"Origin Property" has released its Q3/2022 results, achieving a net profit of over 848 million baht, a 20% growth compared to the same period last year. This growth is attributed to the mega-project condominium worth 12 billion baht, "Park Origin Thonglor," which has started to recognize revenue for a full quarter, alongside the recovery of the hotel business following the reopening of the country. In Q4/2022, Park Origin Ratchathewi and Park Origin Chula-Samyan, valued at an additional 7.6 billion baht, will continue to recognize revenue. The backlog has surged to over 41 billion baht, expected to be recognized continuously until 2025. It is anticipated that the government will not extend the relaxed LTV policy, encouraging buyers to expedite purchases and transfer ownership of projects before December 31. The company plans to list its subsidiary "PRI" within this year as scheduled.

Mr. Pirapong Jaroonaek, CEO of Origin Property Public Company Limited (ORI), a comprehensive real estate developer, stated that in Q3/2022 (July-September 2022), the company had a total transfer of ownership for residential projects (including JV) amounting to 4.434 billion baht, comprising 1.553 billion baht from joint venture projects and 2.881 billion baht from non-JV projects. Additionally, revenue from hotel and other businesses totaled 323 million baht, resulting in total revenue for the quarter of 3.833 billion baht and a net profit of 848 million baht, reflecting a 20% increase compared to the same period last year, with a net profit margin of 22%.

“The reopening of the country has revitalized the overall economy, boosting buyer confidence in transferring ownership of residential projects. At the same time, the recovery of tourism and international travel has significantly increased the occupancy rate of the hotel chain,” Mr. Pirapong said. Notably, the residential projects that contributed significantly to the ownership transfers in Q2/2022 include Park Origin Thonglor, a mega condominium project valued at over 12 billion baht, which has started to recognize revenue for a full quarter for the first time. Meanwhile, the occupancy rate of Staybridge Suites Bangkok Thonglor, under One Origin Co., Ltd., has risen to 92%, and the three ibis hotels recently acquired in mid-Q2/2022 have reached an occupancy rate of 64%.

Mr. Pirapong further stated that in Q4/2022, in addition to the continued transfer of Park Origin Thonglor, there will be two more large projects: Park Origin Ratchathewi and Park Origin Chula-Samyan, with a combined project value of 7.6 billion baht, beginning to transfer ownership for the first time in Q4. This will lead to a continuous influx of ownership transfers during the quarter. Additionally, the company has a backlog of 41.2 billion baht as of the end of Q3/2022, which will be recognized continuously until 2025, reflecting consumer confidence in the real estate market towards the Origin Property group. Given the ongoing recovery in purchasing power following the reopening and the expiration of the relaxed Loan to Value (LTV) measures on December 31, it is expected that consumers in certain sectors will expedite purchases and ownership transfers within this year, significantly contributing to a vibrant real estate market towards the end of the year.

Additionally, another significant operation for the company in Q4/2022 is the listing of Primo Service Solution Public Company Limited (PRI) on the Stock Exchange of Thailand and offering shares to shareholders. On November 9, 2022, the Securities and Exchange Commission (SEC) approved the application for the securities offering. The company expects to be listed within this year as planned.

Origin Property Public Company Limited (ORI) has a diverse business structure, including:
1. Residential Development Business - Developing condominiums and housing projects, with 112 projects completed (as of the end of Q3/2022), 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 exceeding 172 billion baht.

2. Recurring Income Business - Including hotels, serviced apartments, and retail.

3. Service Business - Including property management, real estate brokerage, and consulting services.

4. Long-term Mega Trends Business - New business groups with long-term growth potential, such as logistics, healthcare, asset management, and energy, aimed at enhancing the quality of life for consumers comprehensively.