ORN Unveils Plans for the Second Half of 2023 with Stronger Growth Compared to the First Half, Backlog of 4.261 Billion Baht, and Ongoing Project Transfers including HABITAT MAHIDOL, ARISE VIBE PHUKET, ARISE HILL to Support Continuous Revenue Recognition. The Company is Moving Forward with New Projects to Develop Housing that Meets Real Demand, Reinforcing its Position as the First in the North to Achieve the "EDGE Champion Standard, Expanding its Customer Base Among Thai and Foreign Clients, and Accelerating Business Growth through Regular Income from Community Malls, International Schools, and Second-Hand Property Businesses, Confident in Achieving a Revenue Growth Target of 20%

Mr. Pridikorn Buranupakorn, CEO of Orn Sirin Holding Public Company Limited (ORN), revealed that the business outlook for the second half of the year is expected to outperform the first half due to the gradual transfer of ownership of several projects, including HABITAT MAHIDOL, ARISE VIBE PHUKET, ARISE HILL, which have received positive feedback from Thai and foreign customers, particularly from Myanmar, China, and Russia, who are high-potential buyers willing to make down payments of 30-50%, reflecting their confidence in the Orn Sirin brand.

Additionally, the company plans to launch 4 new projects with a total value of 3.158 billion baht, including 3 condominium projects: The Next Jed Yod 4, THE ASTRA SAMUI, and ARISE BUSINESS PARK, and 1 horizontal project: Believe Ring Road–San Kamphaeng 2, which will be a significant driver for future sales and revenue.

“The performance in the first 6 months of this year is expected to meet targets, with net sales of 2.207 billion baht and a backlog of over 4.261 billion baht, divided into 32% horizontal projects and 68% vertical projects, which will gradually be recognized as revenue starting from the second half of this year. We are confident that the performance for the remainder of the year will grow according to our plans,” Mr. Pridikorn stated.

Mr. Akkadech Udomsiri Thamrong, Deputy CEO of Orn Sirin Holding Public Company Limited (ORN), mentioned that the overall real estate market in the northern region and key tourist cities such as Chiang Mai, Phuket, and Samui continues to show demand for housing due to the gradual recovery of the tourism sector, the influx of expatriates, foreign investors, long-stay residents, and families of international school students, which are important customer bases for the company. Meanwhile, Chiang Mai has been ranked as one of the most livable and best cities in the world, further enhancing its residential and investment potential, positively impacting long-term housing demand.

The company has developed a strategy to align projects with the potential of each location, emphasizing design, living functionality, and international construction standards, while reinforcing its position as the first real estate developer in the northern region to achieve the EDGE Champion standard, reflecting a commitment to developing energy-efficient and environmentally friendly buildings, alongside utilizing green loans to manage financial costs effectively.

Moreover, the company prioritizes increasing the proportion of recurring income to ensure long-term operational stability. Currently, the community mall business, THE BACKYARD, has a total rental area of 3,026 square meters, with approximately 81% of the space leased and has started recognizing revenue since the first quarter of 2023, while also exploring the expansion of community mall projects in additional potential locations.

In the second-hand property management business, the company plans to source approximately 10 quality units, consisting of 30% houses and 70% condominiums, with a total value of about 20 million baht for renovation and resale to meet the increasing market demand.

Meanwhile, the Mill Hill International School Thailand is preparing to open a new semester, with the current number of students increasing to 176 from just 81 in the first academic year, comprising approximately 40% Thai students and 60% foreign students from China, Korea, Myanmar, and Europe. Revenue recognition is expected to increase starting from the end of the third quarter of 2023, with the potential to generate over 100 million baht per year.