Noble Development intends to launch four new projects between now and the end of the year, the company’s chief executive Kitti Thanakitamnuay told media. The projects will be worth a total of THB12 billion and the developer is hoping to reach THB7 billion in presales in 2016.
The company also announced that it is planning to hold sales roadshows in Myanmar, Laos and Cambodia in order to find new demand for Bangkok condominiums. “Bangkok condos in the luxury segment are attractive to foreign buyers as prices remain lower than in nearby countries while Thailand is a hub for medical and health tourism,” Kitti explained.
In an attempt to entice investors from abroad, the developer will play up the fact that one of its launches, Noble BE19, is in close proximity to Bumrungrad International Hospital. Visitors from around the world elect to visit Bumrungrad which has developed a top reputation for medical tourism.
One key point behind Noble’s decision to target foreign investors is the fact that the average selling price of a luxury condo in Bangkok is significantly cheaper than other regional destinations including Singapore, Hong Kong, Taipei and Shanghai, according to research from Colliers International Thailand and Knight Frank Chartered Thailand. Condominium rental yields in Bangkok are also much more favorable at 4.7 percent annually. None of the other cities is able to provide rental yields above 3.1 percent at the moment.
Noble BE19 will feature two towers, one at 48 stories and the other at 27 stories, and contain 586 units. The starting price for a unit will be THB6.2 million. The developer is also expecting to announce another condo project sometime in the first half of this year and two more before the end of 2016.
“The global economy is unpredictable this year and next,” Kitti noted. “Despite these circumstances, we are confident about strong domestic consumption and growth in the real estate sector.”
