Noble bullish on property market next year 18 projects worth B47.4bn lined up

SET-listed developer Noble Development Plc is bullish about the 2022 property market, planning to launch 18 new projects worth a combined 47.4 billion baht with nearly half being joint ventures with BTS Group Holdings.

Chairman and president Thongchai Busrapan said the company had prepared for a while to launch new projects, setting up new executives, new teams and new brands, but had to wait for a market recovery.

“The market situation will see a positive trend next year as it bottomed in the third quarter of 2021 when the country was severely hit by the third wave of the pandemic,” Mr Thongchai said.

The new projects will comprise nine condo projects worth a combined 31.9 billion baht, five townhouse projects worth 9.3 billion baht and four single detached house projects worth 6.2 billion baht.

Seven of them will be joint ventures with U City Plc, a subsidiary of BTS Group Holdings.

One project will be a joint venture with Hongkong Land, a Hong Kong-based investment group, of which Noble will hold 26%.

“We will launch more low-rise housing projects next year as its growth will be boosted by the relaxation of lending curbs,” he said. “The easing mortgage rules will also help drive sales of condo inventory as buyers do not need to make a down payment.”

Noble expects to have more than 10 billion baht each in presales and revenue in 2022, up from a new forecast of 7.7 billion baht and 8 billion baht, respectively, in 2021. The latter were revised down from 16 billion baht and 10 billion baht, respectively.

“The third quarter was the weakest in the year due to the most severe Covid-19 situation and we had no new projects completed and transferred,” said Mr Thongchai. “We also delayed new project launches from the fourth quarter this year to early 2022 as the market was not ready.”

In the first nine months of 2021, Noble recorded 5.8 billion baht in revenue, down 22% from 7.4 billion baht in the same period last year. Revenue in the third quarter fell 74% year-on-year to 877 million baht.

Noble also had an apartment building with 16 units for sale in Belmont Place in Manchester, UK through a joint venture with a local partner in April this year. All units were sold out to buyers from China and Hong Kong.

“We are looking for new residential projects to acquire and market to Chinese buyers as demand is robust. Those might be completed projects with remaining unsold units or second-hand houses,” he added.

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