Noble Development Public Company Limited, or "the Company", announced good news for the Year of the Golden Dragon, setting a target for total revenue in 2024 to reach 14 billion baht and pre-sales of 18 billion baht, backed by a backlog valued at over 19.7 billion baht. The company is poised to launch 7 new projects worth a total of 14.31 billion baht and is aggressively pursuing international markets, planning to invest in land purchases in the Rama 9, Prachachuen, and Bangna-Trad areas to develop new projects, paving the way to become a Top 5 player in the Thai real estate development sector. The company is also set to expand its business comprehensively to support steady recurring income and has announced an interim dividend of 0.20 baht per share, with an XD date on January 29, 2024.

Mr. Thongchai Busarapant, Vice Chairman and Co-CEO of Noble Development Public Company Limited, a leader in residential real estate development in prime locations of Bangkok and its suburbs, revealed that the company's operational direction in 2024 is expected to continue growing compared to 2023. Over the past year, the company successfully achieved pre-sales of over 14.9 billion baht, with 6.6 billion baht from completed inventory and 8.3 billion baht from newly launched and under-construction projects. Last year, the company launched 7 new projects worth a total of 18.9 billion baht, maintaining continuous sales with quality products in prime locations, despite unfavorable economic conditions and rising interest rates. The company still managed to achieve satisfactory sales levels. Additionally, the company had a backlog of over 19.7 billion baht at the end of 2023, which will be recognized over the next three years. The company continues to see improving sentiment, particularly in the luxury low-rise residential and urban condominium segments.

Mr. Thongchai further stated that in 2023, the company achieved significant sales from international customers, with sales exceeding 5.7 billion baht, marking an all-time high. The well-received projects include luxury condominiums on Thonglor Road, Sukhumvit, and Wireless Road, such as Noble Form Thonglor, Noble State 39, and The Embassy Wireless, a joint venture with Hongkong Land, which has seen over 2.2 billion baht in foreign sales. The company also expanded its international customer market into new diverse markets such as Myanmar, Taiwan, Singapore, and Hong Kong. However, the company believes that in 2024, the Chinese customer segment will return as the Chinese economy improves, which will further boost foreign sales.

Recently, at the board meeting on January 16, 2024, the company approved an interim dividend of 0.20 baht per share based on the operational results for the three months of Q3/2023, representing a dividend payout ratio of 51.2%. The XD date is set for January 29, 2024, with dividend payments scheduled for February 15, 2024.

Moreover, the company remains committed to becoming a Top 5 real estate developer in Thailand, accelerating the development of new projects. In 2024, the company plans to acquire three additional land plots: 1. Land in the Rama 9 area for developing a high-rise condominium project worth nearly 10 billion baht, 2. Land in the Prachachuen area for a low-rise condominium project, and 3. Land in the Bangna-Trad area in a joint venture with BTS Group and Sahapat, to develop single-family homes, reinforcing strong business relationships and continuous expansion.

“Overall, the real estate market in 2024 is expected to improve due to the recovering economy and the new government that will implement various policies throughout the year, which should stimulate the economy to some extent. Additionally, stable interest rates with a downward trend will encourage investors to spend and invest more. Currently, the market that has been missing is the investor segment, while the real demand segment continues to exist. Therefore, it is believed that investors will be more willing to invest to support the improving real estate market. This year, the company targets total revenue of 14 billion baht and pre-sales of 18 billion baht, with plans to launch 7 new projects worth over 14.31 billion baht, including 5 low-rise projects worth a total of 6.71 billion baht and 2 high-rise condominium projects worth over 7.6 billion baht, distributed across various locations in Bangkok. The company currently has inventory valued at over 34.4 billion baht, located in high-potential areas, which is expected to generate continuous growth. Additionally, there are 4 newly completed condominium projects in 2024: 1. New Noble Ratchada-Ladprao, 2. Noble Form Thonglor, 3. New Connect Condo Don Mueang, and 4. New Core Kookat Station, all of which currently have an average sales rate of 70%.”

Mr. Thongchai concluded that the company will continue to expand its business comprehensively by adding new business lines under Serve Solutions Co., Ltd., which will include property management services, sales and rental services, and furniture sourcing services. Additionally, there are ongoing businesses that will generate recurring income, such as fiber optic cable services in residential projects, EV charger services, and solar panel installation services on residential project rooftops. The company is also looking for new business opportunities to collaborate with partners who have direct expertise, such as self-storage services, with details expected to be revealed soon. However, this expansion plan aims to enhance the real estate development business comprehensively while creating added value for the company in the future.