Origin to build homes in EEC

Origin to build homes in EEC

SET-listed developer Origin Property Plc is set to develop four new residential projects worth a combined 10 billion baht in eastern provinces next year to capitalise on the government's much-touted Eastern Economic Corridor (EEC) initiative.

Chief executive Peerapong Jaroon-ek said investment in new residential developments in EEC provinces became more attractive after the government vowed to invest 1.5 trillion baht in infrastructure projects in Chon Buri, Rayong and Chachoengsao.

"The government's spending in EEC will draw overseas investment, which will create residential demand," he said. "In light of the government's clear plan, we are seeking new plots to develop next year."

One of the new projects Origin will launch will be located in Muang District of Rayong, where it is collecting plots and aims to acquire at least 30 rai worth 500 million baht.

The project will comprise condominiums in the lower- and medium-end segments, four-star serviced apartments and hotels with retail spaces worth 2.3 billion baht.

Origin started residential developments in the eastern provinces a few years ago with three projects worth a combined 10.13 billion baht in Sri Racha alone.

Mr Peerapong said the company and Japanese developer Nomura Real Estate Development Co is pondering investing in logistics development following joint ventures in four condominium projects in Bangkok worth a combined 8.6 billion baht.

"Next week Nomura will visit Bangkok to see the locations on Bang Na-Trat Road between the Suvarnabhumi airport and Amata Nakorn Industrial Estate to develop the logistics hub," he added.

They will invest around 500 million baht to acquire a plot sized within 20-50 rai on the road to develop the logistics hub in a tailor-made format for Japanese customers next year.

Recently, Origin bought two plots totalling 13 rai on Thong Lor Soi 10 from Tan Passakornnatee. It plans to develop a new luxury condominium project worth 11 billion baht on a six-rai plot through a joint venture with Nomura.

Opposite the six-rai plot, the second plot is seven rai are leased to tenants. The lease contract will expired in the next three years.

Pitakphong Santasiri, a private sector representative who works for the government's EEC development plan, said the aerotropolis development plan at the U-tapao airport will be a key driver to boost the economy in eastern provinces.

"One of the industries that are set to develop in the three provinces will be high technology that needs speed [to introduce to the market]," he said. "The U-tapao expansion is being designed to support an aerotropolis to increase the country's potential."

He said the airport will cover a total of 6,500 rai and the aerotropolis will cover the surrounding 30 kilometres, to be completed by 2023.

The U-tapao expansion is part of the plan to promote Thailand as a regional aviation hub. After raising capacity to 15 million passengers in the first phase over five years, the second phase calls for servicing 30 million passengers within a decade. The final stage would handle 60 million passengers after 15 years.

After all expansion plans are completed, the total number of passengers to U-tapao, Suvarnabhumi and Don Mueang airports will top over 200 million a year.

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