Condo developer Origin Property Plc will continue to tap the middle to lower-end segment in the eastern Bangkok zone amid strong demand among blue-collar Thai workers and Japanese buyers.
Managing director Peerapong Jaroon-ek said the blue-collar segment in eastern Bangkok's Bang Na district to Bang Poo in Samut Prakan province in eastern Greater Bangkok remained untapped by condo developers despite the strong demand and good financial record of workers employed in the area.
Blue-collar workers in the area earn a relatively high income and have relatively low household debt, as many of them work for automotive firms and industrial factories.
"Property developers seem to overlook these areas," he said. "Affordable condo development is also not widely available to meet this market segment."
Japanese buyers are another strong market. Of the total 3,700 condo units the company has launched since its establishment in 2009, 300 units were bought by Japanese.
"The Japanese are potential buyers as our website, which is available in Japanese, is ranked No.4 on Google.co.jp when searching for the words 'Thai property'," said Mr Peerapong.
Origin will join the Home Property Investment Fair in Tokyo on Feb 20 to introduce its condo projects after it launched a Tokyo roadshow last year.
Established in 2009 with registered capital of 301.57 million baht, Origin Property focuses mainly on condominiums that offer travel convenience due to their locations near skytrain routes and expressways. The company has developed a total of 15 condo projects with 3,700 units, worth a combined 6.84 billion baht. About 20% of the units remain available and will be relaunched after the projects are completed.
Origin Property this year plans to launch six new projects worth a combined 2.21 billion baht. All of them will be condos.
Three of the new projects will be launched by the end of this month. They will be located near Udomsuk, Bearing and Poo Chao Saming Prai skytrain stations with units priced from 60,000 baht per square metre, or 1.39 million baht a unit.
Mr Peerapong said Origin also planned to raise funds through the Stock Exchange of Thailand by the second quarter. Kasikorn Securities has been appointed the financial adviser.