TOKYO (IndoTelko) - Hitachi Asia Ltd. and Frasers Property Limited, announced today that Hitachi Asia and Frasers Property, through its subsidiary, have signed a memorandum of understanding (MOU) involving an investment of up to S$50 million each to collaborate and drive digital transformation in the real estate industry in Asia Pacific over the next five years. The size of the addressable market for Asia Pacific, excluding Japan and China, is estimated to reach US$82 billion by 2025.
MOU Signing Ceremony on 13 October. L-R: Kojin Nakakita, Vice President and Executive Officer, in charge of Regional Strategies (APAC), Hitachi, Ltd., Chairman of Hitachi Asia Ltd., and Chairman of Hitachi India Pvt. Ltd, Toshiaki Higashihara, President & CEO of Hitachi, Ltd., Charoen Sirivadhanabhakdi, Chairman, Frasers Property Limited and Panote Sirivadhanabhakdi, Group CEO, Frasers Property Limited.
According to the MOU, which was signed in Bangkok, the two companies will explore opportunities to help accelerate digital transformation for the Frasers Property Group and the real estate industry, starting with Singapore, Thailand and Australia, and potentially co-develop and invest in new services.
Both companies have a common belief that technology and digital transformation will drive future business operating models and contribute to creating a better society. The technical and commercial teams in Hitachi Asia, the Frasers Property Group and Japanese financial institutions have been working closely to develop a new multi- generational approach to provide technology and Infrastructure as a Service (IaaS) solution for happiness and great experiences in the real estate industry.
Both parties will draw upon their strengths and resources to jointly explore ways to future-proof Frasers Property Group's current property portfolio in a sustainable manner. This comes at the back of a project already initiated to look at the design of smart city services for facility management operational systems for the One Bangkok development, Thailand's first fully integrated district that is built on people-centric principles and a focus on environmental sustainability and smart city living.
"We are excited to collaborate with Frasers Property and work with a partner who shares our belief in contributing to a sustainable society. Through Hitach's Social Innovation Business, we will draw on our operational technology (OT) and information technology (IT) expertise to jointly develop new go-to-market solutions and improve the lives of people and happiness with Frasers Property," said Mr. Kojin Nakakita, Vice President and Executive Officer, in charge of Regional Strategies (APAC), Hitachi, Ltd., Chairman of Hitachi Asia Ltd., and Chairman of Hitachi India Pvt. Ltd.
"The real estate industry is rapidly evolving. That means we must find ways to redefine the experiences of our customers. Today's announcement represents the first of many collaborations we are exploring to help accelerate digital transformation for Frasers Property. We are delighted to collaborate with Hitachi and to share our real estate and local market knowledge and networks," said Mr. Panote Sirivadhanabhakdi, Group Chief Executive Officer of Frasers Property Limited.(es)