Origin to build on Thailand’s investment initiative in eastern provinces with residential projects
Government’s plan to invest 1.5tr baht in infrastructure to draw foreign capital
Thailand’s Origin Property is set to develop four new residential projects worth a combined 10 billion baht (US$301.66 million) in the country’s eastern provinces next year, as it seeks to capitalise on the government’s Eastern Economic Corridor initiative.
The SET-listed developer’s chief executive, Peerapong Jaroon-ek, said investment in residential development in EEC provinces has become 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 the Muang district of Rayong, where it aims to acquire at least 30 rai worth 500 million baht.
The project will comprise condominiums in the lower and medium segments, four-star serviced flats and hotels with retail spaces worth 2.3 billion baht.
Origin started its residential developments in the eastern provinces a few years ago with three projects worth 10.13 billion baht in Sri Racha.
Peerapong said the company and Japanese developer Nomura Real Estate Development are considering investing in logistics development following joint ventures in four condominium projects in Bangkok worth 8.6 billion baht.