Origin Property Plc, a low-rise condominium developer, aims to double its presales and project value by 2018 and will seek listing on the Stock Exchange of Thailand next quarter to raise funds for business expansion.
Growing demand from young and foreign customers will help the company achieve the goals, said major shareholder and chief executive Peerapong Jaroon-Ek.
The company saw its presales rise to 5.5 billion baht in 2014 from 2.5 billion in 2013 and 2 billion in 2012. Its investment value amounted to 15.71 billion baht last year for 24 projects with a combined 7,570 units.
Peerapong: Keen on industrial real estate
The company has a backlog of 4.36 billion baht.
Given that many of Origin Property's residential projects are located within a one-kilometre radius of skytrain routes, they are attractive for both living and investment.
He said the company planned to launch new projects covering 10 of the projected electric train lines, up from three lines at present.
Origin is also expanding into industrial real estate to catch up with demand from those who want to live close to where they work, said Mr Peerapong, as residential projects near industrial estates still have vast room for growth in the future.
"Origin is looking to invest in blue ocean areas with low competition but real living demand. Low-rise condominiums are our focus as construction can be completed within 12-14 months," he said.
"We use well-known building materials and decoration brands and manage to get reasonable prices from these suppliers. This has encouraged customers to make a decision to buy, more than doubling our sales over the past three years."
Mr Peerapong said projects under management comprise four styles: luxury, boutique, modern and eco.
Thais account for 90% of the company's total customers and foreigners — largely Japanese, Singaporean and Chinese — make up the rest. It wants to diversify its foreign customer ratio for the Asean Economic Community later this year.
He said Origin Property had revenue of 559 million baht and net profit of 70.3 million baht in 2014, with net profit margin at 43%
Regarding its listing plan, the company will earmark 150 million initial public offering shares. Kasikorn Securities has been appointed as a financial adviser. It has paid-up capital of 225 million baht with par value of 1 baht.