ORI shareholders have given the green light to move forward with a partnership with Proud Residence, enhancing business synergy to strengthen the luxury market and develop condominiums across all segments. The company has appointed Pitipong Trai-nurak to the new board and is adjusting its revenue targets following this collaboration.

          Mr. Pirapong Jarun-eak, CEO of Origin Property Public Company Limited (ORI), a developer of condominium projects under the Knightsbridge, Notting Hill, and Kensington brands, stated that during the extraordinary shareholders' meeting on July 12, 2017, more than three-quarters of shareholders approved the company's acquisition of all 10 million common shares of Proud Residence Co., Ltd., valued at 4 billion baht. This marks the beginning of a long-term collaboration in condominium development that covers all market segments, enhancing business strength (synergy) and boosting the development of high-end condominiums while targeting foreign consumers.

          Additionally, the meeting approved the allocation of newly issued common shares to a limited group of individuals from Proud Residence Co., Ltd., totaling 81,197,171 shares, valued at 1 billion baht, or 5% of the registered capital. This includes Mrs. Jaraspim Lipthapallop with 56,838,020 shares (approximately 3.5% of registered capital), Mr. Thongchai Busarapant with 12,179,576 shares (0.75%), and Mrs. Nune Taweesri with 12,179,575 shares (0.75%).

          Furthermore, the meeting approved increasing the number of board members from 10 to 11 and appointed Mr. Pitipong Trai-nurak as a new director of the company.

          Mr. Pirapong stated that for the payment of the total common shares of Proud Residence, valued at 4 billion baht, the company has funding sources from financial institutions and its working capital. This includes a payment of 3 billion baht through promissory notes guaranteed by commercial banks in Thailand, to be paid in three installments, with the final payment due on April 2, 2018. The remaining 1 billion baht will be paid from the company's cash flow during the second to fourth quarters of 2017, including revenue from completed projects and the gradual transfer of seven new projects this year.

          Once all operations are completed, the company will have an increased backlog of 25 billion baht, placing it among the top five in the real estate business, with a total of four condominium brands: Kensington, Notting Hill, Knightsbridge, and a new brand called Park, aimed at penetrating the high-end market and meeting consumer demands across all segments.

          “Previously, the company set a revenue target for 2017 at approximately 6 billion baht, with a backlog already at around 92%. However, with the partnership with Proud Residence, which has an existing backlog of over 10 billion baht ready to generate continuous revenue this year, the company will see both backlog and revenue increase immediately. Moving forward, the company will adjust its revenue targets to align with its growth into a new phase, and we expect to announce the new revenue target officially soon,” Mr. Pirapong stated.

        Currently, Origin Property Public Company Limited has a diverse business structure, including 1. Project Development Business, having developed approximately 38 condominium projects with a total project value of over 36 billion baht; 2. Recurring Income Business, such as hotels, serviced apartments, and retail; 3. Service Business, including property management, real estate brokerage, and consulting services, with a vision to continuously expand into new business types to become a comprehensive real estate operator.

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