Origin Property has reported its Q1/2022 performance with total revenue exceeding 3,776 million baht and a net profit of 738 million baht, as the transfer of ownership for housing and condominium projects in Bangkok and the EEC continues. The record-high sales at the end of 2021 have instilled confidence in foreign investors, leading to joint ventures for 5 additional housing and condominium projects. In Q2/2022, the luxury condominium mega-project "Park Origin Thonglor" is set to begin transferring ownership, with over 70% of its 12,000 million baht project value already secured. The overall backlog remains strong at 35,800 million baht. Meanwhile, the hotel business under One Origin has seen an increase in occupancy rates following the easing of restrictions for foreign tourists visiting Thailand, with revenue expected to continue rising after acquiring 3 ibis hotels, aiming to reach 17,500 million baht as targeted.

Mr. Pirapong Jarunek, Chief Executive Officer of Origin Property Public Company Limited (ORI), a comprehensive real estate developer, revealed that for Q1/2022 (January-March 2022), the company achieved total revenue of 3,776 million baht, comprising over 3,041 million baht from the transfer of ownership of condominiums and housing projects not under joint ventures (Non-JV), along with other income from hotel operations, services, special income from joint ventures, and ongoing revenue from project management. This resulted in a net profit of 738 million baht.

Key projects contributing to the ownership transfer in Q1/2022 include the first-time ownership transfer of the The Origin Ram 209 Interchange condominium project and ongoing transfers in Bangkok and the Eastern Economic Corridor (EEC) such as Park Origin Phayathai and Notting Hill Rayong in the Origin Smart City Rayong project. Additionally, sales in Q1/2022 reached 8,149 million baht, growing approximately 6% from the same period in 2021 and 11% from the previous quarter, significantly contributing to the ownership transfer of ready-to-move-in projects.

As a result of consistently stable performance, both Thai and foreign investors continue to show interest in joint venture projects with the company. In Q1/2022, 5 new joint venture projects were added, with 4 projects entrusted to Nomura Real Estate Development Co., Ltd., including 2 condominium projects: So Origin Phaholyothin 69 and Origin Plug & Play Srinakarin, and 2 housing projects: Britania Town Bangna KM.17 and Britania Home Bangna KM.17. Additionally, there is one joint venture project with a new partner, Loftis (Thailand) Co., Ltd., for the Grand Britania Kukot Station, marking Britania's first step in joint ventures with leading partners.

Mr. Pirapong further stated that for Q2/2022, the luxury condominium project Park Origin Thonglor, valued at over 12,000 million baht, will begin its first ownership transfers. Currently, this project has over 70% of its project value secured as backlog, which is expected to significantly contribute to ownership transfers and revenue starting from Q2/2022. Meanwhile, the overall backlog of the company, including both JV and Non-JV projects, is valued at over 35,800 million baht, which is anticipated to drive continuous growth in ownership transfers over the remaining 3 quarters.

Simultaneously, other businesses under the Origin Multiverse growth plan continue to expand. The hotel business under One Origin Co., Ltd. sees positive growth signals, with the first two hotels, Staybridge Suites Bangkok Thonglor and Holiday Inn & Suites Siracha Laemchabang, achieving occupancy rates of 83% and 58%, respectively, growing from the same period last year. In Q2/2022, additional revenue will be recognized from the 3 recently acquired ibis hotels, which are expected to benefit from the relaxation of travel restrictions and increased foreign tourist arrivals in Thailand. Given all these factors, the company's revenue for this year is expected to meet the target of 17,500 million baht.

In Q1/2022, TRIS Rating upgraded the credit rating of Origin Property Public Company Limited from BBB with a Positive outlook to BBB+ with a Stable outlook due to the company's consistent strong performance and its ability to elevate its position in the real estate business, capturing a larger market share in both the condominium and housing sectors over the past 5 years. The company offers a diverse range of products across various price levels, up to 50 million baht, with a debt-to-equity ratio of less than 1, and has continued to generate revenue and sales growth even amid the COVID-19 situation in 2021.

Origin Property Public Company Limited (ORI) has a diverse business structure comprising:
1. Residential Development Business - developing condominiums and housing projects, with 103 projects completed (as of the end of Q1/2022), including brands like Park Origin, The Origin, Origin Plug & Play, KnightsBridge, Notting Hill, Kensington, Hampton, Brixton, and Britania, with a total project value exceeding 154,900 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.
4. Mega Trends Business - new business groups with long-term growth potential, such as logistics, healthcare, asset management, and energy, aimed at enhancing the quality of life for consumers comprehensively.