Knightsbridge Prime Sathorn worth 3.8 billion baht will be located on a nearly three-rai site on Narathiwat Ratchanakharin Road.

SET-listed developer Origin Property Plc has raised its presales target to 8.5 billion baht from 7.5 billion, propelled by strong demand at its condo launch locations.

It also plans to build a new development with units priced below 10 million baht each in the Sathon area.

Chief executive Peerapong Jaroon-ek said a blue ocean strategy, meaning competition for location and segments is relatively low, remains its development goal in a fierce environment where large developers dominate.

"Condo demand near mass transit lines is strong. To avoid high competition, developers must find segments where supply is limited but demand is strong," he said. "Our new projects drew good sales focusing on affordable condos with real demand."

In the first half, the company posted 3 billion baht in presales. It saw 2 billion in July and August alone because of three new project launches in the Kasetsart University area, Charoen Krung Road and Phahon Yothin Soi 63 that sold out within a few weeks.

Those presales led Origin to increase its presales target to 8.5 billion baht, up 59% from 5.35 billion last year.

On Oct 1 this year it will launch Knightsbridge Prime Sathorn worth 3.8 billion baht on Narathiwat Ratchanakharin Road, its first project in the central business district (CBD) after 32 with over 10,000 units worth a combined 22.25 billion baht in Greater Bangkok and Chon Buri. The company was established in 2010.

To avoid competition in the Sathon area where most supply is in the high-priced segment, with units exceeding 10 million baht, Origin will develop smaller units starting from 24 square metres and priced from 3.2 million baht.

"At this price, supply is on the side streets," said Mr Peerapong. "We plan to target middle management workers whose salary is 60,000 baht per month, a segment with strong demand but limited unit supply."

He said the company wants to develop more projects in the CBD and is negotiating for a plot in the Thong Lor area to develop either condo or low-rise units. Origin also wants to join Yongyutt Chaipromprasith, formerly chief executive of SET-listed developer AQ Estate Plc, in a CBD project worth around 2 billion baht.

As of August, Origin had a sales backlog of 10.24 billion baht. It expects to transfer 3 billion worth of units in the second half after recording 1 billion in the first half.

ORI shares closed yesterday on the SET at 9.85 baht, up five satang, in trade of 1.08 million.