Origin Property has announced its Q1/2023 performance, with residential project transfer activities exceeding 4.43 billion baht, a growth of 31%, and a net profit of 798 million baht. This follows the completion of housing and condo projects in 2022, which are gradually being transferred. New hotels and warehouses are also starting to generate revenue. The company has closed joint venture deals for the development of 15 projects worth over 16.5 billion baht, with plans to develop from 2023 to 2025, resulting in a strong backlog exceeding 44.22 billion baht.

Mr. Pirapong Jarunake, CEO of Origin Property Public Company Limited (ORI), a comprehensive real estate developer, revealed that in Q1/2023 (January-March 2023), the company had a total condominium and housing transfer value of over 4.43 billion baht, growing 31% from the same period last year. This includes joint venture projects that have completed construction and recognized revenue of over 2.28 billion baht, reflecting the strength of the joint venture projects as the company continues to collaborate with new partners.

Significant projects contributing to the transfer value in Q1/2023 include those completed since late 2022, which continue to be transferred this year, as well as newly completed projects in Q1/2023 such as Park Origin Thonglor, Park Origin Ratchatewi, Park Origin Chula-Samyan, Hampton Sriracha, and Origin Plug & Play Ladprao Interchange.

The company reported a net profit of 798 million baht in Q1/2023, an 8% increase from the same period last year, driven by both the residential development business and growth in new business segments, including five recurring income projects launched in 2022, with one newly completed project generating revenue for the first time, comprising 411 rooms at Staybridge Suites Bangkok Sukhumvit under One Origin Public Company Limited.

Additionally, the company successfully closed joint venture deals for new projects with private sectors and landowners in the residential, condominium, hotel, and warehouse sectors, totaling 15 projects worth over 16.5 billion baht (including estimated REIT values for hotel and warehouse projects). This includes five condominium projects, six housing projects, two hotels, and two warehouses. Most projects are foundational for the future, with joint ventures with landowners increasing opportunities for land development in major cities across the country, aligning with the company's plan to expand project development throughout Thailand from 2023 to 2025.

Mr. Pirapong also stated that for Q2/2023, the real estate business is expected to improve compared to Q1/2023, as the long holiday season stimulates tourism spending, positively impacting the hotel business and creating a vibrant shopping atmosphere. Furthermore, government investment is likely to return as a key driver of the economy in the second half of the year.

The company also has a strong backlog of unrecognized revenue (backlog) at the end of Q1/2023, valued at over 44.22 billion baht, including amounts from both JV and non-JV projects expected to recognize approximately 17.25 billion baht in 2023. Combined with the transfer value realized in Q1/2023, this results in over 72% of the target transfer value of 30 billion baht already secured. With the strength of its diversified business portfolio beyond just residential development, the company is confident that its performance in 2023 will meet the set targets.

Origin Property Public Company Limited (ORI) has a diverse business structure, including:

1. Residential Development Business: Developing condominiums and housing projects, totaling 130 projects (as of the end of Q1/2023), such as the Park Origin brand, So Origin, Origin Plug & Play, Knightsbridge, Notting Hill, Origin Place, The Origin, Kensington, Hampton, Origin Play, Brixton, and Britania, with a total project value exceeding 197.58 billion baht.

2. Recurring Income Business: Including hotels, serviced apartments, and retail.

3. Service Business: Including services for residents, property management, real estate brokerage, and real estate consulting.

4. Long-term Mega Trends Business: New business segments with long-term growth potential, such as logistics, healthcare, energy, finance, entertainment, etc., aimed at enhancing the quality of life for consumers comprehensively.