Raimon Land and Tokyo Tatemono sign a joint-venture agreement
Raimon Land and Tokyo Tatemono sign a joint-venture agreement to develop 2 hi-end residential projects on Sukhumvit and Sathorn with combined project value over 9 Billion Baht.
Raimon Land PLC and Tokyo Tatemono join hands in an exclusive joint-venture agreement to develop multiple residential projects in Bangkok. The first 2 hi-end residential projects will be located near BTS Phrom Phong and BTS Surasak with total combined project value over 9 Billion Baht. Raimon Land strongly believes that the projects will resonate with clients’ demand for good locations and quality products. CEO, Mr. Adrian Lee targets revenue of 10-12 Billion Baht in the next 5 years with low D/E not more than 1. This landmark joint venture is which will allow the company to not only grow stronger, but will create invaluable synergies between both companies. Raimon Land strongly believes the JV will benefit not only company but to all stake holders. The joint venture will be 51% owned by Raimon Land PCL. and 49% Tokyo Tatemono Asia Pte Ltd. (TTA), a Tokyo Tatemono subsidiary for its Overseas Business.
Mr. Adrian Lee, Chief Executive Officer, of Raimon Land PLC: Thailand’s premium real estate developer, disclosed today (19 April 2018) that the company signs a joint-venture agreement with Tokyo Tatemono, a real estate development company listed on Tokyo Stock Exchange, to develop residential projects located in Sathorn 12 with value 4.2 Billion Baht and another project in Sukhumvit located near BTS Phrom Phong only 2 minutes-walk with value 4.9 Billion Baht or in total combined value over 9.1 Billion Baht.
“The joint venture between Raimon Land and Tokyo Tatemono, one of the Japan’s oldest real estate developer, is a golden opportunity to expand the business under collaborated visions from both companies. Together they will explore any possibilities and knowledge for potential future developments as long term partners to generate steady income and drive the growth to benefit both companies. In the next 5 years (2023), Raimon Land forecasts its business to roundabout at 10 -12 Billion Baht. Growth is underpinned by a strong balance sheet with D/E standing at 0.67.” said Adrian Lee.
Mr. Katsuhito Ozawa, Director, Executive Officer and Head of Overseas Business, Tokyo Tatemono Co., Ltd reveals that their decision of the joint venture with Raimon Land are business expansion to international market with an interest in real estate, especially residential. With the right partner such as Raimon Land, they believe that together they can develop the long-term partnership using both of their knowledges and experiences to gain high profit in the future.
Currently Tokyo Tatemono has developed and managed office buildings, condominiums under its Brillia brand, commercial facilities and resort facilities. Tokyo Tatemono Group’s portfolio also includes real estate consultant service, car parking lots, housing for the elderly, child care service, overseas business and appraiser real estate value. The company’s 2017 revenue was 77.8 Billion Baht.