Ornsirin, a real estate developer in the prime location of Chiang Mai, is stepping into the leadership of the mid-to-high-end real estate market in Northern Thailand. The company is preparing to develop quality projects in 2023 - 2024 worth a total of 5.165 billion baht and plans to launch 6 new projects this year, both horizontal and vertical, totaling 3.225 billion baht.

By focusing on expanding the market in quality locations, the company aims to meet the housing needs of mid-to-high-end customers, alongside construction strategies to control costs. They are preparing to raise funds in the stock market within 2023 to enhance growth potential of no less than 20% per year.

Mr. Boonlert Buranupakorn, Chairman of the Executive Board of Ornsirin Holding Public Company Limited, as the founder of “Ornsirin,” stated that the company aims to become the leader in mid-to-high-end real estate in Northern Thailand within 3 years. The company develops horizontal and vertical real estate projects and commercial buildings in quality locations in Chiang Mai, continuously meeting the needs of both Thai and foreign customers. This has resulted in the ongoing popularity of various projects managed by Ornsirin for over 17 years, with 18 projects under development and sale as of 2022, valued at a total of 15.505 billion baht, divided into:

  • 11 horizontal projects worth a total of 8.348 billion baht
  • 7 vertical projects worth a total of 7.157 billion baht

The remaining projects for sale are valued at a total of 6.385 billion baht, divided into:

  • Horizontal projects worth 4.679 billion baht
  • Vertical projects worth 1.706 billion baht

Mr. Pridikorn Buranupakorn, Chief Executive Officer of Ornsirin Holding Public Company Limited, stated that the company currently develops horizontal and vertical real estate projects under various brands, including:

  • THE ESCAPE
  • HABITAT
  • BELIVE
  • ORNSIRIN
  • ORNSIRIN VILLE
  • URBAN MYX
  • THE ASTRA
  • ARISE
  • THE NEXT

To align with the growth targets set, the company has outlined a business plan for 2023 to launch 6 new horizontal and vertical projects worth a total of 3.225 billion baht. Development is expected to begin in the second half of 2023, divided into:

  • 3 horizontal projects worth over 1.940 billion baht
  • 3 vertical projects worth approximately 1.285 billion baht

Additionally, by 2024, the company plans to develop more quality projects in Northern Thailand worth approximately 1.940 billion baht to strengthen its position as a leader in Northern real estate, divided into:

  • Horizontal projects worth approximately 233 million baht
  • Vertical projects worth approximately 1.707 billion baht

Mr. Akkadech Udomsiri Thamrong, Director of Sales and Marketing at Ornsirin Holding Public Company Limited, added that the demand for housing in Upper Northern Thailand, especially in Chiang Mai, remains popular among both Thai and foreign customers due to its strong economic readiness and continuous growth potential. In the real estate sector, there is growth in both residential and commercial projects, and the company has significant opportunities for further growth from its new project launches.

Moreover, supportive factors from stimulating the tourism economy, increased foreign investment in the country, and government policies such as land and building tax reductions and relaxed LTV (Loan To Value Ratio) measures have led to a rise in housing demand.

Therefore, the company is committed to continuous growth, accelerating market expansion in quality locations, and focusing on developing residential projects that meet the needs of mid-to-high-end customers by designing functions and innovations that enhance the quality of life for residents in every project, alongside innovative construction strategies to manage risks associated with rising land costs, construction costs, and interest rates.

Additionally, the company is preparing an investment budget for land acquisition to support the continuous development of new projects in the future, while also focusing on strengthening financial capabilities, as it is preparing to register in the stock market within this year to effectively and stably support market expansion. The company aims for total sales of 1.735 billion baht in 2023 and targets total transfers of 1.471 billion baht, while maintaining sales growth of no less than 20% per year.