Noble Development Public Company Limited (SET: NOBLE) reaffirms its confidence in achieving stellar pre-sale performance this year, with the pre-sale projection of 18 billion THB by year-end, marking a 21% growth from the previous year. The company reports a positive trend in demand from oversea buyers and anticipates this year ownership transfer of 11 billion THB, a 67% increase year-on-year, driven by the transfer of four newly completed condominium projects. As of end of 2024, NOBLE will launch total new projects worth 18.4 billion THB, exceeding its original target and reflecting the company’s strong capabilities and the expansion of customers base, particularly among oversea buyers. The company also achieved a record 146% YoY growth in oversea sales, thus boosting its backlog to an all-time high of 27 billion THB, which will be recognized through 2028.
Mr. Thongchai Busrapan, First Vice Chairman and Co-Chief Executive Officer of Noble Development Public Company Limited, a leader in residential real estate development in Bangkok, Thailand stated that the real estate market in 2024 has shown a continuous growth. The recently launched NUE Epic Asok-Rama 9, with a project value of 12.5 billion THB, has received an overwhelming response from both domestic and international markets, achieving over 50% sales within a month period and being the company’s most successful project in 2024. For the first 10 months of 2024, NOBLE recorded accumulated pre-sales across all projects of 14.3 billion THB, a 16% YoY increase, nearing its historical peak in the first 10 months of 2020. The oversea market has been a key driver, contributing significantly to this success. NUE Epic Asok-Rama 9 is expected to maintain strong sales momentum, driving total pre-sales to 18 billion THB by year-end, reflecting a 21% YoY growth.
On the transfer front, NOBLE anticipates total ownership transfers will reach 11 billion THB by year-end, a 67% YoY increase, supported by the delivery of four new completed condominium projects. In the first nine months of this year, three projects have already transferred unit ownerships to buyers including 1. NUE Noble Ratchada-Lat Phrao 2. NUE Core Khu Khot Station. 3. NUE Connex Condo Don Mueang. And NUE Mega Plus Bangna, the fourth project, is currently in the process of transferring ownership. In Q1/2025, the luxury Noble Form Thonglor, a 46-storey project valued at 5.3 billion THB, is set for completion. This flagship condominium project on Thonglor Road, featuring the “ONE FORM for everything life has to offer” concept, will further contribute to ownership transfers in the first quarter of next year.
In 2024, NOBLE has launched new projects worth totaling 18.4 billion THB, surpassing its initial target of 14.31 billion THB set at the start of the year. This reflects NOBLE’s development capacity and strong customer bases in both local and oversea markets. In the first 10 months of this year, the newly launched projects include a mix of four low-rise housing and condominium developments, 1) Noble Norse Krungthep Kreetha, a housing project valued at 1.48 billion THB, located on New Krungthep Kreetha Road. 2) NUE Shade Ratchaphruek–Chaengwattana, the 1.9 billion THB project of single detached houses on Ratchapruek 345 Road, 3) NUE EVO Pattanakarn condominium project valued 2.5 billion THB, located on Pattanakarn road which kicked off its VIP sales in October, and 4) NUE Epic Asok-Rama 9, condominium project valued at 12.5 billion THB on 15 rai of land on Rama 9 Road, which launched its pre-sale on November 17 and received an overwhelmingly positive response from both Thai and oversea buyers. NUE Epic Asok-Rama 9 is dubbed the most successful project launch this year for NOBLE with the highest project value among the newly launched projects in 2024.
In addition, Noble’s overseas market, a key growth area for NOBLE, has reached an unprecedented level, with 1,688 units sold in the first nine months of 2024, marking a 146% increase compared to the total unit sales of the previous year, being a new all-time high for sales from oversea buyers. This success is attributed to the company’s international sales strategies, led by Mr. Frank Fung Kuen Leung, Vice Chairman and Co-Chief Executive Officer of Noble Development Public Company Limited, which leverage a robust network of overseas agents. This growth contrasts with the global real estate market’s slowdown, highlighting the strength of NOBLE’s sales team.
As of Q3/2024, the company’s successful pre-sale performance in both local and overseas markets drove its backlog to reach a record high of 27 billion THB, with approximately 6.8 billion THB to be recognized in Q4/2024 and the remaining 20.2 billion THB through 2028. NOBLE also has sufficient inventory to sustain sales momentum in the coming years, aligning with its long-term growth strategy.
Mr. Thongchai concluded that NOBLE emphasized its commitment to sustainable development under the “Live Different” concept, focusing on innovative living solutions that concern society, communities, and the environment. This vision aligns with the company’s mission, “We do not build houses, We create homes” to enhance residents’ quality of life. NOBLE emphasizes efficient, transparent, and accountable organizational management, with a commitment to considering all stakeholders. The company is dedicated to unlocking its full potential, continuously surpassing limitations to achieve new innovations for a better tomorrow. Noble is steadfast in driving and developing the organization toward continuous and sustainable growth.
NOBLE’s dedication to sustainability and efficient corporate governance has earned it the Commended Sustainability Award at the SET Awards 2024, reinforcing its leadership in the real estate sector amid a rapidly changing and challenging environment. This recognition highlights NOBLE’s ability to navigate challenges while prioritizing sustainability, setting a benchmark for capital market excellence and paving the way for continuous and sustainable growth and success in 2024.
