Noble Development to seek overseas partners for retail project
22/03/06 Kanana Katharangsipporn
The listed developer Noble Development Plc aims to go into a joint venture with overseas partners to develop a retail project worth over two billion baht on Sukhumvit 36, said president and chief executive Kitti Thanakitamnuay.
The company is in talks with European and Japanease partners to set up a joint venture in the same concept as Playground, Noble’s first retail business located in Soi Thong Lor.
“It [the new project] will be finalized within the second half of the year as we have to wait for the political situation to be more stable,” he said, adding that the new project will be 15,000 square meters in size.
The new project will be located on a five-rai plot in Sukhumvit 36, where the company will also develop a condominium project of 500 units worth 2.3 billion baht by mid-2006.
The company yesterday launched two condominium projects in Soi Ruamrudee and Sarasin worth 640 million baht and 364 million baht respectively.
Unit prices will start at 3.9 million baht.
“The residential units in these areas [Langsuan and Ruamrudee] are mostly leasehold ones, while our projects are freehold,” Thogchai Busrapan, Noble Development Plc’s executive vice-president, explained.
“The prices of our projects tend to increase, not depreciate,” he added.
Noble Ambience Ruanrudee will consist of 108 units priced between 75,000 and 80,000 baht per square meter while Noble Ambience Sarasin’s one-rai plot will consist of 79 units.
The company expects to close sales of these two projects by the end of the year.
The company plans to open a single-house project on a 20-rai plot in the Vacharapol area consisting of 71 units worth 376 million baht by the second half of the year.
In addition, it plans to invest one billion baht to acquire more land plots in Greater Bangkok this year.
Currently, it has housing stock worth seven billion baht, 300 of which are single houses and condominium units the rest.
Noble has recorded sales of 250 million baht a month since early this year.
Noble booked consolidated revenue of 2.52 billion baht with a net profit of 456 million baht last year.
The company aims to achieve an estimated 2.7 billion baht in sales by the end of the year.
Noble Development shares closed yesterday on the Stock Exchange of Thailand at 4.70 baht, up six satang, in total trade of 10.25 million baht.