"Origin Property" advances its strategy "Open Platform" by partnering with a new South Korean ally "GS E&C" a global construction and real estate giant from South Korea, to develop two condominium projects "The Origin Ladprao 111" and "KnightsBridge Space Rama 4" with a total project value exceeding 4.2 billion baht. The goal is to leverage each other's project development experience, with the South Korean giant confident in Origin's ability to move forward with the joint venture despite COVID-19, aiming to establish a long-term investment foundation in Thailand in line with the expansion of the electric train and high-speed rail systems in the region.

Mr. Pirapong Jarunek CEO of Origin Property Public Company Limited (ORI), a comprehensive real estate developer, stated that the company has signed an agreement to establish a joint venture with GS Engineering and Construction Corporation (GS E&C) , a major player in the global construction and real estate industry from South Korea, which has construction projects worldwide, to jointly develop residential projects. The company will hold a 51% stake while GS E&C will hold a 49% stake.

GS E&C is a subsidiary of GS Group, a conglomerate leading in various businesses and industries in South Korea, including energy, retail, and construction. GS E&C was founded in 1969 and listed on the South Korean stock exchange in 1981, developing various types of projects including infrastructure, power plants, office buildings, and residential projects under the brand Xi, which stands for Extra Intelligent. The company aims to enhance its competitive capabilities to become a leading global construction firm. Currently, it has branches in 24 major cities worldwide and has been ranked by ENR, a leading construction magazine in the U.S., as the 36th top construction contractor in the world.

 

"This joint venture marks another significant step in our "Open Platform" strategy, which welcomes partners from all businesses and industries worldwide to collaborate with us in creating new projects, adding value for consumers. We believe that both we and GS E&C can exchange our long-accumulated experiences and know-how to create new experiences in residential projects for consumers", Mr. Pirapong stated.

Mr. Pirapong further mentioned that this initial joint venture will begin with the development of two condominium projects: 1.The Origin Ladprao 111, a high-rise project near the Yellow Line electric train station at Bangkapi, with a project value of 1.9 billion baht targeting the younger market, and 2.KnightsBridge Space Rama 4, with a project value of 2.3 billion baht targeting the luxury market. The company plans to launch sales for both projects simultaneously, with project details to be announced to interested parties in the second half of the year.

Mr. Kim Jae Chul General Manager of GS Engineering and Construction Corporation (GS E&C) stated that with a vision to be a leader in the global construction industry, the company seeks strong partners in each country to create growth opportunities together. Origin Property is recognized as a strong player in real estate development, evidenced by the quality of its projects and its ability to grow continuously. Therefore, the company is confident and willing to invest in residential project development in Thailand for the first time.

"Even though Thailand and many countries around the world are still facing COVID-19, we believe that with the readiness of personnel and Thailand's public health system, along with the cooperation of all Thai people in addressing the issue, COVID-19 will only have a short-term impact. We are confident that Thailand will overcome this situation quickly, and we want to be one of the supporters from foreign investors encouraging the Thai people to get through this difficult time", Mr. Kim said.

Thailand is considered one of the countries with the highest potential for real estate business growth in Asia, as there is continuous development of infrastructure-related projects, such as various electric train lines and high-speed rail projects. The joint venture with Origin to develop these two condominium projects will lay the foundation for the company’s long-term growth in line with infrastructure development in Thailand.

Origin Property Public Company Limited has a diverse business structure, including 1.Residential Development Business (Residential Development Business) which has developed 73 projects such as the PARK ORIGIN brand, The Origin, KnightsBridge, Notting Hill, Kensington, and BRITANIA, with a total project value exceeding 114 billion baht. 2.Recurring Income Business (Recurring Income Business) such as hotels, serviced apartments, and retail. 3.Service Business (Service Business) such as property management, real estate brokerage, consulting services, and a vision to continuously expand into new business types to become a comprehensive real estate operator.