"Origin" is creating a new kingdom in the city with the launch of a mixed-use project comprising a hotel, serviced apartments, rental offices, and a community mall called "Origin 24," valued at 4 billion baht, located opposite Park 24. This comprehensive real estate project aims to enhance the potential of the Sukhumvit 24 area, confident in the growth of purchasing power from both Thai and foreign buyers after the project is completed. The latest updates on the Park 24 project indicate a bright future with a lively transfer of ownership underway.

Mr. Pirapong Jaroonaek, CEO of Origin Property Public Company Limited (ORI), the developer behind condominium brands Kensington, Notting Hill, Knightbridge, and Park, revealed that in 2018, the company plans to develop a new urban kingdom under the name "Origin 24," a mixed-use project consisting of rental offices, a hotel, serviced apartments, and a community mall, with a total project value exceeding 4 billion baht, located directly opposite the Park 24 project, which is a luxury condominium project valued at over 17 billion baht.

“Park 24 is a luxury condominium project with inherent potential. The development of the mixed-use project Origin 24 across the street will further enhance this location, providing residential, shopping, working, and hotel spaces, transforming it into a comprehensive real estate area that fulfills the lifestyle needs and demands for work and living in the city center. This will strengthen the potential of the Sukhumvit 24 area while allowing Origin to have projects in this location with a total project value of over 21 billion baht,” Mr. Pirapong stated.

Currently, the central Sukhumvit area remains in high demand from both Thai and foreign nationals, as evidenced by the office rental situation near BTS Phrom Phong, which currently has a rental rate exceeding 90%. Additionally, there is a continuous interest from new Japanese investors looking to establish offices in this area to be close to the Japanese community, reflecting that in the future, if no new office rental projects are developed, this area will face a shortage of office supply to meet market demand. At the same time, as the demand for offices for foreigners increases, the demand for serviced apartments will also rise.

The average occupancy rate of hotels in this area is around 80%, which is quite high, and there is still a demand for new hotels to accommodate foreigners coming to conduct business with various offices in the heart of Sukhumvit.

Regarding the demand for lifestyle-oriented spaces, although there are currently many large shopping centers in the same area, there is still a gap in the market for residents in condominiums, hotels, and luxury serviced apartments on Sukhumvit 24 who desire a lifestyle with quality restaurants and supermarkets within a short walking distance. With nearly 2,000 units in Park 24 and over 2,000 serviced apartment units in this area, this community mall will continuously attract visitors.

Mr. Pirapong further stated that the Origin 24 project is a leasehold mixed-use project located on Sukhumvit 24, approximately 500 meters from BTS Phrom Phong, on a land area of over 4 rai, consisting of 2 buildings divided into a hotel and serviced apartments with over 400 rooms, a community mall area of over 3,500 square meters, and rental office space of over 4,000 square meters. Construction is expected to begin in Q4 2018 and be completed by Q2 2021.

As for the Park 24 project, with a total project value of 17 billion baht, it has currently achieved sales of approximately 11 billion baht, with foreign buyers accounting for about 4 billion baht, representing 40%, and Thai buyers approximately 60%. The first phase, valued at 6 billion baht, has achieved sales of about 4.5 billion baht, with the company aiming to recognize revenue from this portion at 3 billion baht. Construction is now complete, and ownership transfers are ongoing, while phase 2 is expected to begin transferring ownership in Q4 2018.

In terms of brand development direction for Park, the focus will remain on urban center locations, targeting the luxury market for both Thai and foreign nationals, with collaborations on design development with international designers to ensure the projects have distinctive and unique appearances, large common areas that cater to urban lifestyles, and emphasize large green spaces. Each project will have a different design style, focusing on central urban locations.

