Bangkok – Noble Development Public Company Limited or “NOBLE” is making an aggressive move in 2023 with the plan to launch 10 new projects worth approximately THB 23,300 million, focusing on expanding housing projects. Its pre-sale target for this year is set at THB 23,000 million and total revenue at THB 15,000 million. It also announces the continues success from last year, which pre-sale hit a new high record at THB 17,400 million, supporting the backlog in 2022 to reach more than THB 19,000 million.
Mr. Thongchai Busrapan, First Vice Chairman and Co-Chief Executive Officer of Noble Development Public Company Limited “NOBLE”, a leading residential developer in prime locations of Greater Bangkok, revealed that the company’s operational directions for 2023 is expected to grow further from last year. In 2022, the company was successful from the launch of 11 new projects with a project value of THB 31,550 million. The pre-sale reached at THB 17,400 million, supporting the backlog in 2022 to reach more than THB 19,000 million, which is record-high pre-sale and backlog.
As for the year 2023, the company plans to continually launch new projects to support residential demand that is growing in line with the economic recovery. The country’s reopening has also resulted in the rising demand for second homes of expats. For this year, the company plans to launch a total of 10 new projects with a project value of THB 23,300 million, comprising 9 housing projects and low rise condominium projects with project value of THB 13,400 million and 1 high-rise condominium project with a project value of THB 9,900 million. Most of the projects are spread locations for wider coverage in Bangkok’s area such as western and eastern of Bangkok etc., including inner city such as Witthayu Road. At present, the company already has land areas to support the development of these projects. In addition, the company has launched 3 more projects focusing on the Ultra Luxury Segment, namely Noble Aqua Riverfront Ratburana, riverfront single-detached houses, Noble Terra Rama 9 – Ekamai, single-detached houses in the middle of the CBD Rama 9 – Ekamai, and Noble Away Cha-Am Beachfront, a beachfront wide land in Cha-Am.
Furthermore, the company also has products to support the residential needs of consumers in every stage of construction, comprising inventory projects worth THB 11,300 million and under construction projects worth THB 18,700 million , which can support the demand of both Thai and foreign consumers who want to buy residents for living and investment. These will further enhance the Company’s sales and revenue growth for this year.
“The COVID-19 pandemic has resulted in the changing home-buying behavior of Chinese consumers in Thailand. They now prefer to buy inventory projects as they can see the real projects, actual view, and also inspect the projects through both online and offline. There is also a need for larger rooms to accommodate their own family living, as opposed to previously purchasing for investment purpose. Recently, we have launched new projects in Rama9 Road, which is a popular area among foreign investors next to Central Rama IX Department Store, namely Nue District R9 Project. At present, the project has sold more than 75% which have received very good feedback from both Thai and foreign customers,” said Mr. Thongchai.
For the overall of the Thai economy in 2023, the company views that the Thai economy is likely to recover continuously due to several positive factors including the ease of Covid-19 preventive measures and the country’s reopening to welcome foreigner tourists, which will result in the recovery of tourism sector, more employment, and an increase purchasing power of local consumers. Also, the recent official announcement of the Chinese government to unlock and open up the country will be another new positive factor contributing to the Thai tourism and the economy from the influx of Chinese tourists to Thailand.
However, Mr. Thongchai concluded that with the overall economic recovery, together with the backlog on hand, including the housing projects that will be gradually transferred in this year. As a result, the company believes that will significant positively affect the direction of operating in 2023 which will see the total revenue at THB 15,000 million.