Origin Property has announced its financial results for the first nine months of 2021, achieving total revenue of 11.794 billion, surpassing 84% of its annual target, with a net profit of 2.386 billion. In Q3 2021, the company generated total revenue of 4.123 billion and a profit of 709 million, with property transfers increasing by 66% due to a strong backlog and ongoing revenue recognition from ready-to-move projects. The online campaign continues to stimulate condominium sales, and the company anticipates an improving market situation in Q4 2021 as the government eases lockdown measures and lifts curfews in Bangkok and surrounding areas, supporting annual revenue to reach the target of 14 billion.

Mr. Pirapong Jaroonaek, CEO of Origin Property Public Company Limited (ORI), a comprehensive real estate developer, stated that the performance for the first nine months of 2021 (January-September 2021) was satisfactory, with total revenue of 11.794 billion, growing 43% year-on-year. This revenue now accounts for 84% of the annual revenue target for 2021, while the net profit stands at 2.386 billion, an 18% increase from the same period last year. In Q3 2021, total revenue was 4.123 billion, with a net profit of 709 million.

In Q3 2021, the transfer value of condominiums and single-family homes not under joint ventures (Non-JV) reached 3.666 billion, a remarkable 66% growth from the previous year. This success is attributed to the company’s strong sales backlog established prior to the pandemic, allowing for continuous revenue recognition from projects in Q3 2021. The company also organized campaigns and marketing activities to encourage purchasing decisions for ready-to-move projects, such as the 9.9 Origin Condo Fest, a live condominium sales event featuring famous artists and real estate personalities to engage consumers while selling condominiums online.

“Q3 2021 was not an easy quarter for the overall real estate business due to various external factors, including the closure of worker camps at the beginning of the quarter, which impacted construction and property transfers, and the COVID-19 pandemic, which saw daily cases reaching the highest levels since the first outbreak, along with semi-lockdown measures that slowed consumer visits to projects. However, Origin has been working to strengthen various aspects of the company since the first outbreak, enabling us to adapt quickly and maintain operational performance amidst these challenges,” Mr. Pirapong stated.

Mr. Pirapong further noted that the outlook for Q4 2021 shows a gradual improvement in the real estate business due to several factors, such as a decrease in new infections, the easing of lockdown measures and curfews in high-risk areas, allowing people to return to normal life and resume business operations, thereby gradually improving purchasing power. The temporary relaxation of housing loan regulations and related credit guidelines, restoring the loan-to-value (LTV) ratio to 100% until the end of 2022, has boosted consumer confidence and purchasing capability in real estate.

Additionally, the company has prepared strategies to stimulate purchasing decisions and plans for continuous adaptation throughout Q4 2021. During this period, four new completed projects will be gradually transferred, including:
1. PARK ORIGIN Phayathai
2. Notting Hill Rayong
3. Grand Britania Suvarnabhumi
4. Britania Tiwanon-Ratchapruek
This gives the company confidence that the overall revenue for 2021 will still meet the target of 14 billion.

Origin Property Public Company Limited (ORI) has a diverse business structure, including:
1. Residential Development Business, having developed 86 projects (as of the end of Q3 2021) such as PARK ORIGIN, The Origin, KnightsBridge, Notting Hill, Kensington, Hampton, and BRITANIA, with a total project value exceeding 137 billion.
2. Recurring Income Business, including hotels, serviced apartments, and retail.
3. Service Business, including property management, real estate brokerage, consulting services, and a vision to continuously expand into new business areas such as logistics and asset management, aiming to be a comprehensive real estate operator.