Decides to Participate in First Condominium and Detached Housing Projects (Approx. 4,200 Units) in Thailand and Indonesia
Mitsui Fudosan Residential Co., Ltd. today decided to participate in 3 projects to develop and sell 2,321 condominium units and 1,875 detached homes in Bangkok, the capital of Thailand, as well as Jakarta, the capital of Indonesia, together with the adjoining city of Tangerang. Mitsui Fudosan Residential will participate in these projects through Mitsui Fudosan (Asia) Pte. Ltd. (headquartered in Singapore), which is a joint venture of both Mitsui Fudosan and Mitsui Fudosan Residential.
In Southeast Asia, the Mitsui Fudosan Group has been engaged in housing sales and hotel businesses together with the Hong Leong Group, a local business conglomerate in Singapore, for over 40 years. In Malaysia, the Group is making steady strides with the Mews Project, a condominium project in Kuala Lumpur that the Group joined in March 2013, and an outlet mall project. We will be participating in projects for the first time in Thailand and Indonesia. We see both countries as promising markets offering strong prospects for expansion in their respective housing markets, based on the growing ranks of middle-income earners driven by steady economic growth. While maximizing the expertise we have acquired in housing development, marketing and other areas in Japan, Singapore and Malaysia, we will press ahead with these development projects in line with local business practices.
In Indonesia, we will jointly develop two projects with the Ciputra Group, one of the country's leading local developers with a strong track record in large-scale township developments. The first project is a 446-unit condominium project called CitraGarden City / Citra Block 6. The second project is an 1,875-unit detached housing sales business project called Citra Raya / Ecopolis Block. Both properties are large-scale township developments undertaken by the Ciputra Group over the long term. Township development refers to large-scale integrated urban development projects based on comprehensive urban planning, including infrastructure development.
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