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Hitachi Asia Ltd. and Frasers Property Limited announced 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 (Singapore) 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.
Frasers Property Limited is a multi-national company that develops, owns and manages a diverse, integrated portfolio of properties. Listed on the Main Board of the Singapore Exchange Securities Trading Limited (SGX-ST) and headquartered in Singapore, the Group has total assets of approximately S$33.6 billion as at 30 June 2019.
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 terms 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 strength 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.