21st February 2019, Bangkok – MQDC has formed a joint venture with Japan's ITOCHU to develop Whizdom Asoke-Sukhumvit, a 39-story condominium by Benjakitti Park with a project value of over THB9.5bn, in which the giant trading company is taking a 38% interest, its first investment to develop property in Thailand for over 20 years.
The joint venture demonstrates both the project's and Bangkok's global appeal, said Mr Assada Kaeokhiao, President of the Whizdom brand within MQDC – Magnolia Quality Development Corporation Limited, a Bangkok-based international property developer.
"The joint venture reflects Whizdom Asoke-Sukhumvit as a top-quality asset for residents and investors worldwide, bringing ITOCHU back to Thai real estate after over two decades with its prime location, unique design, and premium quality," he said.
"This agreement also speaks to Bangkok's enduring attraction for lifestyle and investment. Amid a cooling market, the outlook remains buoyant for projects that can offer truly unique aspects such as stunning views over a 450-rai forest park. We are honored to partner with a company with the prestige of ITOCHU, ranked high in the Fortune 500."
The joint venture agreement was formalized at a signing ceremony at Waldorf Astoria Bangkok in Magnolias Ratchadamri Boulevard (MRB).
MQDC was represented by Mrs Thippaporn Ahriyavraromp, Group CEO of its parent DTGO Corporation Limited, along with DTGO Group President Mr Raj Tanta-Nanta, MQDC CEO Mr Visit Malaisirirat, and Mr Assada Kaeokhiao, President of the Whizdom brand within MQDC.
Mr Masatoshi Maki, COO of Construction, Realty & Logistics at ITOCHU, signed for the Japanese company along with Mr Tomofumi Yoshida, President, General Products & Realty Company of ITOCHU Corporation, and Mr Fukuda Yugi, President & CEO of ITOCHU Singapore Pte Ltd.
MQDC and ITOCHU share a commitment to quality and sustainability, said MQDC CEO Mr Visit Malaisirirat.
"MQDC's watchword 'For all well-being' means we strive to benefit not only our residents but the wider community and the rest of nature, working through a strategy of 'sustainnovation' to find new solutions," he said.
"This focus chimes with ITOCHU's commitment to the environment in real estate. MQDC looks forward to an enduring collaboration with one of the world's largest and most respected businesses. This is a great partnership not only for MQDC but for Bangkok real estate in general, showing its continuing international appeal."
ITOCHU is looking for a "strong and sustainable relationship" extending to "innovative business fields", said Mr Maki.
"This is a prime location facing Benjakitti Park and we were looking for investment opportunities in the CBD in Bangkok," he said.
"ITOCHU is also investing in Whizdom Asoke-Sukhumvit with a partner with whom we can create a strong and sustainable relationship. MQDC is a partner with great potential to expand in innovative business fields."
About Whizdom Asoke-Sukhumvit
Whizdom Asoke-Sukhumvit is an upscale condominium in Bangkok's central business district (CBD) built under the concept 'own the rare' with a project value of over THB9.5bn.
The 39-story development on Ratchadaphisek Rd overlooks Benjakitti Park, offering spectacular views over a 450-rai forest park, and is 450 meters from BTS Asoke and MRT Sukhumvit stations.
In line with MQDC's 'for all well-being' principle, residents will benefit from high technology including Home Intelligent Systems with energy recovery ventilation (ERV) to help keep indoor air healthy. Face recognition systems and security robots will enhance security. A smart parking system with 85% automatic parking and rotation will save precious time.
The project has been designed to the trusted criteria of the Thai Green Building Institute's TREES-NC rating and implements the work of the Research & Innovation for Sustainability Center (RISC) in features for health and well-being.Whizdom Asoke-Sukhumvit's 553 units include 1- and 2-bedroom units and ultra penthouses. Residences start at 9 MB.
About MQDC
Magnolia Quality Development Corporation Limited (MQDC) is a business unit of DTGO Corporation Limited (DTGO) that develops, invests in, and manages villa, condominium, and mixed-use projects with a corporate commitment 'for all well-being'. MQDC develops residential and mixed-use projects under the luxury Magnolias brand and the youthful, urban Whizdom brand. The company has also set up The Aspen Tree to provide eldercare residences and full-spectrum services, enabling 'aging in place'.
The company supports the Bangkok-based Research & Innovation for Sustainability Center (RISC), Asia's first research base for sustainable building with a focus on well-being.
About ITOCHU
ITOCHU is one of the largest Japanese sogo shosha (general trading companies). It has 7 major operational divisions specializing in textiles, machinery, metals/minerals, energy/chemicals, food, general products/real estate and ICT/financial. ITOCHU was ranked 204th on the 2018 list of Fortune Global 500 companies with an annual trading revenue of USD51.86 billion.