Thailand real-estate developer Origin Property sees 2023 revenues rising by 20% as economy and confidence recovers
Origin Property Plc (ORI), one of Thailand’s larger real-estate developers focusing on residential condominiums, said it was looking to see its revenues in 2023 rise by as much as 20% thanks to the recovering economy and the revival of the tourism sector.
ORI, which is famous for developing its Knightsbridge and Park Origin 24 (located in Sukhumvit Soi 24), also said that it was looking to invest up to 10 billion Baht to expand its real-estate business.
Peerapong Jaroon-Ek, the chief executive officer of ORI, said his company aims to see its revenues from sales rise by as much as 20% to 35 billion Baht, while it looks to launch new projects throughout 2023 that would help it to achieve the targets.
Peerapong said that the value of project launches next year will also rise by 20% from the 42 billion it has launched during the course of this year.
ORI, whose market capitalization stands at about 28 billion Baht which is slightly bigger than that of Sansiri Plc or Pruksa Holding Plc, expects 2023 to be better than those seen in 2022 as the purchasing power of the people have seen a rise, thanks to the recovering economy and return of tourism sector.
Peerapong said this helped raise the sentiment and boosted the purchasing power of the people.
This prompted ORI to set a budget of 10 billion Baht to expand its real-estate business and to focus on expanding its reoccurring income through the hotel business expansion.
ORI, during the course of this year, purchased 3 IBIS hotels from Erawan Group Plc (ERW), one of Thailand’s leading hotel groups.
ORI said 70% of the 10 billion Baht would be used for property development, while 30% would be used to expand the hotel, wellness and warehouse businesses. ORI has no plans to issue bonds to undertake the expansion but would only issue bonds to refinance the maturing bonds, he told E-Finance.
ORI, Peerapong said, would in 2023 also look at listing its hotel/wellness business unit which currently has about 21 properties under its belt as of the end of Q3, 2022. ORI also wants to undertake the listing of its logistics joint venture with JWD Infologisitcs Plc (JWD), Alpha Industrial Solutions Co., Ltd., in 2024.
Source: https://www.thaienquirer.com/47084/origin-property-sees-revenues-in-2023-rising-by-20-on-the-back-of-recovering-economy-and-consumer-confidence/
