In light of the recent information released regarding the New Noble Ratchada Ladprao project and the Noble Revolve Ratchada projects, which utilize the entrance and exit of the parking building operated by the Mass Rapid Transit Authority of Thailand (MRTA), today (August 2, 2023), Mr. Thongchai Busarapant, Vice Chairman and Co-CEO of Noble Development Public Company Limited, and Mr. Theerapol Woranitphong, CEO of Business Development, clarified the facts, confirming that the Noble Development Public Company Limited has constructed the New Noble Ratchada Ladprao and Noble Revolve Ratchada 1-2 projects in full compliance with the law. (Details attached) For the New Noble Ratchada Ladprao project, the original landowner has already paid the usage fees to the MRTA as required. As for the Noble Revolve Ratchada 1-2 projects, the MRTA did not charge any compensation since the MRTA's land does not connect to public roads. The original landowner has allowed the use of the land as an easement, ensuring that residents and clients can be confident that the three projects will not face similar issues as before.

Currently, Noble Revolve Ratchada has sold out 100% while the New Noble Ratchada Ladprao project has sold about 80%, valued at approximately 1.6 billion baht. In response to the recent events, the company has formed a team to provide information and reassurance to residents of all three projects. Initially, around 30 residents expressed concerns and contacted the company for information, most of whom understood the principles and have confidence in the company's operations.

The situation with 'Ashton Asoke' has highlighted significant issues that compel property developers to seriously review legal matters before commencing new residential projects, especially on land near expropriation areas both currently and in the future. It is believed that the government will need to clarify ambiguous legal situations to ensure clear guidelines on land usage permissions. The case of Ashton also necessitates a review of legal conditions that can assist residents.

Regarding foreign investor confidence, it must be acknowledged that this incident may impact the image of property investment in Thailand, especially since the Ashton Asoke project involved a joint venture with Japan. Therefore, the government should promptly clarify the situation to mitigate impacts on Thai customers while also building confidence among foreign investors.

For Noble, in the first half of 2023, two new projects were launched with a total value of 3.8 billion baht. In the second half, seven more projects are set to launch, valued at over 18.3 billion baht, with the flagship project being The Embassy at Wireless, valued at over 10 billion baht. Currently, the company's land awaiting development is regular land with no expropriation issues, but the future remains to be seen. However, the company confirms it will continue to operate in compliance with legal processes.

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(Clarification details)

The New Noble Ratchada Ladprao project has requested construction permission using the entrance and exit from Ratchadaphisek Road [which is the entrance and exit of the parking building operated by the MRTA]. The original land of the project had access to public roads but was expropriated by the MRTA, resulting in the project site having no access. Therefore, the MRTA has appropriately allowed the use of the parking building's entrance and exit as access for the project to maintain the right to access the public road that existed before the expropriation without a specified time limit. The MRTA's permission to use this access does not undermine the original purpose of the expropriation, and the MRTA can still use the land for its intended purpose. The parking building has been open to the public since 2004, demonstrating that the usage is consistent with the original purpose without any modifications, relocations, or changes to the width of the entrance and exit. Thus, the project's access is legally compliant.

Noble Revolve Ratchada and Noble Revolve Ratchada 2 have requested construction permission using the entrance and exit from Ratchadaphisek Road, Soi 6. The original land of the project has been partially expropriated by the MRTA to construct the underground subway station, parking building, and additional parking area, resulting in the project site having no access. Therefore, the MRTA has appropriately allowed the use of part of the land for access purposes, maintaining the right to access the public road that existed before the expropriation without a specified time limit. The MRTA's permission to use this access is consistent with the original purpose without any modifications, relocations, or changes to the width of the entrance and exit, as the MRTA has already used this land as access to the parking area. Additionally, the company has registered another part of its land as an easement for shared access for the Noble Revolve Ratchada and Noble Revolve Ratchada 2 projects. Therefore, the project's access is legally compliant.

The company assures customers and confirms that the New Noble Ratchada Ladprao, Noble Revolve Ratchada, and Noble Revolve Ratchada 2 projects have received construction permits in accordance with the law and have been constructed legally in every aspect.