From left Mr Fukuzawa, Thanakorn Thanawarith and Ms Shimoura believe the Thai property market is on course for growth.

Two Japanese firms, Kyushu Railway and Hoosiers Holdings, have forged a joint venture with Thai developer All Inspire Development Plc for a condo project worth 4.8 billion baht on Ekamai Road, as they are confident in the Thai economy and property market.

Kiko Shimoura, general manager for overseas division, Hoosiers Holdings, a Japanese real estate firm, said the Thai property market is on course for growth.

"The Thai population is expanding, with a majority of them young people. This creates new demand in the housing sector," she said. "Another opportunity is the government's flagship Eastern Economic Corridor initiative."

Ms Shimoura predicts the property market will expand over the long run, particularly in Bangkok, which remains attractive for investment.

Hiroyuki Fukuzawa, executive officer of Kyushu Railway Co (JR Kyushu), a railway and property firm, said the Thai property market is large and property development in Bangkok continues to grow with low risk.

"When old acquaintance Hoosiers persuaded us to join the joint venture, we did not hesitate," he said. "Despite a lot of competitors, we are confident in the location and product being developed."

Last September Hoosiers, JR Kyushu and All Inspire set up a joint venture firm, AHJ Ekkamai Co, with registered capital of 100 million baht, where they hold stakes of 29%, 20% and 51%, respectively.

The joint venture will launch Impression Ekkamai condo located on a 2.75-rai plot on Soi Ekamai, comprising three towers with 25, 43 and 16 storeys, respectively, and a total of 380 units worth 4.8 billion baht.

The project will be the second project in Thailand for Hoosiers. It will be a third investment and the first overseas condo project for JR Kyushu.

Hoosiers had the first investment in Thailand two years ago through a joint venture with All Inspire in a condo project on Sukhumvit Soi 50.

JR Kyushu entered the Thai property market in 2017 by acquiring a serviced apartment on Sukhumvit Soi 16.