Japanese developers fuel Southeast Asia's luxury condo boom
Japanese real estate developers and homebuilders are tapping into growing demand for luxury condominiums in Southeast Asia, a market of 600 million increasingly wealthy consumers. Japanese companies have built 30,000 residential units in the region in the past five years and are planning to develop around 80,000 more in the next five years. In addition to healthy economic growth in the region, which is lifting demand for high-end housing, buyers' similarities to Japanese make the market attractive for Japanese players. Many of the same design principles and specifications Japanese condo developers use at home also work well in Southeast Asia. After fielding more than 100 inquiries, Nomura Real Estate Development late last month opened a showroom for a condominium complex in Manila. Keys are to be handed over in 2023, according to the company. Nomura Real Estate has teamed up with Isetan Mitsukoshi Holdings, a Japanese department store operator, and local developer Federal Land, a subsidiary of GT Capital Holdings, to build a housing and shopping complex with four high-rise condo buildings in a newly developed residential area in a Manila suburb. "Demand is outpacing supply in the Manila housing market because of the growing ranks of middle-class consumers," said a Nomura Real Estate official. The housing and shopping complex is just one of the many upmarket condo projects Japanese builders are engaged in in Southeast Asia.
Tags : INTERNATIONAL