PanaHome Corporation president Yasuteru Fujii (left) and Chen at the announcement of the joint venture.

PANAHOME (M) Sdn Bhd, the local property arm of Japan’s Panasonic Group, has formed a new joint venture company with local developer MKH Bhd, to provide home solutions for development projects undertaken by MKH.

PanaHome will hold 51% in the new company, PanaHome MKH (M) Sdn Bhd, while the remainder 49% is owned by MKH’s subsidiary, Kajang Resources Corporation Sdn Bhd.

“With the establishment of the new joint venture company, PanaHome MKH Malaysia will offer solutions and proposals for housing in Malaysia by combining MKH’s know-how in the real estate development business with PanaHome’s technology, construction expertise and ideas for quality living.

“We aim to find the balance between design, furnishing and homebuilding, while sustaining the environment,” said MKH executive chairman Tan Sri Alex Chen Kooi Chiew.

The company plans to open showrooms to enable customers to visualise and experience first-hand the various living spaces it can offer.

Established in 1979, MKH has developed more than eight townships with more than 35,000 properties in Kajang and the Greater Kuala Lumpur. In 2008, the company diversified its business by venturing into oil palm plantation in Kalimantan, Indonesia.

PanaHome has built a total of about 470,000 residences in Japan over the past 50 years. It has expanded its business overseas, to Taiwan in 2010, and Malaysia in 2012. In April 2015, it established PanaHome Asia Pacific Pte Ltd to strengthen its foothold in the housing industry across the South-East Asia and Oceania region.

“The Panasonic ‘Homes & Living’ sub-brand demonstrates our capabilities in the housing sector, integrating PanaHome’s expertise in building construction, in other words, the exterior framework of the building, with Panasonic’s latest range of housing appliances and products for the interior.

“Our vision is to elevate housing conditions in the markets we serve. The establishment of PanaHome MKH Malaysia is synonymous with that. PanaHome Malaysia is excited to partner with MKH to build sustainable homes,” said PanaHome Malaysia president Haruhiko Kuwano.

PanaHome has set a target of 50bil yen in consolidated sales in the fiscal year ending March 2019 for overseas business. Of the 50bil yen, PanaHome aims to generate ¥15bil yen in sales from the Malaysian market.

Through the establishment of the new joint venture company, PanaHome will accelerate its efforts to expand its business to attain these goals.