben, Nebel and Leben Platz. Moreover, the Company also has a power plant business and hotels in Japan. Currently, Takara Leben is expanding its real estate investment into the ASEAN region such as Thailand, Vietnam, etc.
“We recognize that the real estate business trend in Thailand has a great potential for growth, especially the condominium projects along commuter train lines and near educational institutions. With that in mind, the Company has decided to jointly invest with ASW to develop this second condominium project, to build on the success of our first jointly developed project in the Bangna area. We see ASW as a modern property developer that is determined to improve the quality of living to meet every lifestyle needs for every generation, which is in line with our vision,” said Mr. Iwamoto.
In this regard, ASW operates a real estate development business by focusing on the development of high-rise and horizontal housing projects in high potential locations under the “We Build Happiness” Concept. Currently, more than 45 condominiums and housing projects have been developed by group brands, all designed to create happiness and to suit every lifestyle. These brands include KAVE, ATMOZ, MODIZ, ESTA, and THE HONOR. All the projects are valued at a total of more than 48,050 million baht, comprising 33 completed and ready-to-move-in projects, and 12 projects that are open for sale and under development. As of today, backlog awaiting realization of revenue has a total value of more than 9,218 million baht.
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