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At Mitsui Fudosan Asia, we work to combine strong leadership capable of tapping the extensive knowledge, experience and resources of our parent company with agile up-and-coming talent who possess a solid understanding of local conditions and needs. Each of our offices in Asia is led by managers uniquely positioned to meet the challenges and demands of their respective country, and thanks to the steadfast support of all their colleagues, these managers are paving the way for Mitsui Fudosan Asia’s next phase of expansion in Southeast Asia. Below, you will find a message from each manager about their role at MF Asia and the vision they have for our future in Asia.
I have worked with Mitsui Fudosan for almost thirty years. Over this time, I have had the privilege of overseeing every aspect of the business across most varieties of development. I’m excited about Mitsui Fudosan Asia’s incredible growth potential as greater Asia becomes an increasingly important part of our global portfolio.
Last year, Mitsui Fudosan released its Medium-Term Management Plan for 2025. One of the core components of our strategy is rapid expansion in Southeast Asia and Australia. As of now, Mitsui Fudosan Asia is responsible for 7-8% of Mitsui Fudosan’s overall profits. As the Managing Director of our Singapore Office, my goal is to raise that to 30%. Given the size of the market and the incredible talent here, I’m more than confident that this goal is achievable if we work for it.
As a Southeast Asian subsidiary of a longstanding Japanese company, our fundamental task is to adapt the best parts of our native business practices to the demands of a rapidly developing market. We’re lucky to have incredibly talented and hardworking staff from a wide variety of backgrounds, whose diversity of opinions and experiences really lets our business flourish. Personally, throughout my time at Mitsui Fudosan, I’ve learned the importance of long-term relationships with all our stakeholders--clients, business partners and employees--and I’ve made these relationships a priority here at Mitsui Fudosan Asia. We go into each partnership hoping to make it last a lifetime, and we hope our partners do the same. This approach requires respectful, ethical work, done with a high degree of quality. Again, and again, we’ve found that in the long run this pays dividends.
My favorite thing about Mitsui Fudosan Asia is its people. But beyond that, I’m inspired every day by our line of work. Through concrete projects done well, we’re really making a difference to communities and towns across Asia in a number of sectors, from building homes to commercial facilities and more. Moving forward, I think the three main evolutions in our field are going to be an expansion towards holistic projects centered around towns themselves, a push towards more advanced developments using IT and the internet of things, and a gradual redefinition of “real estate” to include a broader portfolio of relationships and services. With our amazing team and aggressive growth attitude, I’m confident in our ability to tackle these challenges head on and emerge as a leading player in pan-Asian real estate.
I joined Mitsui Fudosan 27 years ago. For the first 17 years, I worked on domestic real estate projects in Japan and spent the next 10 years developing our overseas operations in China and Southeast Asia. In Japan, I gained experience in all aspects of our commercial facility business, from land acquisition and development of commercial property to leasing and mall operation. During my tenure, I was in charge of major projects including LaLaport and Mitsui Outlet Park among other urban commercial developments. I later took up an administrative position focusing on corporate reorganization, capital policy and running Mitsui Fudosan’s general shareholders’ meetings. For our overseas ventures, I oversaw the development of Shanjing Outlet Plaza Ningbo and helped acquire land for LaLaport Shanghai project. In 2013, I took up a new post at Mitsui Fudosan Asia’s Singapore headquarters and developed Mitsui Outlet Park KLIA Sepang. By 2018, I had moved to Malaysia and began work on establishing the first LaLaport in Southeast Asia -- all while engaging in various housing ventures in the mixed-use development of Bukit Bintang City Centre (hereinafter BBCC). Today, I am working on new ventures in logistics in Thailand and expanding our development of commercial facilities throughout Southeast Asia.
Malaysia is a melting pot of Malay, Chinese, Indian and other world cultures. A multitude of differing religions and traditions all coexist within the borders of a truly diverse nation.
