Origin Property is preparing to propose a dividend of 0.3 Baht per share for the second half of 2023 to shareholders, following a full-year revenue exceeding 15.157 billion Baht, which supports a Dividend Yield of over 6% for the year.

The company will go XD on May 8, 2024, and plans to launch both housing and condominium projects in 2024, totaling 35 projects worth over 37 billion Baht, distributed across tourist cities and potential urban areas nationwide. Additionally, the company will introduce the Pet Family condominium line in Bangkok and its vicinity, with 13 projects in the first half of the year valued at 17.78 billion Baht, focusing on the mid-market segment.

Mr. Pirapong Jarunake, CEO of Origin Property Public Company Limited (ORI), a comprehensive real estate developer, revealed that the board of directors has approved the proposal to the general shareholders' meeting to distribute dividends from retained earnings as of December 31, 2023, and the net profit for the last six months of 2023 at a rate of 0.30 Baht per share, amounting to no more than 736.2 million Baht. When combined with the interim dividend previously paid at 0.16 Baht per share for the first six months of 2023, totaling 392.7 million Baht, the total cash dividend will not exceed 1.1289 billion Baht, resulting in an overall annual Dividend Yield of over 6% based on the closing price of 7.6 Baht per share on February 29, 2024.

“The global economic situation in 2023 faced numerous challenges, including the slowdown of major economies, rising policy interest rates, and international conflicts, which have had both direct and indirect impacts on the Thai economy and the real estate business. However, by focusing on developing projects in potential locations with innovative functions, the company successfully sold four new condominium projects last year worth over 4.5 billion Baht, achieving total sales of over 47.267 billion Baht from diversifying its portfolio across various locations, including Bangkok, its vicinity, and key industrial provinces. Overall, the company reported total revenue of over 15.157 billion Baht and a net profit of 2.718 billion Baht,” Mr. Pirapong stated.

In 2023, the company and its subsidiaries launched new joint venture projects for condominiums, housing, hotels, rental spaces, and warehouses, totaling 61 projects worth 72.362 billion Baht. Additionally, four new condominium projects were sold out within the year, reflecting the understanding of customer insights in new markets the company has recently entered, such as Phetkasem, Siriraj, and Phuket. Notably, two of these projects are pet-friendly condominiums, highlighting the growth of the pet-loving demographic and the strong purchasing power in this segment.

Mr. Pirapong further noted that the real estate business outlook for 2024 indicates that the housing market segment below 3 million Baht will continue to face pressure from household debt and higher loan rejection rates compared to other segments. However, the high-end to luxury market remains strong, particularly in the pet-friendly condominium segment and key tourist cities, which see demand from locals, workers, and foreigners.

In 2024, the company plans to launch a total of 35 new projects worth 37 billion Baht, including 20 housing projects under Britannia Public Company Limited (BRI) valued at 17 billion Baht and 15 condominium projects under Origin Vertical Corporation (ORIGIN VERTICAL) valued at 20 billion Baht. The projects will be distributed approximately 52% in Bangkok and its vicinity and 48% in key tourist provinces, economic hubs, and industrial provinces such as Chonburi, Pattaya, Phuket, and Khon Kaen.

For condominium projects in the Bangkok and vicinity area, the company will continue to expand the Origin Pet Family brand, catering to the growing number of single-income households without children (SINKs) and dual-income couples without children (DINKs) who increasingly treat pets as family members. This reinforces the company's position as the leading developer of pet-friendly condominiums in the market.

In the first half of 2024, the company will pilot 13 new projects valued at 17.78 billion Baht, focusing on high-end condominium brands such as So Origin and Origin Place, as well as high-end and luxury housing brands like Grand Britannia and Belgravia.