PanaHome Corporation today announced it will establish a new regional headquarters in Singapore, effective April 1, 2015. The wholly-owned subsidiary named PanaHome Asia Pacific Pte. Ltd will focus on expansion of the housing business in the ASEAN countries except Malaysia.
As a Panasonic group company, PanaHome contributes to the overall growth of Panasonic through housing business. Panasonic Corporation has set a target of 10 trillion yen in consolidated sales in the fiscal year ending March 2019, of which 2 trillion yen is expected to come from the housing business. PanaHome aims to account for a quarter of the targeted housing sales, or 500 billion yen, of which 50 billion yen will be generated overseas. To attain these goals, PanaHome, which currently has two bases outside Japan, in Taiwan and Malaysia, will accelerate its overseas housing business by expanding to cover the entire ASEAN region. PanaHome Asia Pacific is conveniently located within about two hours from any ASEAN country. The regional headquarters will promote information gathering and marketing activities in each target area and may set up a special purpose company with local developers to pursue an optimal framework for each project, thereby building a locally-driven system from order acquisition to construction.
Starting with the smart town development projects currently under negotiation in Indonesia, Vietnam and Cambodia, the regional headquarters will step up the development of its housing business in the Asia Pacific region, with the goal of achieving 10 billion yen in sales in the fiscal year through March 2019.