After gaining independence in 1957, Malaysia’s ruling coalition remained in control until last year when the opposition bloc led by 93-year-old prime minister Mahathir Mohamad claimed a historic win. This ushered in Malaysia’s first change in political power, with the Mahathir administration embarking on a set of unprecedented policies to reduce the national deficit and reform Malaysia’s tax codes. While his administration is working hard to achieve these ambitious goals, it will no doubt take some time for the political climate to stabilize. We must be ready to quickly adapt to any changes in Malaysia’s real estate market, while actively expanding our business in a measured and strategic manner.
The Malaysian real estate market is distinctly divided into urban and suburban sectors. Within this, the housing market is further segmented into developments for local Malaysians and overseas investors. Urban upscale condominiums are particularly popular among foreign investors, whereas the majority of suburban housing projects are targeted at and occupied by locals.
In the commercial sector, urban districts feature numerous luxury brands targeting overseas travellers. By contrast, suburban areas are dotted with large-scale shopping centres tenanted with local and international brands for the local residents’ needs. Malaysia is a car country and, for the time being, shoppers rely on automobiles to access commercial facilities in both the city and the suburbs. Nevertheless, Malaysia continues to develop its mass transit system. As its network of railways continues to expand, use of public transport is only expected to grow.
One of the projects Mitsui Fudosan Malaysia is directly overseeing is the Mitsui Outlet Park KLIA SEPANG, which was inaugurated in 2015. This shopping mall is popular among locals and foreign travellers and successfully began its second phase of development in 2018 in anticipation of a coming third phase of facility expansion.
In central Kuala Lumpur, we are developing an expansive shopping destination LaLaport at BBCC. We plan to make this our flagship mall offering visitors an interactive and lifestyle-focused shopping experience. BBCC itself is a large-scale mixed-use development project composed of shopping mall, office buildings, residences, hotels and more. Mitsui Fudosan Malaysia is directly involved in the BBCC’s core commercial facility operations and is taking a leading role in promoting comprehensive urban development in the area. We are also looking to acquire other assets that will provide significant added value to the BBCC development project as a whole. In addition, Mitsui Fudosan Malaysia plans to further expand into various real estate assets throughout the country in industries as diverse as logistics and serviced apartments.
Against this backdrop, Mitsui Fudosan Malaysia provides an open and welcoming workplace where each employee is actively engaged in their respective projects. We are always eager to undertake new ventures, and our entire staff is excited to take on any challenges that come their way. Our company takes a team-centred approach to its projects, and our true strength lies in the quality of our teamwork.
We work day in and day out to create a working environment that encourages communication and provides a platform where everyone can feel at ease. We also guide employees to be aware of work outside of their personal or team projects.
In my capacity as Mitsui Fudosan Malaysia’s MD, I will continue striving to create a healthy and supportive environment where all employees can work passionately and freely. Moving forward, I promise to build a society that provides a better, more vibrant life for our staff, their families and our customers.
When I joined Mitsui Fudosan twenty-six years ago, I never imagined it would take me all the way to Thailand. It has been an incredible experience and opportunity for me, both personally and professionally, to explore a vibrant culture and one of Asia’s top emerging markets. Although Mitsui may have a long history in Japan, here in Thailand we’re just a young company founded in 2017. Despite this, we have been able to expand our business quite quickly, thanks to the collaboration with our valuable partners.
Thailand is positioned to be one of the main markets driving the overall medium-term business plan for ambitious Southeast Asian growth. Thailand is a very attractive destination globally and it draws over thirty million tourists every year. Geographically, Thailand is at the center of ASEAN and a key country in the region. Urbanization of Thailand is expected to continue, and we will see provision of greater infrastructure over the next decade which will facilitate the urban regentrification and betterment of living.
Looking forward, I’m excited to work to increase our investment and diversify our portfolio in Thailand through collaboration with our partners. Developers have a role to play in solving societal issues. Utilising our accumulated expertise and global experience, we hope to contribute and participate in playing such an important role in Thailand together with our partners.