Noble Development has announced plans to launch at least three new high end condominium projects in the first half of 2013 with a total value of over Bt7 billion in Bangkok’s Ratchadapisek, Thong Lor and Sukhumvit areas. The three new developments will be in addition to Noble’s Ploenchit project that has also already made impressive progress with good sales and a completion scheduled in four years. Noble Ploenchit, with a huge project value of Bt15 billion covers a 9 rai site including 4 rai of green area close to the Ploenchit BTS station.
Kitti Thanakitamnuay, Chairman and Chief Executive Officer of Noble Development PLC, commented: “Next year we will continue to build our business based on our expertise in developing high-quality condominiums with inspiring designs in Bangkok’s CBD. Our main focuses in 2013 will be on two areas. Firstly, we will accelerate construction and sales for the Noble Ploenchit luxury condominium project. Secondly, we will launch at least three new projects in the best locations in Bangkok CBD close to the BTS lines. We are strongly confident that all the projects will receive a warm response from the market.”
Kitti Thanakitamnuay, Chairman and CEO of Noble Development PLC (center) poses with other Noble directors at the announcement of the company’s plans for 2013.
In 2012, Noble Development achieved Bt3 billion in actual sales with a Bt12 billion backlog that will be gradually recognized in the next 1-4 years. Thanks to the company’s strong financial outlook, Noble is confident in its long-term growth.
An artist’s rendering of the Noble Ploenchit project.
“We will continue to grow our business with a focus on developing high-end residential projects, both in luxury high end and affordable high end segments, said Kitti. “Although it is quite difficult to find good locations in Bangkok, that’s not a problem to us. We will continue to be committed to offering only the best to our customers”.
Following a series of new project launches with total value of Bt2.5 billion in 2012, Noble plans to make a more aggressive move with at least three new projects in the first half of 2013. With a total investment of Bt7 billion, the new projects will represent 200 per cent growth. Located in Ratchadapisek, Thong Lor and Sukhumvit areas, the three new projects are in Bangkok’s best locations. In the second half of the year, Noble is also considering acquiring more plots for new projects to be launched before the end of 2013.
According to Kitti, the Thai property market continues to have strong outlook, especially when considering investment potential. At present, the economy is in the “negative interest” stage where interest rates are relatively low while inflation is on the rise. In this situation, investment in property projects, both for living and long-term investment, is considered the most efficient and secured profitable way of saving.
“The AEC integration in 2015 will also encourage free flow of investment and money. That means greater opportunities for business operators to enter into high potential cities, especially those which are gateways to our neighboring countries, and in neighboring countries. Noble sees this potential and is studying the possibilities for this plan,” concluded the Noble CEO.