ORN reported that in Q1/67, it achieved total sales of housing and condominium projects amounting to 404.66 million baht, reflecting the growing demand for housing in Chiang Mai. The company showcased its strengths in prime locations and designs that meet the needs of local residents and international customers, while continuing to roll out promotions to boost sales. In Q1/67, the company reported total revenue of 196.66 million baht and a profit of 10.42 million baht, with a solid backlog of 898 million baht, beginning to gradually recognize revenue in Q2 this year.

Mr. Pridikorn Buranupakorn, CEO of Orn Sirin Holding Public Company Limited (ORN), revealed that during Q1 of 2024, the company had pre-sales of real estate projects in Chiang Mai worth a total of 404.66 million baht, an increase of 74.92 million baht or 22.72% compared to the same period last year, broken down as follows:

  • Low-rise projects valued at 87.28 million baht, including the Believe Wang Hin San Kamphaeng project, Believe Ruam Chok project, Orn Sirin Ville Chotana project, and Orn Sirin Ville Tha Rua project.
  • High-rise projects valued at 317.37 million baht, including The Astra Condo project, Astra Sky River project, The Next Jet Yod project, The Next 1 project, The Next 2 project, and Ari Charoen Mueang project.

Most of the sales came from the Ari Charoen Mueang project, a 19-story high-rise condominium with 469 units valued at 1,050 million baht, which is considered a flagship project of the group. Since its launch in July 2023 until March 2024, it has achieved sales of 631 million baht, with 199 units sold, or 42% of the total units. The customer base consists of 79% foreign customers and 21% Thai customers, with construction expected to be completed and ownership transferred to customers by Q2/2568.

“The demand for housing from customers in Chiang Mai and nearby provinces, as well as from international customers, continues to grow. Additionally, ORN's projects have strengths in prime locations and designs that meet living needs, resulting in better-than-expected responses during the first quarter. Moving forward, the company will continue to focus on marketing strategies and ongoing promotional activities to boost sales,” Mr. Pridikorn stated.

For Q1 2024, the company reported total revenue of 196.66 million baht, down from 496.48 million baht in the same period last year, with a net profit of 10.42 million baht, a decrease from 102.45 million baht in the previous year.

The decline in performance compared to the previous year was due to a slowdown in ownership transfers amid the domestic economic situation, which continues to face inflationary pressures and high interest rates, affecting the credit assessment by financial institutions for customers. However, the company has a backlog of 898 million baht, which is expected to contribute to revenue recognition starting in Q2/2567 onwards.