ORN reveals a positive business outlook for the second half of 2024, moving forward with the pre-sale of three projects totaling 3.07 billion baht. These include the horizontal project HABITAT Ruamchok and the low-rise condominium projects ARISE Sansai and ARISE Phuket, accompanied by promotional campaigns to boost sales across all projects. This initiative is in response to government economic stimulus measures in the real estate sector, which are expected to enhance foreign demand and increase property transfers, pushing the backlog to 1.5 billion baht and sales to reach 2.5 billion baht. The company is also accelerating its new business strategy with the launch of the Life Style Market, a shopping destination in the heart of Chiang Mai, set to open in November 2024. Additionally, Mill Hill International School Thailand is under construction and has received positive interest from both Thai and foreign parents, with services expected to commence in early 2025, contributing to steady revenue growth.

Mr. Pridikorn Buranupakorn, CEO of Orn Sirin Holding Public Company Limited (ORN), stated that the business direction for the second half of 2024 is expected to improve compared to the first half, as the business enters the high season. The overall real estate market is showing positive trends following government measures to stimulate the economy through the real estate sector and related businesses in the second quarter of 2024, aimed at supporting housing availability for the public, encouraging Thai customers' purchasing decisions, and building confidence among foreign clients to expedite property transfers.

The company is preparing to launch pre-sales for three projects, both horizontal and vertical, with a total project value of 3.07 billion baht, highlighting prime locations, unique designs that meet the needs of local residents and foreign customers, and high construction quality standards, along with customer service before and after the sale, including:

  • HABITAT Ruamchok: Luxury French Eclectic-style homes located near Ruamchok Mall and government centers, comprising 99 units with a project value of 1.127 billion baht.
  • ARISE Sansai: A low-rise condominium with 375 units, the first pet-friendly condo in Chiang Mai, located near Central Festival, fully furnished, with a project value of 828 million baht.
  • ARISE Phuket: A low-rise condominium with 484 units in the heart of Phuket, close to shopping malls and hospitals, near Bang Tao Beach, with a total project value of 1.115 billion baht.


ARISE Phuket Project


HABITAT Ruamchok Project

Mr. Pridikorn further noted that the overall real estate market in the first half of the year was sluggish due to economic conditions, household debt, and high-interest rates affecting the housing demand of Thai customers. However, the company's high-rise projects have consistently seen good sales and property transfers from foreign clients. The ARISE project (Jaroen Muang) received a strong response from foreign buyers after its pre-sale launch at the beginning of 2024, with the foreign quota fully booked. The company is therefore continuing to open sales for high-rise projects to meet the ongoing demand from foreign clients interested in housing in Chiang Mai, which is expected to increase in the second half of the year. Additionally, the company is ready to deliver and gradually transfer ownership of the condominium projects The Next Ruamchok City Hall and The Next Jet Yod 2, increasing revenue while implementing marketing strategies and promotions for all ongoing projects to stimulate purchasing decisions and boost the backlog to 1.5 billion baht, driving sales towards the target of approximately 2.5 billion baht.

Meanwhile, the new business is set to launch the Life Style Market, a shopping destination in the heart of Chiang Mai, covering an area of 5 rai, expected to open in November 2024 to welcome the tourism season, with over 50% of retail and restaurant spaces already booked. Mill Hill International School Thailand is under construction for administrative and classroom buildings, preparing staff and promoting the curriculum, which has received positive feedback and interest from local Thai parents and foreign families relocating to Thailand. The school is expected to be ready for service by 2025.

Mill Hill International School Thailand

We are confident that the strategies for operating in the real estate and new business sectors will generate increased regular income, along with effective financial cost management, enhancing the company's growth potential in the future.