Noble Development Public Company Limited (NOBLE) has showcased its performance for the first nine months of 2021, reporting total revenue of 5,792 million baht and a net profit of 936 million baht. The impact of COVID-19 has delayed project launches and slowed down campaign rollouts, resulting in decreased performance. Executive Chairman, Mr. Thongchai Busarapant, stated that the company is ready to navigate through the crisis by launching the "New Connect House Don Mueang" project valued at 800 million baht, which will be ready for transfer by year-end. He is confident that the economy will recover in Q4/2021, while the LTV measures are expected to stimulate purchasing power, leading to the launch of 18 new projects worth approximately 47,400 million baht in 2022.

Mr. Thongchai Busarapant, Vice Chairman and Co-CEO of Noble Development Public Company Limited (NOBLE), a leader in real estate development in prime locations of Bangkok and its suburbs, revealed that for the first nine months of 2021 ending September 30, 2021, the company achieved total revenue of 5,792 million baht and a net profit of 936 million baht, down 22% and 24% respectively compared to the same period last year (YoY). In Q3/2021, the company reported revenue of 877 million baht and a net profit of 150 million baht, down 74% and 71% respectively YoY. The decline in performance reflects the impact of the new wave of COVID-19 during Q3/2021, which affected consumer sentiment.

During the past nine months, accumulated pre-sales amounted to 5,525 million baht, with over 3,400 million baht coming from completed projects ready for occupancy, and more than 2,100 million baht from the launch of two new projects: Noble Form Thonglor and New Noble Center Bangna, along with other previously launched projects. In the final quarter of this year, the company plans to introduce one more new project in Q4/2021, the New Connect House Don Mueang, valued at approximately 800 million baht. This horizontal project includes twin houses and townhomes located near Don Mueang Airport, accessible via Vibhavadi Rangsit and Phahonyothin Roads, with selling prices ranging from 5 to 8 million baht per unit. The company believes it will receive a positive response due to the popularity of horizontal projects in the current market and the project's potential location. Additionally, the company aims to accelerate sales of completed projects worth over 3,500 million baht, aligning with the overall market recovery expected in Q4/2021 as the country reopens to tourists, which will help boost the economy and consumer purchasing power, enhancing consumer sentiment.

For 2021, the company has postponed the launch of three new projects: Noble Form Thonglor, New Noble Center Bangna, and New Connect House Don Mueang, totaling over 6,900 million baht, which is fewer than the originally planned 11 projects worth a total of 45,100 million baht due to the impact of the COVID-19 pandemic. Therefore, the company has adjusted its sales target for this year to 7,700 million baht.

Furthermore, he mentioned that the Bank of Thailand (BOT) has announced a temporary relaxation of regulations governing housing loans and related loans (LTV measures), allowing a loan-to-value (LTV) ratio of 100% (up from the previous 70%-90%) for loan agreements made from October 20, 2021, to December 31, 2022. This is expected to stimulate purchasing power for those looking to buy homes, directly supporting demand in the real estate sector and serving as another factor to boost sales in late 2021.

However, regarding the overall real estate market in 2022, Mr. Thongchai believes it will recover from this year, provided there is no new wave of COVID-19. Positive factors include the easing of COVID-19 restrictions, which will positively impact consumer sentiment, along with the government's relaxation of various restrictive measures, including the LTV measures extending to the end of 2022.

In 2022, NOBLE is preparing to respond to the market recovery by launching a total of 18 new projects valued at approximately 47,400 million baht (some of which are projects postponed from 2021). The company aims to increase the proportion of horizontal projects and low-rise condominiums in its portfolio to diversify its offerings across various locations. Additionally, developing such projects will enable the company to recognize revenue more quickly due to shorter construction times, with plans to increase the share of horizontal project development in its portfolio to nearly 50% (according to NOBLE's investment ratio). The company plans to develop projects in more dispersed locations, such as Don Mueang Road, Ratchaphruek Road, Ekkamai-Ramintra Road, and near Mega Bangna, among others.

Moreover, at the beginning of 2022, the company plans to issue bonds worth approximately 1,500 million baht to support business expansion and ensure continuous growth.