Thai-listed Origin Property sells 49% in Bangkok project to Nomura Real Estate

Image from Origin Property.

Origin Property Plc, a Thai listed property developer, has sold 49 per cent stake in Origin One Thonglor Co Ltd to Nomura Real Estate Development Co Ltd to develop a new hotel and service apartment in Bangkok.

The deal is sealed at the offering price of 177.12 million baht ($5.45 million) and Origin Property still owns the majority 51 per cent, according to a company’s filing to Stock Exchange of Thailand.

Origin One Thonglor is developing the Staybridge Suites Bangkok Thonglor, one of the first three hotel and service apartment projects that the company launched today. The other two projects are Staybridge Suites Chonburi Sriracha and Holiday Inn Suites Sriracha Laemchabang.

All three hotels worth around 7.5 billion baht aim at serving the high demand for accommodation from Japanese in Bangkok and long-term investors in Eastern Economic Corridor in Chonburi.

Toshihide Tsukasaki, executive officer – Residential Leading & Hotel Management Department, Logistic Property Department of Nomura Real Estate Development Co Ltd, said this is another significant step for Nomura for hotel investment in overseas.

“The main reason we decided to join this investment is that we have a partner like Origin Property who is well rounded in Thailand’s property business. Moreover, we are confident in InterContinental Hotel Group’s quality brands and the project’s strategic location in Thonglor where there is high demand from foreigners,” he said.

Nomura Real Estate Development is a wholly-owned subsidiary of Nomura Real Estate Holding, which earlier announced to set aside the budget of 300 billion yen for its investment in overseas during 2016-2024.

Peerapong Jaroon-ek, chief executive officer of Origin Property, said as Nomura is one of the world’s top three developers, the joint venture will support Origin Property in developing business operation, products and services in various types of real estate development.

Origin Property targets to have about 30-35 development projects in hand with total asset value of 35 billion baht within the next five years and become one of the country’s top three largest developers by 2022.

Also read:

Thai-listed Origin sells 49% in four units to Nomura Real Estate for $24m

Thailand: Origin Property acquiring Proud Residence for $116m, PN Capital exits

Thailand: Minor Hotels picks 50% stake in H&A Park for $22.5m

 

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.