Sena partner upbeat on market
Sena partner upbeat on market

Japan's Hankyu Hanshin Properties Corp says it will spend 2 billion baht a year during 2020-22 on property development via joint ventures with SET-listed Sena Development Plc.

Kazumasa Ohchi, senior general manager of Hankyu Hanshin Properties, said the spending budget for Thailand in the next three years represents a long-term investment in the country.

'We came to Thailand a few years ago because we were confident in the Thai economy, and today we remain feeling so,' he said yesterday. Since 2016, Hankyu Hanshin has spent 2.8 billion baht in Thailand. The entire amount went to condo joint ventures with Sena. To date, the 13 joint ventures are worth a combined 37 billion baht.

The investment in the Thai property market is Hankyu Hanshin's largest in Southeast Asia, accounting for 50% of the total. Sena Hankyu Hanshin Co, a joint venture of Hankyu Hanshin Properties and Sena Development. Project in Piti Ekkamai, a condo launched last year with 879 units worth 5.6 billion baht. When completed, the property will be managed by Elite Residences Co, a subsidiary of Sena Development.

Deputy chief executive of Sena Development, said condos priced at 150,000-180,000 baht per square metre will have hospitality services, something usually provided strictly for units priced above 250,000 baht.

Published : 3-Sep-2019

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