The Thai real estate market is sluggish due to an oversupply of homes, especially in Bangkok and its metropolitan area. High household debt has made financial institutions reluctant to approve loans. Consequently, businesses must adapt quickly, presenting a challenge for Ornsirin Holding Public Company Limited (ORN). ORN has shifted from focusing solely on building homes for sale to creating new attractions such as international schools and community malls to facilitate home sales.
Preedhikar Boonrunupakorn, Chief Executive Officer of Ornsirin Holding Public Company Limited (ORN), explained that 2026 will be more than just a real estate brand year as the company expands into new businesses. After launching Mill Hill International School in 2025, this year they opened The Backyard community mall in Chiang Mai (operational since February 2026) and plan to expand further in the southern region. Revenue from these new ventures is expected to start from Q1/2026 onward.
For 2026, the company has budgeted 245 million baht for additional land purchases. The sales target maintains a 20% annual growth rate, projecting 2.949 billion baht in sales. They plan to launch three new projects valued at 2.634 billion baht, including
Regarding backlog, 2025 stood at 3.1 billion baht, with a target of 3.4 billion baht for 2026. The sales target for 2026 is 2.949 billion baht—higher than the 2025 target but lower than the actual 2025 sales of approximately 3.5 billion baht.
Despite high risks and challenges in the real estate market, Arkdetch Udomsirithamrong, Deputy CEO of ORN, shared that they once thought offering tuition fee discounts after home purchases would attract buyers. However, having schools and community malls actually made selling homes easier.
Although revenue from the international school business (currently about 130 students) and community mall may not be large or grow rapidly—it may take 3-5 years to see clear income—both segments create traffic and unique selling points that simplify customers' decisions to buy ORN homes. The company is considering applying this model to Phuket and Samui, and studying Pattaya, partly due to their large foreign customer base (58%) which is expected to grow.
In the future, revenue from new businesses will increase, with a projected 20.2% share in 2028, up from an estimated 6.9% in 2026.
When asked which business yields the highest profit, Arkdetch said, “The schools' net profit is highest because they are exempt from corporate income tax. However, for schools to be clearly profitable, they need sufficient factors such as a student body of 300 to cover personnel costs.”
Still, expanding new businesses that don’t generate high short-term income (compared to immediate revenue from home sales) means ORN must issue bonds to raise capital and recently secured sustainable financing from commercial banks with lower interest rates. Liquidity remains sufficient because their current model typically sells 50% of units before starting construction.
Additionally, ORN is expanding into the secondhand home market through partnerships with asset management companies (AMCs). They have already placed deposits and acquired 10 units (85% houses, 15% condominiums) currently under renovation, expecting to recognize revenue starting Q2/2026.
Preedhikar explained that the company has a clear policy on sustainability and is fully transitioning to green building development. Recently, it became the first EDGE Champion in northern Thailand’s real estate sector, with certifications for projects like Habitat Mahidol and The Next Jed Yod 3. The company began making adjustments from the design phase and implementing systematic construction waste management.
They select building materials and other measures to reduce environmental impact, such as using heat-reflective paint to lower indoor temperatures, using Acc Block walls to reduce carbon emissions, and installing air filtration systems for both incoming and outgoing air.
Moving forward, the company plans to expand this approach to other projects, aiming for at least 80% of new projects to be EDGE Certified green buildings by 2027. The company has also received Green Finance support from Kasikornbank in collaboration with IFC to assist in green building assessments according to EDGE standards.
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