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Sumitomo Forestry Co. is entering into housing development in Thailand through a joint project with a local developer, aiming to capitalize on growing demand for condominiums in Bangkok and to expand its overseas business.

Sumitomo Forestry plans to build a 38-story luxury condo with about 400 units in the capital’s central Thong Lo area with Property Perfect PCL and its affiliate. The investment will total $140 million and construction will begin in the third quarter of 2018, with completion slated for 2020, the company said Wednesday.

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