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AP Thailand and Mitsubishi Estate Business Partnership

FROM STRENGTH TO STRENGTH: A Strong Move Forward

Pioneering a New Standard in Thai Condominiums with a Massive 12.6 Billion Baht Investment

AP Thailand and Mitsubishi Estate Company, Limited (Mitsubishi Estate), leading real estate developers from Thailand and Japan, proudly celebrate a decade of strong business collaboration and friendship. This partnership is dedicated to elevating the Thai condominium industry, delivering an empowered living to all.

Marking a historic milestone, this joint venture stands as the first and only collaboration that has thrived for a decade, built on the foundation of sincerity—the key to longstanding business success—rather than financial returns. This partnership embodies a mutual trust in every aspect of their collaboration.

The Thai and Japanese teams work as one under Premium Residence Co., Ltd., a joint venture company established in Thailand. Over the past 10 years, this partnership has produced 24 masterpiece projects, with a total value exceeding 100 billion baht. These projects, coupled with continuous design innovations, offer the best options for urban living.

Looking ahead, the roadmap "From Strength to Strength" will further merge the strengths of both companies, ensuring endless growth. With a joint venture capital of 12,619,408,010 baht (twelve billion, six hundred nineteen million, four hundred eight thousand, ten baht), this collaboration remains the strongest in the industry, laying an important foundation for future project development.

Two upcoming masterpieces set to launch this year are THE ADDRESS Siam-Ratchathewi and RHYTHM Charoennakorn Iconic. These projects represent the pinnacle of pride for the year.

• THE ADDRESS Siam-Ratchathewi, a prestigious luxury condominium project valued at 8.6 billion baht, is set to unveil its stunning design on August 26-27.
• RHYTHM Charoennakorn Iconic, the latest flagship joint venture project valued at 4.5 billion baht, an iconic SUPER CONDOMINIUM, is scheduled to launch in November.

Tokyo (August 10, 2024) – AP Thailand and Mitsubishi Estate reinforce their successful collaboration, highlighting a decade of a longstanding and strong partnership between two leading real estate developers—one in Thailand and one with over 130 years of experience in Japan. To commemorate their 10^th anniversary of partnership, they announced a new roadmap, "From Strength to Strength," which aims for boundless growth with a joint venture capital of 12,619,408,010 baht. This capital will be used to expand condominium development projects in Thailand, particularly in response to the recovery of the city-centered condominium market near mass transit lines, which continues to show promising growth. The roadmap will also integrate expertise and knowledge to enhance the quality of mid-to-high-end condominium developments in Thailand, delivering Empowered Living to everyone.

Mr. Anuphong Assavabhokhin, CEO of AP Thailand, remarked, "The 10th anniversary of our business collaboration with Mitsubishi Estate is a significant milestone for AP Thailand. It reflects the confidence our partner has in our business practices and underscores the competitive strength and growth potential of Thailand’s residential real estate market, which is just as promising as that other countries."

Mitsubishi Estate and AP Thailand are the first and only partners to establish a joint venture company in Thailand under the name "Premium Residence Co., Ltd.," which holds a 51:49 shareholding structure. The collaboration serves as the main vehicle for long-term residential project investment in Thailand, with registered capital currently at 12,619,408,010 baht.

Above all else, this business collaboration has also significantly contributed to the Thai real estate industry. The investment capital has helped drive the industry, creating employment for over 100 companies within the industry ecosystem. The exchange of know-how and business practices has also benefited the broader society, which is usually challenging to achieve with short-term joint ventures.

"Mitsubishi Estate is exceptional for not only in its size and global experience, but also in its visionary leadership, which supports the progress of the Thai real estate industry. They have been instrumental in inspiring the AP Thailand team to continuously innovate our residential products and services, ensuring improvements that can empower living," added Mr. Anuphong.

Mr. Atsushi Nakajima, President & CEO of Mitsubishi Estate Co., Ltd., stated, "Mitsubishi Estate s overseas business began 40 years ago with real estate developments in Europe and the United States. Today, Mitsubishi Estate operates in many countries and regions, including Europe, the United States, and particularly Asia where Thailand is a key investment market due to its potential for real estate market growth and favorable business environment. Our partnership with AP Thailand, a strong and excellent partner, has also been invaluable."

Throughout the 10 years of business collaboration with AP Thailand, Mitsubishi Estate has developed a deep understanding of AP’s corporate cultures and philosophies. This has facilitated the exchange of knowledge and long-term business management practices, which would not have been possible had this collaboration were short-term and project-based.

With such understanding and trust that Mitsubishi Estate has developed with AP Thailand, coupled with their in-depth know-how in condominium development and meticulous attention to every detail, working together with AP, who holds a similarly high level of expertise, has allowed us to learn significantly .

Furthermore, both companies are committed to making significant contributions to their joint venture and to Thai society by sharing knowledge and expertise from Japan through various activities led by AP Thailand. Currently, both companies are working tirelessly to incorporate the concept of universal design into their projects.

"Mitsubishi Estate is extremely proud to contribute to Thai society through our joint venture with a strong and excellent partner like AP Thailand. We will continue to work together to bring the value of a Japanese company to Thai society in the years to come," said Mr. Nakajima.

Ms. Kamolthip Bamrungchatudom, Deputy Managing Director of Condominium Business Development, AP Thailand, also noted, "In the second half of this year, AP Thailand and Mitsubishi Estate are set to launch two MASTERPIECES from our joint venture that are our pride of this year. Located near two of Bangkok’s landmark, the first project is THE ADDRESS Siam-Ratchathewi, a ready-to-move-in condominium valued at 8.6 billion baht, which we will soon start the transfer of ownership process. This prestigious luxury project is a testament to meticulous craftsmanship and will be unveiled for the first time on August 26-27. It is located on the most beautiful land in the heart of Bangkok (150 meters from BTS Ratchathewi), with 35-square-meter one-bedroom units featuring panoramic city views starting at 8.29 million baht."

"The second highlight is the launch of RHYTHM Charoennakorn Iconic, worth 4.5 billion baht , the latest flagship joint venture project on a 4-rai plot of land, located on Charoennakorn Road opposite ICONSIAM, just 100 meters from Charoennakorn station on the Gold Line. This project caters to high-end customers with a new original concept of SUPER CONDOMINIUM, which brings together the best of three key dimensions: (1) SUPER DESIGN, a unique design that features the perfect combination of SUPER SPACE UTILIZATION and SUPER TIMELESS DESIGN ELEMENTS (2) SUPER RADIUS, offering a prime location with easy-access to essential facilities and a GLOBAL DESTINATION lifestyle experience within a 100-meter radius and (3) SUPER BLUE CHIP, the finest condominium landmark and the branding that reflects the ultimate value and potential for high-growth investment. Sales are set to begin in November," concluded Ms. Kamolthip.

AP Thailand and Mitsubishi Estate will continue to expand their investments, sharing a common goal of setting a new standard for the Thai condominium industry. By combining the strength of AP Thailand, a leader in Thai real estate development, with Mitsubishi Estate, a Japanese real estate giant known for its systematic processes and innovative technology, this partnership will optimize resources and bring potential to the new frontier, while creating new value, through ever-changing design innovation. These innovations will differentiate new projects from other condominiums along the BTS line. Together, they aim to cater to the trends of inclusive living, providing new choices and accessibility to a better life for customers in Thailand s condominium market, while upholding global standards of sustainability.