Noble Development Public Company Limited or “the Company” welcomes the Year of the Dragon with an aim to generate total revenue of THB 14,000 million, pre-sale of THB 18,000 million in 2024 and plans to launch 7 new projects worth a total of THB 14,310 million as it has a backlog on hand worth over THB 19,700 million with proactively tapping customer base in international markets. The Company plans to acquire new land plots in Rama 9, Prachachuen and Bangna-Trat areas for future developments, paving the way to become a top-5 property developers in Thailand. It is expanding its wings to enhance its business to be more comprehensive and support the creation of steady recurring incomes. Furthermore, it also announced good news for interim dividend payment at 0.20 Baht/Share, with XD date on 29 January 2024.
Mr. Thongchai Busrapan, First Vice Chairman and Co-CEO of Noble Development Plc (“the Company”), a leading residential project developer in prime areas of Greater Bangkok, revealed about the company business outlook in 2024 which is anticipated to grow more than 2023, with a pre-sale successfully recording over THB 14,900 million. Out of last year’s total presales, THB 6,600 million came from the completed projects and the remaining THB 8,300 million was from the newly launched projects and the under-construction projects. Last year, the Company launched 7 new projects worth a combined over THB 18,900 million, which were able to generate the sales continuously as they are quality products and have prime locations. Despite the unfavorable economic situation including the rising interest rate trends, the Company was able to maintain impressive sales. In addition, its backlog at the end of 2023 was valued more than THB 19,700 million, which will gradually be booked over the next three years. Furthermore, the Company believes that there will be a positive trend of sentiment in the property market. The segments that consistently and largely contribute to its sales are the luxury housing projects and condominium projects in CBD.
Mr. Thongchai added that the Company, in 2023, has achieved a significant success in the sales among the overseas customers, contributing more than THB 5,700 million to the total sales. This represents all-time high in the company’s record for foreign sales, particularly from luxury condominiums in areas of Thonglor road, Sukhumvit Road, and Wireless Road, such as Noble Form Thonglor, Noble State 39, and The Embassy Wireless, a joint venture project between Noble and Hongkong Land. Currently, these projects have generated overseas pre-sale exceeding THB 2,200 million Baht. In the past year, the Company simultaneously expanded its international customer base into new markets including Myanmar, Taiwan, Singapore, and Hong Kong. However, the Company believes that Chinese customers are expected to return after the economy in the mainland improves. This is expected to further support an increase in sales from the company’s international customers.
Furthermore, the Company’s board of directors meeting on 16 January 2024 passed a resolution on the approval of interim dividend payment on the performance of the third quarter of 2023, amounting to 0.20 Baht/Share equivalent to a dividend payout ratio of 51.2%. The XD date is set for 29 January 2024, with the dividend payment date on 15 February 2024.
Additionally, the Company is committed to become a top-5 property developer in Thailand. This dedication propels the Company forward in consistently developing new projects. In 2024, the Company plans to acquire 3 new land plots, including 1) the land in Rama 9 area for the development of high-rise condominium project, 2) the land in Prachachuen area for a low-rise condominium project, and 3) the land in Bangna-Trat area for the joint venture single-detached house project with BTS Group and Sahapat. This reinforces strong business relationships, as well as emphasizes the continuous growth and expansion.
“For the overall property market in 2024, the Company believes it will be a better year on the back of economic recovery and the new government, which will start its full-fledged operations and likely initiate the economic stimulus policies. Moreover, the interest rates are stabilizing and showing a downward trend, making the investors more likely to spend and invest. Currently, the investors in the market disappeared, while the real demand from end users still prevails. Thus, with an anticipation of an improving property market, the investors will likely feel more confident to invest. In 2024, the Company sets a target for total revenue at THB 14,000 million and total pre-sale of THB 18,000 million, and also plans to launch 7 news projects with combined values exceeding THB 14,310 million, comprising 5 housing and low-rise condominium projects worth THB 6,710 million and 2 high-rise condominium projects worth THB 7,600 million in different locations for wider coverage in Bangkok’s area. Currently, the Company has an inventory value over THB 34,400 million in several promising locations, expecting to generate a consistent operational growth. Besides, the Company will complete the construction of 4 newly transferred condominium projects, namely 1. Nue Noble Ratchada-Latprao, 2. Noble Form Thonglor, 3. Nue Connex Condo Don Mueang and 4. Nue Cross Khu Khot Station. These projects have achieved an average pre-sale of 70%.
Mr. Thongchai concluded that the Company continues to move forward and expands the business to be more fully integrated. This includes a new business operation under Serve Solution Company Limited, which incorporates property management, resale and rental services as well as furniture arrangement services. Furthermore, the company also has the business operations that are able to generate recurring incomes, such as fiber optic services in residential projects, EV charging station services (EV Charger), and the installation of solar cells on rooftops of condominium projects. Additionally, the company is also actively seeking new business opportunities in collaboration with specialized partners, such as the self-storage service business. The details are expected to be disclosed soon. Nevertheless, the Company’s expansion plans are aimed to enhance its fully integrated property business and also the creation of the value added service for the future.
