Hitachi Asia and Frasers Property, through its subsidiary, have signed a memorandum of understanding (MOU) involving an investment of up to S$50 million each to drive digital transformation in the real estate industry in Asia Pacific over the next five years.
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.
The technical and commercial teams 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 the real estate industry.
“Through Hitachi’s Social Innovation Business, we will draw on our operational technology (OT) and information technology (IT) expertise to jointly develop new go-to-market solutions and improve the lives of people and happiness with Frasers Property,” said Kojin Nakakita, VP and Executive Officer, in charge of regional strategies (APAC) at Hitachi.
Panote Sirivadhanabhakdi, group CEO of Frasers Property, said the signing of the MOU in Bangkok represents the first of many collaborations they are exploring to help accelerate digital transformation for Frasers Property.
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.