Mr. Thongchai Busarapant, CEO of Proud Residence Co., Ltd., stated that both purchasing power, housing demand, and lifestyle demand in this area still have growth opportunities. The Origin 24 real estate kingdom, which combines residential, work, and leisure spaces in a comprehensive manner in the Luxury Residence Zone near the BTS, will further stimulate both Thai and foreign buyers with purchasing power to decide to reside in this area, including in the Park 24 project.

Recently, the Park 24 project has launched a special campaign for those who register on the website www.park24.co.th to receive one year of free living, along with discounts of up to 100,000 baht, available for registration from now until December 31, 2017.

Currently, Origin Property Public Company Limited has a diverse business structure, including 1. Project Development Business, having developed approximately 43 condominium projects with a total project value of over 44 billion baht; 2. Recurring Income Business, such as hotels, serviced apartments, and retail; 3. Service Business, including property management, real estate buying, selling, and leasing, and real estate consulting, with a vision to continuously expand into new business areas to become a comprehensive real estate operator.

Project Information

Project Name: Park 24
Project Owner: Origin Property
Head Office Phone: 020 300 000
Project Phone: 02-2583333
Architectural Design: I.A.W. Co., Ltd.
Structural Design: Stonehenge Co., Ltd.

Location: 70 Sukhumvit 24, Klongtan, Klongtoey, Bangkok 10110 - 400 meters from BTS Phrom Phong Station (Exit 2)

Project Area: 5-0-80 rai

Number of Buildings: 6 buildings divided into Phase 1: 3 buildings (1, 2, and 3) and Phase 2: 3 buildings (4, 5, and 6)

Number of Floors: Building 1 (Plaza) has 2 floors, Building 2 has 51 floors, Building 3 has 29 floors.

Number of Units: Building 2: 532 units, Building 3: 300 units, 12 units per floor.

Room Sizes

1 Bedroom approximately 27-38 sq.m. 589 units
2 Bedroom approximately 52-54 sq.m. 234 units
Duplex approximately 80-106 sq.m. 22 units

Price per square meter: Current average selling price 260,000 baht/sq.m.

Parking Approximately 50% or about 417 cars

Common Garden Ground floor and 2nd floor of Building 2

Facilities Lobby, Mail Room, Pool, Fitness, Multi-purpose room, Meeting room, Playground, Garden, Wifi at Lobby, Shuttle Bus Service

Security System CCTV / Access Control (Key Card) / 24-hour security staff Key Card Basic material list (subject to change as appropriate)

Flooring inside the room is 9 mm thick laminate wood from Kronotech imported from Germany
Bathroom floors and walls are ceramic tiles
Balcony flooring is ceramic tiles sized 60 x 60
Bathroom fixtures are Kohler or equivalent
- Faucets / Shower / Rain Shower with adjustable rail
- Kohler toilet
- Kohler sink and under-sink cabinet are pre-fabricated with a mirror
- Shower partition and tempered glass door
- Lighting fixtures inside the room are Down lights
- Wall Type Air Conditioning

Project Highlights

- Located in the Emdistrict, a new lifestyle area where you can work/play/live/have a good life all the time, close to Emporium, Emquartier, and Emsphere
- Privacy is ensured with only 12 rooms per floor, making it comfortable and spacious
- A large garden, nature in the city center
- Situated in the best location in Sukhumvit 24, connected to multiple roads
- Approximately 400 meters from BTS Phrom Phong
- Close to shopping destinations like Emporium, Emquartier, Emsphere, K Village, Big C, A Square, Nihonmashi, Tesco Lotus, and many more
- A central business district (CBD) that can meet the needs of both Thai and foreign nationals effectively
- Near Rama 4 expressway with many shortcut routes

Sales Points Product

- Well-designed rooms
- New condominium in the city center with a 10 rai garden area
- Infinity Edge pool measuring 6 x 40 meters, nearly 200 m above ground, the highest and longest in Thailand
- Unique facade that gives the building a fresh and modern look, with functions that protect against heat from sunlight
- Lobby height of 7 meters

Thank you for the information from www.park24.co.th