Origin focuses on developing new condos for pet lovers
A sharp increase in the demand for pet-friendly condominiums in and around Bangkok has opened up opportunities for Origin Property, one of Thailand's leading condominium developers, which aims to a carve a niche for itself as the No. 1 choice for pet lovers.
Apisit Soonthronchukiat, chief executive officer of Origin Condominium, said at a press conference on Thursday that the company had seen 10-15% annual growth over the last five years since launching its first pet-friendly condominium units in 2019.
He pointed out that the growth was in line with the pet industry trends.
According to a recent study by the College of Management at Mahidol University, an increasing number of Thai people are opting to become "pet parents" rather than having their own children.
This means Thais were willing to spend time and money on household animals, providing a bright spot for pet-related businesses such as pet-friendly condominiums.
Meanwhile, according to data from the Commerce Ministry's Department of Business Development, the Thai pet market could grow at an annual rate of 8.4%, reaching 66.7 billion baht in 2026.
Apisit said that by the end of this year, Origin would have 16 pet-friendly condominium projects in the pipeline, worth around 26 billion baht.
The units have already achieved 63% presales, or approximately 2,063 units, worth approximately 4.98 billion baht, he said, adding that the buyer response had led Origin to become the largest developer in Thailand to provide pet-friendly condominiums.
"What we've noticed over the last five years is that pet-friendly condominiums typically sell faster than general ones. For example, the presales of units for a pet-lover condominium launched earlier this year reached 60% within three months, compared to 40% in the normal one," he explained.
In some areas, Origin pet-friendly condos can sell out during presales, he noted.
Given the positive market response, he said Origin intended to launch a few more projects on the outskirts of Bangkok next year.
"The number of projects in 2024 could be the same as this year," he told reporters.
Origin has launched eight new pet-friendly projects this year worth over 13 billion baht. Those condos will be ready for occupation next year.
Apisit expected the sales of Origin condos to increase after construction is completed next year, as it meets the demand from current pet-rentals who are now looking for a place to immediately move in with their pets.
Meanwhile, he said the company is collaborating with various partners to provide more welfare and services to pet-parenting groups in order to maintain its market leadership. These services include pet insurance, a healthcare programme, training courses, and pet-friendly central areas.
According to Somsakul Sangsuwan, chief design officer at Origin Property, the company has set up a Research for Excellence Development Team to focus on in-depth research so that Origin could find the best solutions for a pet-family.