Thailand’s SET-listed developer Origin Property lines up 31 projects worth B42bn
Company planning to spin off 3 subsidiaries
SET-listed developer Origin Property Plc plans to launch 31 new residential projects worth a combined 42 billion baht and is eyeing 35 billion baht in presales and 17.5 billion baht in revenue.
Chief executive Peerapong Jaroon-ek said more than half will be condos with 19 projects worth 28.6 billion baht, followed by low-rise houses totalling 12 projects worth 13.4 billion baht.
“The low-rise house segment remains robust, while the condo segment is recovering,” he said. “Non-residential development is another business we want to grow.”
The company sets to have revenue from non-residential development reaching 20% of total revenue in the next three years, up from the current 10%. This share will increase to 50% over the next five years.
Last year it recorded a net profit of 3.1 billion baht on consolidated revenue of 15.9 billion baht, up 20% and 43%, respectively.
Housing transfers including those from joint ventures tallied 16.1 billion baht, while presales reached 30.2 billion baht.
Besides residential development, its three other business groups comprise recurring business which are hotels, serviced apartments, retail, service business like property management, brokers, and others, such as logistics, energy and healthcare.
The company plans to spin off three subsidiaries and launch initial public offerings (IPOs) for them between 2022 and 2024.