Origin switches to clinics, healthcare
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Origin switches to clinics, healthcare

Mr Peerapong says Origin's hotels have done well during the pandemic.
Mr Peerapong says Origin's hotels have done well during the pandemic.

SET-listed Origin Property (ORI) plans to diversify into wellness, logistics and asset management trends.

"We have to grow beyond property and move forward to offer living solutions for customers of all generations in order to increase our competency," said Peerapong Jaroon-ek, Origin's chief executive.

The outlook this year is promising as the country plans to reopen for international tourists. However, household debt caused by the outbreak remains a challenge, he said.

The company plans to set up Prominent Asset Management to convert and manage house and condo debts.

Origin already submitted a licensing application to the Bank of Thailand and expects to begin the bidding process for non-performing loans (NPLs) in the third quarter.

Mr Peerapong said the company plans to bid on NPLs worth 400-500 million baht from financial institutions during the first stage, gaining revenue of around 100-200 million baht per year.

Origin also wants to enter the wellness business under Origin Healthcare, in which it owns 76% of shares, to launch wide a range of services including beauty clinics named Cheva Plus, healthcare centres and a wellness service platform.

He said Cheva Plus clinics project to have 10 branches in Bangkok and the Eastern Economic Corridor in 2-3 years.

For the logistics business, the company partnered with JWD InfoLogistics to open a 62,000-square-metre logistics centre on Bang Na-Trat Road KM22 in the second quarter of 2021.

Mr Peerapong said the hotel business saw strong performance during the pandemic and the company is maintaining its pipelines.

Last year the company opened two hotels targeting corporate and long-stay guests: Staybridge Suite Bangkok Thonglor, which had 55% occupancy, and Holiday Inn and Suites Sriracha Laemchabang in Chon Buri, which had 50% occupancy. Other hotels in these areas recorded occupancy around 10%, he said.

Origin reported 11.1 billion baht in revenue last year, down 21.3% from 2019, with net profit of 604 million baht, up from a loss of 239 million in 2018.

The company expects to launch 20 property projects worth 20 billion baht this year, of which 11 are low-rise houses worth 10.4 billion and nine condo projects worth 9.6 billion.

The presales target is a company record of 29 billion baht, while the revenue target is 14 billion, of which 63% is allotted to condos, followed by houses (29%), then management and others (8%).

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