Through our local subsidiary “Tokyu Development (THAILAND) CO., LTD” (hereafter, Tokyu Development (Thailand)), which we established in June 2012 in Thailand, is the “KING SQUARE SUITS CO., LTD (King Square Suite)” in the Kingdom of Thailand, the “KING SQUARE SUITS CO., LTD (King Square Suite)” established by the major Thai conglomerate Saha Group (hereafter, Saha Group) It has been decided to participate in the serviced apartment business “Dusit Suites King Square Bangkok (Dusit Suites King Square Bangkok)” (hereafter, this project), which is being developed at “Square”.
Furthermore, Tokyu Development (Thailand) and the Saha Group will establish a new real estate management company “SAHA TOKYU PROPERTY MANAGEMENT CO., LTD (Saha Tokyu Property Management)” in August 2012, and will carry out real estate management centered on properties in the “King Square” area.
The redevelopment area “King Square,” which promotes this project, is located in the Rama 3 area, which is expected to develop in the future, located about 10 km south of central Bangkok, close to the expressway, and has excellent access to central Bangkok. The British international school “KING'S COLLEGE INTERNATIONAL SCHOOL BANGKOK,” which opened in September 2020 and provides the world's top level of high-quality education, is located on the approximately 14-hectare site, and it is an area where the Saha Group is taking the lead in development, such as planning to open a commercial facility “KINGSQUARE” in 2025. We established a joint venture “KING SQUARE DEVELOPMENT CO., LTD (KING SQUARE DEVELOPMENT)” with the Saha Group in 2022, and are promoting the condominium business “King Square Residence (King Square Residence)” in “King Square” in “King Square.” This project is the second housing project we are working on at “King Square.” We aim to create an even richer living environment in Thailand, and we have decided to participate in this project, which can provide high-quality rental housing options.
This project is “King Square”'s first serviced apartment business, and it mainly targets families, faculty, and staff attending international schools. The total number of guest rooms is 154 (28 stories above ground), and the guest rooms are mainly about 70 square meters or more, and some guest rooms can be used for short-term stays as hotels. We will also outsource the operation of serviced apartments and hotels to Thailand's leading hotel and hospitality service group “Dusit International” (hereafter, Dusit). Dusit is a hotel management company established in 1948 in Thailand, and has developed over 300 hotels, resorts, and villa facilities in 18 countries around the world. We provide meticulous services through food and beverage facilities where you can experience Thai culture, and personalized hospitality, which is Dusit's strength.
Furthermore, Tokyu Development (Thailand) and the Saha Group will establish “Saha Tokyu Property Management” in August 2012 and will carry out real estate management centered on properties in the “King Square” area. In addition to being responsible for real estate management and exterior management of houses and commercial facilities within “King Square,” it is also responsible for area management, starting with the operation of shuttle buses connecting the office building “King Bridge Tower (King Bridge Tower)” and “King Square” and train stations independently developed by the Saha Group in the suburbs. By taking charge of real estate management centered on properties in the “King Square” area, we create a synergistic effect for the entire Rama 3 area, and realize sustainable urban development that contributes to improving the value of the area.
Going forward, we will continue to contribute to the development of Thailand by utilizing housing projects and real estate management businesses within Japan, area management cultivated through community development along the Tokyu Line, and know-how involved in the development and operation of rental housing for Japanese expatriates in Sriracha, Thailand since 2014.
Details are shown in the attached sheet.
