Habitat Group reached an agreement with Japan-based JALUX subsidiary JRE Development to manage a quartet of condominiums under its Walden brand. The full-service property management company will be responsible for Walden Thonglor 8, Walden Thonglor 13, Walden Sukhumvit 39 and Walden Asoke.
The agreement is a boon for Walden investors as JRE Development specializes in managing projects catering towards Japanese tenants. According to CBRE, 19 percent of all work permits issued in Thailand were granted to Japanese expats. Since the majority of this group is in Thailand for a contracted period, many prefer to rent residences as opposed to buying property.
“We have partnered with JRE Development to manage our Walden properties primarily because of their experience and understanding of client needs, especially Japanese. This fits well with our target buyer demographic as we expect 80 percent of Walden tenants to be Japanese,” Chanin Vanijwongse, Chief Executive Officer of Habitat Group, said. “JRE Development’s professionalism and knowledge will also be an important factor for potential Walden buyers, giving them confidence in the product and peace-of-mind that their investment and residences will be managed to international standards.”
JRE Development is already active in Thailand, managing residential projects and serviced apartments along Thailand’s Eastern Seaboard. The firm estimates that 70,000 Japanese expats currently live in Thailand and believes it is well positioned to attract residents to the four Walden projects it will manage.
“JRE Development are delighted to be working with such an established developer as Habitat Group and we’ll be able to apply our 30 years of brokerage, development and property management experience in Japan to these projects,” Masashi Higuchi, President of JRE Development, stated. “Our experience in Thailand managing properties on the East Coast, together with our international experience and in depth understanding of what residents and investors need, will ensure Walden has an edge in the marketplace.”
The agreement between Habitat Group and JRE Development was originally set to only include Walden Thonglor 8 and Walden Thonglor 13, but the two companies decided to extend the partnership to four projects. The Japanese expat market enjoys the Thonglor area of Bangkok with several Japanese-themed or inspired entertainment and retail venues, such as Donki Mall Thonglor, found in this part of the city.
JRE Development will offer two service packages at the Walden projects under its management. The packages include room cleaning service, a 24-hour Japanese speaking liaison, Wi-Fi and the ability to convert rental fees into Japan Airlines mileage rewards.