Mr Thanakorn says the joint venture with two Japanese companies will enhance All Inspire's capacity and know-how.

Property developer All Inspire Development Plc has formed a joint venture with two leading property developers, JR Kyushu and Hoosiers Holdings, to establish AHJ Ekamai Co in a move to strengthen business capacity and capitalise on growing condominium demand.

AHJ Ekamai has initial registered capital of 100 million baht, with a 51% stake held by All Inspire, Hoosiers Holdings at 29% and JR Kyushu at 20%.

The company will construct a condo project in the Ekamai area on three rai. Presales will be by the second quarter.

A joint venture helps ensure the debt-to-equity ratio of All Inspire Development, the parent company, is not too high because it is not required to consolidate the balance sheet of AHJ Ekamai until buyers pay the full unit price to the developer.

Chief executive Thanakorn Thanawarith said this is the first joint venture for JR Kyushu with All Inspire Development, which reflects its trust in growing demand in the Thai property business and the latter's brand positioning in the mass premium market.

JR Kyushu operates in railway, property development, construction, and retail for food shops. The National Railway of Japan was privatised as JR Kyushu in 1987.

In 2017, JR Kyushu reported total revenue of 111 billion baht and had assets worth 200 billion.

Hoosiers Holdings reported sales revenue of 16.7 billion baht last year. Hoosiers invests an average of 32 billion baht in property construction every year.

Last year, All Inspire entered a joint venture with Hoosiers Holdings to establish All Inspire Hoosiers Co to construct The Excel Sukhumvit 50, which is under construction.

All Inspire holds 51% of All Inspire Hoosiers, while 49% is held by Hoosiers Holdings.

Mr Thanakorn said AHJ Ekamai is the second joint venture for All Inspire and Hoosiers, but the first between All Inspire and JR Kyushu.

"Hoosiers Holdings and JR Kyushu have a close relationship. Partnering with these two leading property developers in Thailand will enhance our capacity and we will benefit from their know-how in the property business," he said.

Mr Thanakorn said All Inspire was considering between listing on the Stock Exchange of Thailand (SET) or SET's Market Alternatives for Investment (MAI). The company started filing applications to the Securities and Exchange Commission on Wednesday, expecting to list in early 2019.

Asia Plus Securities is the financial adviser for All Inspire's application and IPO. All Inspire has registered capital of 410 million baht.

All Inspire Development booked total revenue in 2017 of 714 million baht. For the first half this year, it booked 1.15 billion baht in revenue and expects 1.5 billion for the full year.

Mr Thanakorn said the company has a project backlog worth 8 billion baht.

Expected revenue from the backlogged projects will be booked into the company's financial statements in 2019 and 2020.

All Inspire has launched five projects this year, worth a combined 7 billion baht. The projects are all being constructed.

The company also plans to construct a townhouse residential project called the Vision Townhome in 2019, which will be located near the Lat Phrao-Nawamin intersection.

Foreign buyer numbers are growing in the Bangkok condo market, particularly from Hong Kong, China, Taiwan and Singapore.

Two years ago All Inspire set up a subsidiary, Thai D Real Estate Co, as a property sales agent for foreign markets. Sales from foreigners rose from 450 million baht in 2016 to 2 billion in 2017.