Noble Development Public Company Limited or NOBLE has announced its success in the past year, 2022, with sales reaching a new high since the company's inception at 17.4 billion baht, boosting its backlog for 2022 to over 19 billion baht. In 2023, the company is set to launch 10 new projects, expanding its low-rise portfolio with a total value of 23.3 billion baht, aiming for sales of 23 billion baht and total revenue of 15 billion baht this year.

Mr. Thongchai Busarapant, Vice Chairman and Co-CEO of Noble Development Public Company Limited (NOBLE)  stated that the overall Thai economy in 2023 is expected to continue recovering, driven by positive factors, especially the reopening of the country to tourists, which has significantly revitalized the tourism sector, leading to increased employment and higher purchasing power among the domestic population. This aligns with the recent announcement by the Chinese government to officially lift restrictions and reopen the country, which is another positive factor that will invigorate Thailand's tourism sector and drive the Thai economy through the influx of Chinese tourists.

He views the reopening of China as a great opportunity for Thailand's real estate sector, particularly for completed condominiums as the demand from Chinese customers for ready-to-move-in condominiums is expected to rise post-COVID. Chinese buyers are increasingly looking for second homes to prepare for future situations, with a preference for larger living spaces to accommodate their families, shifting from investment purchases. There is also growing interest from international customers, such as those from Taiwan, Singapore, and Myanmar, who are currently keen on purchasing real estate in Thailand. It is anticipated that starting from the third quarter of 2023, a clearer recovery of the foreign market will be observed.

Recently, the company launched a new project in the Rama 9 area, a popular location for foreign investors, adjacent to Central Rama 9, called New District R9, a high-rise condominium project. Currently, the project has achieved over 75% sales, receiving excellent feedback from both Thai and international customers. The company has completed products ready for occupancy in 2023 valued at 11.3 billion baht and is constructing projects worth 18.7 billion baht, which will cater to the demand from both Thai and foreign customers looking to purchase residences this year.

In 2022, the company launched 11 new projects with a total project value of 31.55 billion baht, achieving pre-sales of 17.4 billion baht. As a result, by the end of 2022, the company had a backlog of 19 billion baht, marking the highest sales and backlog in the company's history (all-time high).

For 2023, the company plans to continuously launch new projects to meet the growing demand for housing in line with the recovering economy, as well as the increasing demand for second homes from foreigners due to the reopening of the country. This year, the company plans to launch a total of 10 new projects with a combined value of approximately 23.3 billion baht.

The projects include 9 low-rise projects with a total value of 13.4 billion baht, with single-family homes priced from 5 million to over 30 million baht, and 1 high-rise project with a total value of 9.9 billion baht. The projects will be distributed throughout Bangkok, including areas in the western and eastern parts, as well as central locations such as Witthayu Road. The company already has land ready for development and plans to allocate a budget of approximately 3 to 4 billion baht for additional land purchases this year.

Additionally, the company has plans to launch 3 projects targeting the Ultra Luxury Segment:

  • Noble Aqua Riverfront Rat Burana, a single-family home by the Chao Phraya River
  • Noble Terra Rama 9 – Ekkamai, a single-family home in the CBD of Rama 9 – Ekkamai
  • Noble Away Cha-Am Beachfront, a wide beachfront land in the heart of Cha-Am

With the recovery of the overall economy, along with the backlog in hand and the low-rise projects scheduled for delivery this year, the company believes that this will significantly positively impact its operations in 2023, with expected total revenue growth reaching 15 billion baht.