Origin to launch 31 projects, targets 17.5 billion baht

Developer Origin Property intends to introduce 31 new residential properties in Thailand totalling 42 billion baht, targeting 35 billion baht in presales and 17.5 billion baht in revenue, according to the Bangkok Post.

Of the projects, 19 are apartments, costing a total of 28.6 billion baht, followed by 12 low-rise residences, costing 13.4 billion baht, says Origin’s chief executive.

“The low-rise house segment remains robust, while the condo segment is recovering. Non-residential development is another business we want to grow.”

In the next 3 years, the company plans to increase earnings from non-residential projects to 20% of overall revenue, an increase of 10%. It hopes that figure will continue to rise to 50% in the next 5 years.

Last year, Origin Property made a net profit of 3.1 billion baht on consolidated revenue of 15.9 billion baht, increasing 20% and 43%, respectively.

Apart from residential projects, the company’s 3 main business groups include recurrent businesses, such as brokers, serviced apartments, hotels, retail and property management, as well as non-recurring businesses, such as logistics, energy and healthcare.

Origin further plans to launch initial public offerings for 3 subsidiaries from 2022 to 2024, including…

• Primo Service Solutions, a property management company, generated 490 million baht in revenue in 2021 and plans to make 750 million by the end of this year.
• One Origin, which manages commercial assets such as hotels, serviced apartments and retail spaces, will be the second, with SCB serving as the project’s financial adviser.
• Industrial estate developer Alpha Industrial Solutions — a joint project with industrial estate business JWD Info Logistics, with Kasikorn Securities serving as a financial adviser. Initial public offering are set to be launched in 2024.

SOURCE: Bangkok Post