Origin Property, or <\/span><\/span><\/strong>ORI <\/span><\/span><\/strong>, reinforces its status as a leader in the comprehensive real estate business with a strong backlog of <\/span><\/span><\/strong>45.9 <\/span><\/span><\/strong>billion baht, awaiting gradual revenue recognition in the year <\/span><\/span><\/strong>2023. TRIS Rating continues to maintain the corporate rating at <\/span><\/span><\/strong>BBB+ for three consecutive years. The ORI group is ready to continuously launch new projects worth over <\/span><\/span><\/strong>37 billion baht, supporting the revenue growth trend as planned.<\/span><\/span><\/strong>

Mr. Pirapong Jarunek, Chief Executive Officer of Origin Property Public Company Limited (ORI), a comprehensive real estate developer, stated that TRIS Rating, the credit rating agency, has maintained the corporate credit rating at <\/span><\/span>BBB+ with a Stable outlook for three consecutive years. This reflects the company's strong market position in the residential development industry and a significant backlog of sales awaiting revenue recognition, along with increasing profit shares from other businesses. The sales of residential projects, including both the company's own projects and joint ventures, have been continuously recovering after the COVID-19 pandemic in 2020. During the years 2021-2023, the company's revenue remained stable at around 14,000-15,000 million baht per year, increasing from 11,000 million baht in 2020. Revenue from residential real estate, including project management fees, continues to be the company's main income source, accounting for over 80% of total revenue. EBITDA has increased to 5,300-6,000 million baht per year over the past three years, up from 4,100 million baht in 2020, with the company's EBITDA Margin remaining satisfactory at over 35% in recent years.<\/span><\/span>

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According to TRIS Rating's forecast, "The company's revenue is expected to grow from 14,500 million baht in 2024 to 16,000 million baht in 2026, while EBITDA will exceed 5,000 million baht per year during the forecast period. The growth in revenue and profit is driven by a large number of condominium sales awaiting delivery and a higher proportion from housing projects. Additionally, government measures to reduce transfer fees and mortgage fees from 2% and 1% respectively to 0.01% for residences priced below 7 million baht per unit are expected to stimulate transfer volumes this year. As of the end of 2023, the company has a backlog of sales awaiting transfer valued at 45.9 billion baht, consisting of 20.7 billion baht from the company's own projects and 25.2 billion baht from joint venture projects...<\/span><\/span>

Mr. Pirapong Jarunek further stated that the company has launched new projects worth a total of 86.9 billion baht during 2022-2023, with a backlog at the end of 2023 at 45.889 billion baht, which will support the company's growth over the next 2-3 years. In 2024, the company plans to continuously launch new projects worth a total of 37 billion baht, divided into housing projects worth 17 billion baht and condominium projects worth 20 billion baht.<\/span><\/span>

Given all these factors, TRIS Rating still predicts that the company's revenue will grow to between 14,500-16,000 million baht during 2024-2026, with an increasing profit share from other businesses. The company's income from other businesses, including service income under Primo Service Solutions Public Company Limited and income from leasing and services under Origin Hotel Public Company Limited, is expected to rise from less than 5% of total operating income in 2021 to nearly 13% in 2023. Currently, the company's commercial real estate (including joint ventures) consists of one hotel with a total of 2,657 rooms and retail space of 2,000 square meters. Additionally, a joint venture office building development project with approximately 37,000 square meters of rental space is scheduled for completion in 2024. Following this, Origin Hotel plans to develop another 5-6 hotels during 2024-2025. Therefore, rental and service income from the company's commercial real estate is expected to increase to approximately 500-600 million baht per year during 2024-2026, compared to 468 million baht in 2023.<\/span><\/span>

In the last nine months of 2024, the company will continue to focus on launching new projects with a target of 37 billion baht, emphasizing new project launches in high-potential locations in provinces such as Phuket, Pattaya, EEC, and Khon Kaen.

For Origin Property Public Company Limited (ORI), it has a diverse business structure consisting of:
1.Residential Development Business - Developing condominiums and housing projects, totaling 159 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 Britania, with a total project value of over 242,744 million baht.
2.Recurring Income Business - Such as hotels, serviced apartments, and retail.
3.Service Business - Such as services for residents, property management, real estate brokerage, and real estate consulting.
4.Long-term Mega Trends Business - New business groups with long-term growth potential, such as logistics, healthcare, energy, finance, entertainment, etc., to enhance the quality of life for consumers comprehensively.