Japanese developer Mitsubishi Estate Group plans to continue its joint investment with SET-listed developer AP (Thailand) in the Bangkok condominium market.

Five new projects worth a combined 20 billion baht are set to be launched this year.

Hideki Nishikami, director and senior executive officer of Mitsubishi Jisho Residence Co, a subsidiary of Mitsubishi Estate Group, said Bangkok's property market looked bright in the first four months, with prospects expected to continue until year-end.

"Bangkok condos are a promising market thanks to four positive factors — rising household incomes, mass-transit expansion plans, population inflows into Bangkok and more nuclear families," he said during a visit to Bangkok yesterday.

In choosing a joint project with AP, the group will consider proximity to mass transit (within 400 metres of a station) and the return on investment. In Asia, Mitsubishi Estate has invested in the property market in four countries, with Singapore the largest investment, followed by Thailand, Vietnam and Malaysia.

"Thailand is  investing heavily in mass transit nationwide, but we remain focused only on the Bangkok market despite Chiang Mai and Phuket being well known among Japanese," Mr Nishikami said.

Two joint ventures will be Rhythm Rangnam, with 385 units worth a combined 2.5 billion baht, and Life Asoke, with 1,642 units worth 6.3 billion. These will be launched at Siam Paragon from June 25-28 together with four other condo projects worth 7.32 billion baht being developed by AP alone.

AP shares closed yesterday on the SET at seven baht, unchanged, in trade worth 78.3 million baht.