Origin eyes mixed-use project
SET-listed developer Origin Property Plc (ORI) will spend 4-5 billion baht to develop a mixed-use project on a leasehold plot of Sukhumvit Soi 24.
Chief executive Peerapong Jaroon-ek said the project, Origin 24, is scheduled to open in mid-2021 and wants to attract buyers to the company’s condominium project, which is located opposite the new project.
“With the new mixed-use project at the heart of the soi, the Sukhumvit 24 area will become more attractive despite many variously sized malls surrounding it,” he said.
Developed by subsidiary Origin One, the project will be located on a 3.5-rai plot that will be leased for 30 years from the Athakravi-Soonthorn family, the largest landlord on Sukhumvit Soi 24.
It will have two buildings and comprise 80 hotel rooms, 305 serviced apartment units, office space of 3,920 square metres and retail space of 3,400 sq m.
Mr Peerapong said mid-Sukhumvit faces strong demand from Thais and foreigners, as it has an occupancy rate of more than 90% at office buildings near Phrom Phong BTS station.
Key demand is notably from the Japanese; there are always new investors from Japan looking to set up office in the Phrom Phong area. Meanwhile, hotel occupancy is around 80% with a high room rate.
Origin i n July acquired luxury condo developer Proud Residence Co, owned by the Liptapanlop family, which is developing Park24, a high-end condominium project on a 12.5rai plot of Sukhumvit Soi 24.
It will comprise two phases with five buildings and a total of 2,076 units. Worth a total 17 billion baht, it has sold 11 billion baht so far and is expected to close sales next year.
Mr Peerapong said t he company plans to develop a luxury condominium project with phase one worth around 15 billion baht in the Thong Lor area, where it recently acquired two plots from Oishi founder Tan Passakornnatee.
“It will be in the same concept as Park24, with large green areas and a lot of facilities that many condominiums in the Thong Lor area lack,” said Proud Residence chief executive Thongchai Busarapan.
Origin yesterday reported a nine-month net profit of 966.7 million baht on revenue of 4 billion baht, up 202% and 111%. Net margin was 24.1%, up from 16.8% in the same period last year.
In the third quarter, the company posted 556 million baht in net profit on revenue of 1.96 billion baht, up 251% and 121% from the same period last year. Net margin was 28.4%, up from 17.9% a year earlier.
ORI shares closed yesterday on the Stock Exchange of Thailand at 21.30 baht, unchanged, in trade worth 52.5 million baht.