Origin Property Plc has plans to develop a new mixed-use project on a leasehold plot of land along Sukhumvit Soi 24, according to local media reports. The project will cost THB4 to THB5 billion and should open in 2021. The development will be called Origin 24 and will help the developer bring in more buyers to a nearby condo it is building.
“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,” says Origin Property Chief Executive Peerapong Jaroon-ek to the Nation.
Origin One, a subsidiary of Origin Property, will be in charge of the project. It will be located on a 3.5-rai plot that has a lease of 30 years. Plans for Origin 24 include 2 buildings which will contain 80 hotel rooms, 305 serviced apartment units, office space, and 3,400 square meters of retail space.
The mid-Sukhumvit area where the development will be located currently has strong demand from Thais and foreigners. Office space occupancy rates are currently over 90% in the area near Phrom Phong BTS station while hotel occupancy rates are around 80%. Demand is strong among the Japanese who prefer this location for business.
Origin 24 is going to be located next to Park24, a luxury condo project also being developed by Origin Property. The developer acquired Proud Residence Co earlier this year who had been working on the project which will have 2 phases with 2,076 units in total. Sales on the project could close in 2018.
There are also plans for the company to develop a luxury condo project in the Thonglor area. That development would only have 1 phase and is estimated to be worth THB15 billion. The company acquired a pair of land plots on Thonglor from the founder of Oishi.
“It will be in the same concept as Park24, with large green areas and a lot of facilities that many condominiums in the Thonglor area lack,” says Proud Residence Chief Executive Thongchai Busarapan.
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