SET-listed developer Origin Property Plc plans to launch 31 new residential projects worth a combined 42 billion baht and is eyeing 35 billion baht in presales and 17.5 billion baht in revenue.
Chief executive Peerapong Jaroon-ek said more than half will be condos with 19 projects worth 28.6 billion baht, followed by low-rise houses totalling 12 projects worth 13.4 billion baht.
"The low-rise house segment remains robust, while the condo segment is recovering," he said. "Non-residential development is another business we want to grow."
The company sets to have revenue from non-residential development reaching 20% of total revenue in the next three years, up from the current 10%. This share will increase to 50% over the next five years.
Last year it recorded a net profit of 3.1 billion baht on consolidated revenue of 15.9 billion baht, up 20% and 43%, respectively.
Housing transfers including those from joint ventures tallied 16.1 billion baht, while presales reached 30.2 billion baht.
Besides residential development, its three other business groups comprise recurring business which are hotels, serviced apartments, retail, service business like property management, brokers, and others, such as logistics, energy and healthcare.
The company plans to spin off three subsidiaries and launch initial public offerings (IPOs) for them between 2022 and 2024.
First up is Primo Service Solutions Co, a property service firm, for which it appointed Asia Plus and Jay Capital Advisory as financial advisors.
Last year Primo posted 490 million baht in revenue and expects to have 750 million baht by the end of 2022.
Second will be One Origin which operates commercial properties, including hotels, serviced apartments and retail spaces. SCB will act as financial adviser for this.
In 2024, it will also launch an IPO for industrial estate developer Alpha Industrial Solutions, a joint venture with industrial estate firm JWD InfoLogistics Plc, with Kasikorn Securities serving as financial adviser.
At the end of 2021, Alpha had an accumulated area of 155,000 square metres and aims to have 365,000 sq m by the end of 2022. One million sq m is the target in 2025.
