Mr. Peerapong Jaroon-ek, CEO of Origin Property Public Company Limited (SET: ORI), revealed that the company’s overall performance in Q4/2024 is expected to be the best of the year. This is due to the completion of three joint venture (JV) condominium projects, valued at approximately 7 billion baht. Moreover, each project has a substantial backlog value.
The company expects approximately 4 billion baht in ownership transfers from the three joint venture projects. The transfer of these projects will be a key factor in supporting the company’s profit, as it will recognize its share of the profits from the investments.
Of the three joint venture projects, valued at approximately 7 billion baht in Q4/2024, the first is the Origin Plug & Play Sirindhorn Station project, which is the company’s first condominium targeting Gen Y and Gen Z in Thonburi. It is valued at 2.7 billion baht, with a backlog of approximately 2.2 billion baht. The second project is the SO Origin Phahol 69 Station, a condominium near the BTS Green Line and Don Mueang Airport, valued at 1.8 billion baht, with a backlog of around 1.1 billion baht. Finally, the third project is KnightsBridge Space Sukhumvit-Rama 4, a condominium near BTS Phra Khanong, valued at 2.5 billion baht, with a backlog of approximately 2.4 billion baht.
As for the overall target for the transfer of ownership in 2024, ORI expects it to be close to the target of 26 billion baht (including joint ventures or JVs). However, the presale is expected to reach only 90% of the target of 40 billion baht. This is due to some projects, which account for about 20% of the new projects to be launched, being postponed to 2025. Originally, the company had planned to launch 35 new projects, with a combined project value of 37 billion baht. As of now, the company’s cumulative sales for the first 9 months of 2024 stand at 26.817 billion baht.
