Origin Property remains strong in the second half of the year, achieving new sales of 1 billion baht from foreign buyers in Phuket even before the official launch. The company is preparing to launch new projects to continue reinforcing its success in the Phuket area and plans to repay 5 bond issues totaling 3.875 billion baht in full by the due date in the second half of 2024, maintaining a 100% track record of timely repayments with interest for 8 consecutive years.

Mr. Pirapong Jarunek, Chief Executive Officer of Origin Property Public Company Limited (ORI), a comprehensive real estate developer, stated that in the second half of 2024, the company continues to focus on expanding opportunities into new markets such as Phuket, where it has been gradually launching new projects since last year due to strong demand. Recently, the company achieved sales from two new condominium projects that have not yet officially launched: 1. So Origin Kata Phuket and 2. Origin Place Centre Phuket, targeting foreign buyers, totaling over 1 billion baht.

“The market that currently shows strong demand includes a diverse range of customer groups in the same area, such as the market for personal residence, investment purchases, and foreign buyers, as well as more specific markets like pet-friendly condominiums. Focusing on markets with strong demand will significantly contribute to achieving our operational goals,” Mr. Pirapong said.

In the second half of 2024, although the overall situation of the bond market has not yet recovered, the company remains focused on managing liquidity. In the second half of the year, the company will fully repay bonds with interest on all issues, totaling 5 issues worth approximately 3.875 billion baht, including: 1. Bond Issue 2/2021 Series 2 (ORI247A) with a 3-year term maturing on July 16, 2024, worth 1.4317 billion baht; 2. Bond Issue 1/2022 Series 1 (ORI247B) with a 2.22-year term maturing on July 16, 2024, worth 535 million baht; 3. Bond Issue 3/2023 Series 1 (ORI248A) with a 1-year term maturing on August 30, 2024, worth 500 million baht; 4. Bond Issue 3/2022 Series 2 (ORI249A) with a 2-year term maturing on September 1, 2024, worth 807.8 million baht; and 5. Bond Issue 1/2023 Series 3 (ORI249B) with a 1.5-year term maturing on September 22, 2024, worth 600 million baht.

“In the past, we issued bonds to support continuous and sustainable business expansion according to our operational plans and business goals. We have gained the trust of both institutional investors and retail investors. We thank all investors for their confidence and will continue to drive the business to grow according to our set goals,” Mr. Pirapong stated.

Since 2016, the company has raised funds through more than 30 bond issues, maintaining a good repayment history. The company plans the issuance and offering of bonds with careful consideration of the amount and maturity period. This gradual repayment aligns with project development plans and future revenue recognition, as the company prioritizes maintaining liquidity while driving business growth according to its plans and objectives for bond issuance.

Additionally, the company is looking for opportunities in other areas beyond Phuket, such as the Amata-Chonburi industrial estate, which has demand from both buyers looking to live and work in the area and long-term rental investors.

Regarding ownership transfers, the company has a backlog of sales awaiting ownership transfer valued at approximately 47.135 billion baht as of Q2 2024. In Q4 2024, the company will also have new condominium projects to gradually transfer ownership for the first time, including: 1. So Origin Phahol 69, 2. Origin Plug & Play Sirindhorn Station, and 3. KnightsBridge Space Sukhumvit-Rama4, with a backlog in these 3 projects valued at over 6.35 billion baht, or over 85% of the project value. The company is confident that its performance will continue to meet its set goals.