Frasers Joins Hitachi, Investing ฿2.20bn to Drive Digital Transformation in Asia-Pac

Frasers Property Group has signed the memorandum of understanding (MOU) with Hitachi Asia to invest SGD50 million (approx. 1.10 billion baht) each in driving digital transformation in the Asia-Pacific real estate industry over the next five years.

 

Mr. Charoen Sirivadhanabhakdi, Thai business tycoon and Chairman of Frasers Property, has signed the MOU with Hitachi’s President Mr Nakakita and CEO Toshiaki Higashihara in Bangkok.

This investment from both companies will explore opportunities to accelerate digital transformation for Frasers Property and the real estate industry, starting with Singapore, Thailand and Australia. They will also potentially co-develop and invest in new services.

Following Hitachi’s research, the size of the addressable property market for the Asia-Pacific, excluding Japan and China, is estimated to reach US$82 billion by 2025.

In addition, Hitachi Asia, Frasers Property 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 the industry.

As for what type of projects the company will look at, Frasers Property told Business Times that it is not able to disclose details but will be using technology and digitalisation “to deliver better experiences to the users and to drive overall operating effectiveness”.