Origin Property is teaming up with Lofis, a Hong Kong-based investment group, to launch five residential projects. The developer is no stranger to joint venture deals having announced two similar arrangements with Japanese firms in 2021.
The partnership with Lofis will allow Origin to tap into the Hong Kong market with real estate investors there expected to be active later in the year.
“The partner can bring in buyers from Hong Kong to the Thai property market. There has been pent-up demand since the pandemic. Property purchases from them are likely to resume in October as Hong Kong still requires seven days quarantine for returnees,” Origin Chief Executive Khun Peerapong Jaroon-ek was quoted as saying by the Bangkok Post.
The majority of launches from the new partnership will be low-rise houses and condos. However, the first project under the agreement is a single detached housing estate located in the northern suburbs outside of Bangkok. Overall, Origin is confident the housing market can overcome some of the potential it currently faces.
“The pandemic is improving, and employment is coming back to the hospitality sector after tourism recovered with a higher-than-expected number of arrivals,” Khun Peerapong stated. “These positive factors will outshine negative factors like cost-push, rising interest rates and higher inflation. If housing demand is strong from higher employment and increasing income, higher interest rates will not be the most critical factor.”
Read More: Hongkong Land continues to focus on JV projects in Southeast Asia
Origin focuses on JVs for new project launches
Origin announced One Phayathai, a massive mixed-use project that will contain a luxury condominium, two hotels and commercial space, as part of a joint venture deal with Japan-backed Tokyu Land Asia in August of 2021.
“Tokyu Land Asia is our significant partner due to its strengths in capitals, know-how technology and fruitful experiences in property development across Japan and Southeast Asia. Importantly, it has shared the same vision with us to create the best ecosystem for our residents. This collaboration will enable both companies to share knowledge related to sustainable development and environmentally-friendly design,” Khun Peerapong Jaroon-ek,Chief Executive Officer at Origin Property, explained.
Meanwhile, Origin is partnering with another Japanese firm, Nomura Real Estate, on Origin Plug & Play Ramkhamhaeng Triple Station, a condominium targeting the Gen Y and startup market. This is the 11th joint venture project between the two companies.
Read More: Origin inks two joint venture deals with Japanese partners
