Rising higher: Origin Property announces new condo projects for 2024
Origin Property, one of Thailand's top five major property developers, has kicked off a new chapter with the rebranding of its condominium unit to Origin Vertical. The goal is to reach 36 billion baht in condo sales this year.
During a media briefing on Monday, CEO Kriengkrai Kreebongkan explained that the restructuring has consolidated various condominium products under Origin, along with construction and marketing services.
The move has helped the business become more resilient and flexible, allowing it to meet the diverse demands of its clients.
Citing the stable but dormant market, he estimated that the country's condominium demand would remain at the same level as last year but would be centred on locations, services, and reasonable prices.
"Synergising all our operations as Origin Vertical will improve our innovation, designs and technology to build condominiums that meet all our targets in Bangkok and the surrounding area, as well as in major cities nationwide and in the premium luxury group," he said.
To mark its transformation, Origin Vertical plans to launch 14 new condominium projects worth 20 billion baht this year, with five opening in the first half of 2024.
Co-CEO Apisit Soonthronchukiat explained that the five new projects were valued at a total of 9.68 billion baht. Three are in the Bangkok area near the subway or skytrain lines, while two projects are in Phuket, where demand for second homes is on the rise due to the rapid growth of the local tourism industry.
“With our unique but functional modern lifestyle design in a prime location with a reasonable price and a policy that allows pets, we believe that our new projects will reach 50% presales within 3 months," he said.
The remaining nine new projects will be launched in the second half of the year. The majority of the projects are still in Bangkok and its surrounding areas.
The condominiums in major cities throughout the country will be located near industrial estates and universities, where demand is also increasing, he added.
Promising to maintain the company's ranking in the top five of the country's condominium market, Kriengkrai said Origin Vertical would continue to improve its products and services while looking for new joint venture partners to help develop its efficiency and meet the demand of all the company's targeted clients.
"The development process involves implementing new technology in interior design, such as our smart closet. Meanwhile, we believe the insight database will provide satisfactory options for both Gen Y and Gen Z," he said, adding that this strategic development will help the company to continue double-digit growth this year.
Last year, Origin built 117 projects totalling 56,977 units valued at more than 189 billion baht. Overall sales of its condominium projects exceeded 34.7 billion baht, a 16% increase from 2022.