Noble Development Public Company Limited, or “NOBLE,” has announced a strategic partnership following the board's approval to sell a 50% stake in the New Epic Asoke-Rama 9 project to the STECON Group, enhancing long-term strategic alliances and strengthening the business.

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 the company’s board meeting on August 14, 2025, approved the sale of common shares held in Vertical Rama 9 Alliance 1 Co., Ltd., the developer of the New Epic Asoke-Rama 9 (NUE EPIC ASOK - RAMA 9) project, valued at over 14 billion baht, to STECX, a subsidiary of STECON Group Public Company Limited, representing a 50% stake.

This joint venture with STECON through STECX marks a significant step for NOBLE in establishing long-term strategic partnerships to align with plans to enhance investment returns and manage operational risks under a strategy of seeking business partners that support project success. This collaboration not only drives the project towards achieving its goals but also significantly adds value to the project.

The New Epic Asoke-Rama 9 project is a high-rise condominium consisting of 4 buildings with a total of 3,116 units, valued at over 14 billion baht. It is one of the highest-value projects launched in 2025, covering over 15 rai in the heart of the CBD, just 550 meters from the MRT station and Central Plaza Rama 9, catering to urban lifestyles and all travel needs. Additionally, the project features a dedicated pet-friendly building, making it the only pet-friendly condominium in the area, along with over 11 rai of green space and common areas, the largest in the CBD, offering more than 22 functions.

Furthermore, the Rama 9 area is recognized as a major business hub in Bangkok, elevated to an International Office Hub, and is a key destination for tourists, investors, and both Thai and foreign entrepreneurs. It is also a location included in ongoing mega-project and infrastructure development plans, particularly with the future Orange Line MRT service, which will be a crucial factor in increasing demand for residential and commercial spaces in this area. As a result, the New Epic Asoke-Rama 9 project has received a positive response since its pre-sales launch, with approximately 60% of sales already achieved, translating to a backlog of about 8.3 billion baht.

Mr. Phakphum Srichamni, CEO of STECON Group Public Company Limited, stated that this investment is made through STECX, a subsidiary of STECON. The company sees opportunities and potential in developing residential projects that align with its strategy to drive growth. The New Epic Asoke-Rama 9 project is located in a prime urban area that is easily accessible and popular among both Thais and foreigners. Additionally, it is a large residential project valued at over 14 billion baht that has seen significant sales success, as evidenced by the positive response since its launch and a high backlog awaiting transfer. Therefore, this investment not only recognizes the opportunities and potential for residential project development but also addresses the need to enhance the company’s revenue recognition capabilities shortly after the project’s completion.

Additionally, Sino-Thai Engineering and Construction Public Company Limited, a subsidiary of STECON and one of Thailand's major construction contractors, will serve as the main contractor for the New Epic Asoke-Rama 9 project, leveraging over 63 years of experience and expertise in delivering large-scale projects across the country, including infrastructure, power plants, office buildings, commercial buildings, retail projects, hotels, and residential real estate. Participating in the investment and development of real estate projects with NOBLE presents a significant opportunity to expand the business portfolio in real estate and create new business opportunities for the company while enhancing construction standards through strengths in Construction and Engineering Solutions, ensuring the delivery of high-quality projects and fostering sustainable strategic collaboration between the two companies.

The Vice Chairman and Co-CEO of NOBLE and the CEO of STECON also jointly stated that this joint investment has positive implications for both parties. From NOBLE's perspective, this transaction will allow the company to recognize revenue from the sale of investments in its Q3 2025 financial results, strengthening the company's financial position. The company expects a significant reduction in its net debt-to-equity ratio, and it also represents a continuation of the Asset Light model to enhance operational agility and increase opportunities for capital turnover for future project investments, reflecting NOBLE's commitment to elevating the standards of the Thai real estate industry for stable and sustainable growth. From STECON's perspective, this investment in the real estate project represents an opportunity to expand the company's investments into new businesses to support construction contracting and immediately increase backlog value from construction work worth over 4.4 billion baht. Residential real estate remains a key strategy for expanding the market and partner customer base for STECON to further develop large-scale construction businesses, and both parties anticipate creating opportunities for collaboration on future projects.