7 February 2019, Bangkok - Japanese giant trading house Itochu has returned to property development in Thailand after a gap of over 20 years to invest in MQDC's Whizdom Asoke-Sukhumvit, a 39-story condominium by Benjakitti Park.
Under a joint venture with MQDC, Itochu is taking a 38% interest in the upscale residence, which will overlook 450 rai of forest at Benjakitti Park.
"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," said Mr Assada Kaeokhiao, President of MQDC's Whizdom brand.
The joint venture agreement was formalized at a signing ceremony at Waldorf Astoria Bangkok in Magnolias Ratchadamri Boulevard (MRB).
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."
Itochu was drawn by Whizdom Asoke-Sukhumvit's "prime location facing Benjakitti Park", said Mr Masatoshi Maki, COO of Construction, Realty & Logistics at Itochu.
"Itochu is also investing in Whizdom Asoke-Sukhumvit with a partner with whom we can create a strong and sustainable relationship," he added.
Itochu is one of the largest Japanese sogo shosha (general trading companies), ranking 204th on the 2018 list of Fortune Global 500 companies with an annual trading revenue of USD51.86 billion.