Bangkok: BAM has joined hands with ORN to advance the NPA Partnership strategy, strengthening the business, accelerating profit sharing, and expanding the customer base in the northern region. The goal is to generate tens of billions of baht in added value from NPAs in the northern region, and to penetrate the international market.
According to Thai News Agency, Ms. Thongurai Limpiti, Chairwoman of Bangkok Commercial Asset Management Public Company Limited (BAM), revealed that BAM’s collaboration with partners from various sectors, including state enterprises, the real estate sector, and financial institutions, aims to revitalize potential assets, increase their value, and provide businesses and the public with easier access to loans and housing. This will generate sustainable returns for the organization, and BAM will also serve as a key mechanism for stimulating the grassroots economy and revitalizing the country’s real estate sector.
Dr. Rak Worakijpokathorn, Chief Executive Officer of BAM, stated that Ornsirin Group Co., Ltd. (ORN) is one of the leading real estate developers in the northern region. To strengthen the management of non-performing assets (NPAs) in the region and maximize asset value, ORN has enhanced the value of its assets to meet market demand, in terms of design, functionality, and quality of life for residents.
Currently, BAM has 28,000 non-performing assets (NPA) with a combined appraised value of over 78 billion baht nationwide. These assets include vacant land, detached houses, townhouses, commercial buildings, and residential condominiums. BAM has 2,689 properties in the northern region with an appraised value of over 9.6 billion baht. These include 1,161 detached houses with an appraised value of approximately 3.389 billion baht and 46 condominiums with an appraised value of approximately 73 million baht.
Mr. Boonlert Buranupakorn, Chairman of the Executive Board of Ornsirin Holding Public Company Limited (ORN), stated that the company’s real estate projects, including houses, condominiums, townhomes, and commercial buildings, total 36 projects. He stated that the company is ready to expand its business model to a comprehensive range, enhancing ORN’s growth potential. The collaboration with BAM in various dimensions, particularly the expansion of the business portfolio into the second-hand home market in the North and Chiang Mai province, is expected to show significant growth potential.
Mr. Preedikorn Buranupakorn, Chief Executive Officer of Ornsirin Holding Public Company Limited (ORN), revealed that the NPA will be renovated, rehabilitated, and ready for occupancy by experts in real estate renovation and restoration. The resale value will be appropriately priced, targeting 70% foreigners and 30% Thais. This is to meet demand for secondhand homes in Chiang Mai Province. The initial investment and development plan is in 2026. The total value of all properties to be sold, including detached houses and condominiums, is estimated at 30-50 million baht, with sales prices ranging from 2-20 million baht. Renovations will take approximately 3-6 months.