Primo Service Solutions Plc, a property management service provider listed on the Market for Alternative Investment, is broadening its scope to include non-residential properties and projects outside those of its parent company, Origin Property Plc, as demand in the housing sector moderates.

Chief executive Surin Sahachatpocanan said the company is adapting its strategy to reduce reliance on residential developments, aiming to diversify and build resilience during a period of market contraction.

"We noticed signs of weakening in the housing market last year, which prompted us to take on management contracts for shopping malls and government facilities," he said. "We're also exploring opportunities in hospitals, hotels and factories, where demand is increasing."

Primo is also expanding beyond Origin's portfolio. This year, the share of non-Origin residential projects under its management should rise to 60%, up from 40% in 2024.

In addition, the company plans to strengthen both upstream and downstream segments of the property value chain, as midstream services like property management face limited growth prospects due to fewer new residential launches.

"Upstream services such as engineering consultancy, construction supervision and project advisory remain strong," said Mr Surin.

"Downstream segments including renovation, decoration and cleaning services also have room to grow, especially as many people today don't have time to handle these tasks themselves."

He said repair jobs following the earthquake in late March would help bolster revenue in the second and third quarters of this year.

Brokerage and rental services are also being scaled up. In the second half of 2025, Primo plans to add 500 units from three new projects, bringing its total rental portfolio to 2,000 units.

In the first quarter of 2025, Primo reported revenue of 350 million baht, a 16% drop from 416 million baht in the same period last year. Net profit fell by 50% to 39 million baht from 80 million baht.

Despite the dip, Mr Surin said full-year revenue is expected to reach 1.85 billion baht in 2025, up from 1.63 billion baht in 2024, though still below the company's 2023 record of 1.91 billion baht.