Origin Property revealed that it wants to build ten new residential projects this year worth a total of THB10 billion. In order to reach this goal, the company has set aside a THB2.5 billion investment budget to buy undeveloped land.
The company’s chief executive officer Peerapong Jaroon-Ek said that Origin Property is aiming to boosts its total revenue in 2016 to THB4 billion. Three of the developer’s new projects are expected to launch in the first quarter of this year. He noted that these are scheduled be worth THB4 billion in total. As for the remaining seven projects, the company hopes to launch them in the second half of this year but no specifics were given. Peerapong added that his goal for 2016 is to reach THB7.5 billion in total pre-sales.
“We believe the property market this year will grow between ten percent and 15 percent thanks to the government’s measures and the country’s economy showing signs of recovering,” he stated. “Demand for residential projects was still strong in the middle to upper-income market, and that was why the company was launching the ten residential developments.”
The first three projects will be Notting Hill Laem Cha Bang, Notting Hill Praksa and Notting Hill Saphan Mai. Origin’s THB4 billion revenue target in 2016 is a massive increase from last year in which the company had set a THB2 billion target. At the moment, Origin Property is currently developing 25 residential projects in the Bangkok, Chonburi and Nonthaburi provinces. The total value of these is THB15 billion.
“We are confident our total revenue will achieve the target thanks to our total backlog, which is ready to be sold to residents and is waiting to be transferred to customers. Nearly half of the total backlog will be transferred to customers this year,” Peerapong noted.
