Hitachi and Frasers ink digital MoU
Hitachi Asia Ltd and Frasers Property signed a memorandum of understanding (MoU) yesterday to invest up to US$50 million each on collaboration in digital transformation in the real estate industry in Asia-Pacific over five years.
The MoU signed in Bangkok calls for the two companies to explore opportunities to accelerate digital transformation for Frasers Property Group and the real estate industry, starting with Singapore, Thailand and Australia, and potentially co-develop and invest in new services.
The size of this market for AsiaPacific, excluding Japan and China, is estimated to reach $82 billion by 2025.
The technical and commercial teams for Hitachi Asia, 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 solutions in real estate.
Both parties will explore ways to future-proof Frasers Property Group’s property portfolio in a sustainable manner.
The agreement comes following a project initiated to look at the design of smart city services for facility management operational systems for One Bangkok, Thailand’s first fully integrated district focusing on environmental sustainability and smart-city living.
“Through Hitachi’s social innovation business, we will draw on our operational technology and information technology expertise to jointly develop new market solutions and improve the lives of people,” said Kojin Nakakita, vice-president for regional strategies for Hitachi, and chairman of Hitachi Asia.
“The real estate industry is rapidly evolving. That means we must find ways to redefine the experiences of our customers,” said Panote Sirivadhanabhakdi, group chief executive of Frasers Property.
“Today’s announcement represents the first of many collaborations we are exploring to help accelerate digital transformation for Frasers Property.
“Frasers Property is delighted to collaborate with Hitachi and to share our real estate and local market knowledge and networks.”