Real Estate Business To Improve With JR Kyushu New Apartment Complex
The Japanese company, Kyushu Railway Co., has a new acquisition amounting to Bt2.9B and it is an apartment complex with a wide range of modern facilities. This will be in the Asoke district of Bangkok and will surely affect the Bangkok property rental. President Toshihiko Aoyagi of JR Kysuhu, says that the deal is a big step for them, not just because putting another contender on the playing field is risky, but also because it’s the company’s first expansion overseas in the hospitality sector. Additionally, this is also the first collaboration for the Thailand-based Onyx and JR Kyushu.
The deal was made possible with the assistance of JR Kyushu’s exclusive adviser who also arranged the terms of management. The Onyx Hospitality Group will be managing the new apartment complex.
The location for this apartment complex is in the Asoke district of Bangkok, Thailand. This district is seeing a growth in its property value coming from the previous years.Asokehas a various mix of real estate properties, ranging from entertainment, residential and business properties. It is expected that not only homeowners can benefit from this, but also local business owners. Onyx will be handling the new apartment property from the 1st of April 2018 onwards.
JR Kyushu statements reveal that the company’s projected spending will be at least Bt100M/US$3.193 on renovating the apartment complex. Facilities would also include restaurants, conference and events halls, apart from the special studio units and multiple bedroom apartments. The improvements aim to accommodate both short and long stays, primarily for the Japanese market but also for other potential markets in Asia, such as the Chinese and the Singaporeans.
JR Kyushu already has plans to follow up on this shakeup of Bangkok property rental, with further expansion plans in other countries they have yet to elaborate on. The company already has a foothold in Shanghai, with their new restaurants.
Market research estimates around 80% for the rate of occupancy throughout the year.The apartment complex will accommodate homeowners both local and foreign. It will see a daily rate below Bt5000, and will be undergoing refurbishment for the next couple of years.