“Origin Property” is pleased as the joint venture projects begin to yield results Q1 gradually generating revenue from 2 initial projects totaling over 1,400 million, revealing that the joint venture projects with a pre-sale value of over 28,000 million have accumulated sales of over 90%, with ownership transfers ongoing, and new measures being implemented to cope with COVID-19 and Digital Disruption

Mr. Pirapong Jaroonaek, CEO of Origin Property Public Company Limited or ORI, a comprehensive real estate developer, revealed that the company’s joint venture (JV) projects have been continuously growing since it began collaborating with several major real estate development companies since mid-2017. Currently, the company has accumulated joint venture condominium projects valued at over 35,434 million baht and joint venture hotel and serviced apartment projects worth over 9,200 million baht. Recently, in the first quarter, the company began to gradually recognize revenue from ownership transfers in the completed joint venture condominium projects as planned, specifically the first two projects: KnightsBridge Collage Ramkhamhaeng valued at over 2,054 million baht and KnightsBridge Prime Ratchayothin valued at over 1,680 million baht. Currently, ownership transfers have already exceeded 1,400 million baht and will continue to be recognized in the second quarter.

“The joint venture residential projects that we have opened for sale, with a total project value of over 28,000 million baht, have received a consistently positive response, achieving an average sales rate of approximately 90% of the project value. In 2020, there will be four joint venture projects completed and ready for delivery: 1. KnightsBridge Collage Ramkhamhaeng valued at 2,054 million baht, 2. KnightsBridge Prime Ratchayothin valued at 1,680 million baht, both of which began to gradually recognize revenue from Q1; 3. KnightsBridge Prime On Nut valued at 2,600 million baht, planned for delivery in Q3/2020; and 4. KnightsBridge Space Ratchayothin valued at 2,700 million baht, planned for delivery in Q4/2020. We expect strong and continuous revenue from the joint venture projects,” Mr. Pirapong stated.

Additionally, the company continues to have other large projects ready for ongoing ownership transfers, such as the KnightsBridge Prime Sathorn project valued at 3,890 million baht, which has already accumulated ownership transfers of over 3,100 million baht, or about 80% of the project value. Meanwhile, several other housing projects are also continuing to transfer ownership throughout the year.

Mr. Pirapong further stated that under the COVID-19 situation, there are still favorable conditions for purchasing housing, as the government has continuously implemented measures to assist property buyers, such as lowering policy interest rates and allowing financial institutions to support home buyers. This makes the cost of mortgage payments for housing projects more worthwhile than paying rent. Additionally, various operators continue to offer promotions, creating a great opportunity for real demand groups looking for valuable housing. The company continues to closely monitor the situation and adapt accordingly, such as enhancing other marketing channels by partnering with Lazada and Shopee to gradually launch campaigns since late March, along with measures to ensure health safety. As a result, in Q1, the company achieved sales of over 4,500 million baht, accounting for about 21% of the annual sales target.

“In a time when many consumers must work from home, Origin's role is to make homes work, ensuring quality so that consumers feel confident in their purchasing decisions and ownership transfers. The past period has also been a testament to our ability to adapt, develop quality projects, and build consumer trust. Today, the sales and ownership transfer figures from both general projects and joint ventures confirm our capability to drive the business. We will continue to strive for self-improvement, enhance the value of new products, integrate operations for flexibility, and prepare for changes and challenges that may arise, ensuring consumers can still access homes that work,” Mr. Pirapong stated.

The company will continue to consider new measures in three areas: 1. Measures for consumers, both for those considering purchasing Origin projects and those who are already residents; 2. Measures for employees; and 3. Business measures to enhance operational efficiency. The company will continue to collaborate with new partners in an Open Platform format to create added value for consumers while reviewing business plans to ensure they can continue to operate under all circumstances, accommodating both the COVID-19 situation and the rapidly accelerated changes from Digital Disruption. The company aims to deliver quality products and services to consumers as planned, with new measures expected to be gradually released in April.

For 2020, the company plans to launch a total of 14 new projects with a combined value of over 20,000 million baht, targeting ownership transfers of 14,000 million baht and total revenue of 16,000 million baht, with a sales target of 21,500 million baht.

Origin Property Public Company Limited has a diverse business structure, including 1. Residential Development Business, developing condominiums and housing projects with 73 projects such as the PARK ORIGIN brand, The Origin, KnightsBridge, Notting Hill, Kensington, and BRITANIA, with a total project value of over 114,000 million baht; 2. Recurring Income Business, such as hotels, serviced apartments, and retail; 3. Service Business, including property management, real estate brokerage, and consulting services, with a vision to continuously expand into new business types to become a comprehensive real estate operator.