In a first for the industry, two leading real estate developers, ‘Pruksa’ and ‘Origin’, are teaming up to launch a joint venture for three projects in the prime real estate market. These include a mixed-use project (Wellness Hotel & Service Apartment) valued at approximately 5 billion baht, a premium condominium worth around 2.8 billion baht, and single houses valued at about 980 million baht, bringing the total project value to 8.7 billion baht.

Mr. Uthen Lohachitpitak, CEO of Pruksa Holding Public Company Limited (PSH), announced that ‘Pruksa’ has signed a joint venture agreement with three subsidiaries of ‘Origin Property’, namely One Origin Public Company Limited (ONEO), Park Luxury Company Limited (PARK), and Britannia Public Company Limited (BRI), to construct and develop three projects: (1) a joint venture in a mixed-use project comprising a hotel, service apartments, and a health service center in Sukhumvit, valued at approximately 5 billion baht; (2) a joint venture to develop a premium condominium in Phaholyothin, valued at around 2.8 billion baht; and (3) the development of premium single houses in Petchkasem, valued at approximately 980 million baht, with a 50:50 investment ratio.

“This strategic joint venture in real estate development represents a mutually beneficial agreement for both companies (Win-Win) and will maximize benefits by leveraging the resources and land of both companies. We will share technology and know-how, utilizing Pruksa’s strengths in capital along with a focus on developing residences that promote a ‘good life’ through innovations for living and comprehensive health care, supported by a diverse range of businesses in our group, including real estate development and construction, healthcare businesses such as Vimut Hospital and Theptarin Hospital, and e-commerce businesses that develop smart home technology like MyHaus, which enhances living convenience and environmental care through low-carbon precast innovations from Inno Precast, part of the Pruksa group. Coupled with expertise in construction quality control, we believe that the strengths of ‘Origin’, an expert in hospitality and commercial real estate development, will ensure the success of these three joint venture projects, delivering a good life to society and receiving positive responses. This business collaboration will allow Pruksa to utilize its existing land for development through new brands to expand its customer base and create continuous recurring income,” Mr. Uthen stated.

Mr. Pirapong Jaroonaek, CEO of Origin Property Public Company Limited (ORI), a comprehensive real estate developer, stated that having Pruksa as a partner in developing various projects will facilitate the exchange of innovations, technologies, knowledge, and expertise between the two companies, enhancing the quality of construction projects, design functionality, and space utilization to meet the needs of modern living in each location excellently.

“In Thailand, we may not often see major real estate developers collaborating on joint ventures, but in countries like Japan, such partnerships are common as each developer has its own strengths and expertise in different segments and locations. The Origin Property group is committed to developing and creating functions and innovations that meet the living and leisure needs of modern people, such as developing condos for pet lovers, creating Duo Space rooms with 4.2-meter high ceilings, and single houses that prioritize Universal Design. Pruksa, as a major real estate developer with expertise in construction innovation and extensive project development experience, believes that this collaboration will help complement each other's strengths and opportunities. We are confident that the partnership between Origin and Pruksa will mark a new dimension in the Thai real estate industry, where two top market companies unite to develop hotels, condominiums, and single houses, elevating leisure and living standards for consumers,” Mr. Pirapong said.

Pruksa Holding Public Company Limited (PSH) engages in real estate development for sale, health service businesses, and investments in new businesses related to the latter two to generate recurring income. Currently, the real estate business is divided into three product groups:

(1) Townhouse product group, with projects sold under the brand names: Baan GreenHaus, Baan Pruksa, Pruksa Ville, The Connect, and Patio.

(2) Single house product group under the brand names: The Plant, Passorn, and The Palm.

(3) Condominium product group under the brand names: Plum Condo, The Tree, Chapter, Chapter One, The Privacy, and The Reserve, having delivered residences to over 260,000 families in Thailand.

In the health sector, Vimut Hospital is the first hospital of the business group, and in 2021, Vimut invested in Theptarin Hospital. PSH has also expanded its new e-commerce business by establishing Synergy Growth Co., Ltd. to utilize digital technology as a tool for business expansion, as well as founding Inno Precast Co., Ltd. to meet the precast demand in the construction market, along with other investments to promote and enhance profitability and create continuous recurring income.

Origin Property Public Company Limited (ORI) has a diverse business structure, including: 1. Residential Development Business, having developed 158 condominium and housing projects (as of Q4 2023), such as Park Origin, So Origin, Origin Plug & Play, Knightsbridge, Notting Hill, Origin Place, The Origin, Kensington, Hampton, Origin Play, Brixton, and Britannia, with a total project value exceeding 240.661 billion baht.

2. Recurring Income Business, such as hotels, service apartments, and retail.

3. Service Business, including resident services, property management, real estate buying, selling, and leasing, and real estate consulting.

4. Long-term Mega Trends Business, focusing on new business sectors with long-term growth potential, such as logistics, healthcare, energy, finance, entertainment, etc., to enhance the quality of life for consumers comprehensively.