Noble Development Public Company Limited (NOBLE) has showcased its performance for Q3 2022, reporting total revenue of 2.193 billion baht, an increase of 150% YoY, with a net profit of 137 million baht. In the first ten months of 2022, sales surged to 14.796 billion baht, up 136% YoY, driven by strong sales of ready-to-move-in projects and new developments. The company anticipates continued growth in Q4 2022, with plans to transfer three new condominium projects by the end of the year, contributing to a total of five projects for the year, which have a backlog of over 5.2 billion baht expected to be gradually transferred this year, amounting to over 4.1 billion baht. Recently, NOBLE launched the "New Riverrest Ratchaburana" condominium along the Chao Phraya River in early November.

Mr. Thongchai Busarapant, Vice Chairman and Co-CEO of Noble Development Public Company Limited, a leader in residential property development in prime locations of Bangkok and its suburbs, stated that the overall economic recovery in the country has positively impacted the real estate market. The company has successfully sold projects under the NOBLE brand, resulting in significant growth in Q3 2022, with total revenue of 2.193 billion baht, a 150% increase from the same period last year (YoY). The net profit of 137 million baht primarily came from the transfer of ready-to-move-in projects and newly completed projects in this quarter, such as Noble State Sukhumvit 39, New Noble Srinakarin-Lasalle, Noble B19 Sukhumvit, Noble Around Sukhumvit 33, and Noble Ambience Sukhumvit 42.

This growth trend continued in the first nine months of 2022, with total revenue reaching 4.733 billion baht and a net profit of 117 million baht. Pre-sales in the first ten months of 2022 skyrocketed to 14.796 billion baht, aligning with the overall economic recovery and returning consumer purchasing power. This sales figure represents a remarkable increase, nearly doubling compared to the same period last year (YoY), with all new projects launched this year receiving positive responses, achieving average sales of 60%-70% per project, reflecting the overall market recovery and positively influencing domestic consumer sentiment, both from actual homebuyers and investors, resulting in a backlog of 20.050 billion baht at the end of Q3 2022.

Looking ahead to Q4 2022, the company expects continued growth, with plans to deliver a total of five newly completed condominium projects this year. Two projects have already been delivered in Q3 2022, namely Noble State Sukhumvit 39 and New Noble Srinakarin-Lasalle. In Q4 2022, three more projects will be delivered: 1. Noble Around Ari, 2. New Noble Ngamwongwan, and 3. New Noble Center Bangna, all of which have a backlog of over 5.2 billion baht, expected to be gradually transferred this year, amounting to over 4.1 billion baht. Additionally, there are ongoing horizontal projects that have been gradually constructed and delivered since the beginning of the year, such as Noble Gable Watcharapol, New Noble Connect House Don Mueang, Noble Curve, and New Noble Cove-North Ratchaphruek.

Recently, the company launched a new project under the "New Riverrest Ratchaburana" initiative, valued at 4.650 billion baht, which is the company's first riverside condominium project along the Chao Phraya River. NOBLE's project development emphasizes diversity and modernity to meet the needs of today's consumers, ensuring continuous readiness for sales to seize future opportunities.

Overall, in 2022, the company launched a total of 11 projects, with a combined project value of over 31.550 billion baht, which is less than the initial target due to some projects being postponed to next year. Most of these are horizontal projects that the company prefers to complete to a certain level before selling. It is expected that the postponed projects will gradually launch in early 2023. Some condominium projects have also been delayed due to being large joint ventures, waiting for the right timing to ensure foreign investors return. However, these delays do not affect the company's revenue recognition, as it continues to develop other projects as planned, including design, construction, and permitting processes. Once the situation improves, the company can immediately launch and continue developing projects,” Mr. Thongchai stated.

However, he personally views that consumer behavior, especially among those with purchasing power, is increasingly focused on investing in real estate to diversify risks. Investing during times of exchange rate risk and inflation hedging in real estate is a good solution, as it protects against inflation. If inflation rises, rental prices can be adjusted accordingly, while construction material costs are also continuously rising. Therefore, investing in real estate is a sound investment, leading to continuous sales for NOBLE from investor clients.

Regarding the Cabinet's approval for high-income foreigners in four groups to invest no less than 40 million baht in businesses or purchase Thai government bonds, real estate mutual funds, infrastructure mutual funds, or real estate investment trusts, they will receive long-term resident visas (LTR Visa) for ten years and the right to own land for residential purposes not exceeding one rai (400 square wah) within Bangkok, Pattaya, or designated residential areas according to urban planning laws. The company sees this measure as beneficial, as NOBLE is already a leader in selling real estate in the foreign market.

“In the past three years, NOBLE has been a leader in selling condominiums in Bangkok to foreign customers, holding a market share of over 50% of the total market value for condominium sales in Bangkok. However, despite the inability of foreign tourists to travel to Thailand recently, NOBLE has continued to generate sales from foreign clients through ongoing marketing efforts targeting foreign buyers interested in investing in Thai real estate. The nationalities of clients purchasing real estate in Thailand have diversified, no longer relying solely on the Chinese market but also expanding to markets in Hong Kong, Taiwan, Singapore, and Myanmar. In 2023, the company will focus more on launching horizontal projects to align with government policies,” he concluded.