Origin Property aligns with Japanese partner, expands plans

Real Estate July 31, 2017 12:35

By The Nation

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Listed firm Origin Property has sold a 49-per-cent stake in four of its subsidiaries to its Japanese partner Nomura Real Estate Development Group, worth a combined Bt788.96 million.

The Origin board approved the sale on July 29, said chief executive Peerapong Jaroon-ek.

He described the joint venture as providing synergy, in that Origin would learn about technology design and both partners would see a rise in business growth in the long term.

Founded in 1957 as Nomura Real Estate Development Co Ltd, the Japanese group as of April 1 had registered capital of 2 billion yen (about Bt600 million) and total revenue of 401 billion yen as of fiscal 2016-2017 ending on March 31.

Origin has meanwhile expanded its investment plan, Peerapong said. It will launch 12 new residential projects worth Bt18.05 billion this year rather than nine projects worth Bt15 billion as originally proposed.

Four of those were put on the market in the first half of the year and the other eight will be unveiled in the second half, he said.

The company has as a result revised upward its total revenue target from Bt6 billion for this year to Bt9 billion, and its presale target from Bt13 billion to Bt14 billion by the end of the year, Peerapong said.