ORN has revealed its business direction for the second half of 2025, expecting growth to surpass the first half. The company has a backlog of 2.59 billion baht in sales waiting to be recognized as revenue starting from Q3. The overall real estate market in Chiang Mai remains positive, with plans to launch 2 new projects: the condominium The Next 7 and The Astra3, with a total value of 1.64 billion baht. Additionally, the company is set to recognize revenue from the Mill Hill International School Thailand and the community mall THE BACKYARD, which will enhance regular income and create long-term stability while focusing on efficient cost management and maintaining financial liquidity.

Mr. Pridikorn Buranupakorn, CEO of Orsirin Holding Public Company Limited (ORN), stated that the business outlook for the second half of 2025 is expected to be more promising than the first half due to a backlog of over 2.59 billion baht, which will gradually be recognized as revenue starting from Q3. The overall housing market in Thailand is still in a gradual recovery phase, especially in tourist provinces like Chiang Mai and Phuket.

Support for this growth comes from the recovery of the tourism sector, the return of foreign investors from China, Russia, and Eastern Europe, as well as the trend of Remote Work / Work from Anywhere, which has increased demand for quality vacation homes in tourist cities. Furthermore, government policies that favor real estate, such as measures to reduce transfer and mortgage fees and policies to attract foreign investors (LTV Relaxation temporarily), along with continuous infrastructure development in the northern region, are key factors supporting the growth of the real estate market in Chiang Mai.

However, amidst intense competition, ORN has carefully strategized to focus on developing both horizontal and vertical projects with potential. The projects are designed to be flexible, with practical common areas that cater to both Thai and foreign customers seeking long-term housing. The company aims to control costs effectively and adjust pricing structures to suit credit conditions, targeting a diverse audience that includes first-time homebuyers, investors, and foreigners. This approach also creates opportunities to expand regular income streams for sustained growth.

The company plans to launch 2 new projects worth a total of 1.64 billion baht in the second half of 2025: 1. A luxury condominium project THE ASTRA3 in a prime location with complete amenities, valued at 1.5 billion baht, and 2. A low-rise condominium project The Next 7, valued at 140 million baht, designed to meet the lifestyle needs of urban residents, conveniently located near transportation in the Jed Yod area.

The Mill Hill International School Thailand has officially received its educational institution license and is set to begin classes in September 2025. The school has attracted over 200 student applications in its first year, despite strict admission criteria using the same entrance exam as its parent school in England, allowing for approximately 100 students to be accepted for kindergarten to Year 6 (ages 3-11). Currently, the administration and classroom buildings for early childhood education have been completed, and construction is underway for phases 2 and 3 to accommodate future expansion up to Year 13. The school is committed to enhancing educational quality and facilities to support students effectively at all levels.

Additionally, the community mall THE BACKYARD is preparing for full operation, with over 50% of retail spaces already reserved, which will help boost revenue and generate cash flow for the company.