UPDATE: Origin targets a B30bn Phuket portfolio after B11.65bn expansion plan

Origin Property Public Company Limited (ORI) plans to invest B11.65bn in new Phuket residential and hotel projects between 2026 and 2028, with the group targeting a total Phuket investment portfolio of B30bn by 2028. Its existing portfolio was valued at B18.35bn at the end of the second quarter of 2026.

Thanakorn Wuttipong, chief executive for international business management at ORI, said the group entered Phuket in 2023 under its Origin Infinity growth strategy and uses both joint ventures and wholly owned investments. A ThaiPR report published on 11 August identified The Origin Kathu-Patong as Origin's first Phuket condominium, with presales beginning in September 2023.

The residential portfolio comprises eight condominium and pool-villa projects with 3,937 units and a combined investment value of B15.65bn. Origin said the projects had achieved an average sales rate of more than 60%.

The group has also established two mixed-use developments: Origin Resort World Phuket Bang Tao Beach and Origin Lagoon Cherng Talay Phuket. It said its Phuket customer base includes both Thai and foreign buyers. Among foreign buyers, the largest groups were from Russia at 46.6%, Poland at 15.9% and China at 6.4%, with other nationalities accounting for 31.1%.

New residential projects planned

Origin plans to launch two condominium projects in 2026, in Cherng Talay and the Kathu-Patong area, with a combined value of B3.5bn.

A further seven condominium projects are planned for 2027 and 2028, with a total value of more than B8.15bn. The planned locations include Bang Tao Beach, Cherng Talay, Surin Beach, Kata Beach and Phuket Town.

The company also expects new revenue from projects scheduled for completion and handover from the fourth quarter of 2026. These include SO Origin Bang Tao Beach, valued at B2.8bn, and Balco Bang Tao Beach, listed at B600m in the existing project schedule. The company said two further projects would contribute revenue in 2027, followed by one condominium project in 2028.

The value of Balco Bang Tao Beach requires clarification. A ThaiPR report published on 11 August describes the same named project as being associated with Britannia Public Company Limited (BRI) and reports a value of B1.35bn. The supplied reports do not explain the difference between the B600m and B1.35bn figures, so they should not be treated as interchangeable.

Three hotels in the pipeline

Origin said its hotel development pipeline consists of three projects with a combined 601 keys and an investment value of B2.7bn. The projects are Motto Phuket Kata under Hilton, and Moxy Cherngtalay and Moxy Phuket Chaofah under Marriott Bonvoy.

Moxy Phuket Chaofah is scheduled to open in the fourth quarter of 2026. Motto Phuket Kata is scheduled to open in the third quarter of 2028, followed by Moxy Cherngtalay in the fourth quarter of 2028.

The group is also studying two additional hotels for development in 2027 and 2028, with a combined investment value of B1.88bn. Origin said it was assessing the projects and negotiating with potential partners.

Thanakorn described 2026 to 2028 as a period in which earlier investments would begin generating returns through property handovers and recurring hotel income. He said the group was targeting Phuket's main tourism and residential areas, including central Phuket, Kathu-Patong, Kata, Cherng Talay and Bang Tao.