New Origin Property unit to get Bt20 billion for development of hospitality business
Listed developer Origin Property has established a new subsidiary, One Origin, for the development and management of its hospitality business, including hotels, serviced apartments, office and retail.
The new unit will have an investment budget of Bt20 billion through 2022, One Origin chief executive officer Kamonwan Wipulakorn said at a press conference on Monday.
The funding will come from its parent company and from Origin Property’s strategic partner, Japan-based Nomura Real Estate Development, while One Origin also plans to raise capital by setting up a real estate investment fund, she said.
It will also apply to be a listed company in the Stock Exchange of Thailand at a later date, the CEO added.
“We target that the assets from those investments will help create a market value of around Bt30 billion and also generate revenue of Bt10 billion over this five-year period. We should become one of the top five hotel and mixed-use property developers,” she said.
Initially, One Origin plans to develop 15 hotel and serviced-apartment projects with over 4,000 rooms combined within five years to serve both corporate and leisure clients, as well as 10 office and retail properties with combined space of at least 50,000 square metres, Kamonwan explained.