Noble targets B4bn in sales next quarter

Noble targets B4bn in sales next quarter

Three projects to be launched by year-end

SET-listed developer Noble Development Plc targets 4 billion baht in sales in the fourth quarter from three new residential projects worth a combined 6 billion baht. They are due to be launched this year.

An artist's impression of Noble Recole on Sukhumvit Soi 19. 

Vice-president Theeraphon Voranithiphong said the company was confident that Noble Recole, worth 2.3 billion baht, would be sold out on the first booking date on Sept 28 because of strong demand.

The project will have 288 units sized 34-69 square metres and priced 180,000 baht per square metre. It will be located on a 1.5-rai site on Sukhumvit Soi 19.

"Condos in the Sukhumvit area near skytrain stations attract both Thai and foreign demand either for investment or for residence," he said. The rental rate in the locale is around 30,000 baht per month for a one-bedroom unit with a yield of 5-7%.

In the fourth quarter, the company will launch a lower-priced condo project on Chaeng Watthana Road worth over 1 billion baht with units priced 2 million baht.

It will also launch a single-house project worth 2 billion baht with unit prices of 5 million baht in the Watcharapol area after freezing low-rise residential development five years ago.

The company has another plot sized around 3.5 rai that has an entrance to Sukhumvit Soi 15. It plans to develop a condo project with around 400 units next year.

During the first eight months of the year, Noble recorded 2 billion baht in sales and expects to have a total of 6 billion baht by the end of the year.

Next year it will launch an 18-storey condo project on Soi Thong Lor worth over 2 billion baht which will have the highest-ever price per square metre it has developed.

Aimed at the super-luxury segment, units will come furnished with Italian-brand furniture and decorated with marble or stone instead of tiles.

Currently, it has 15 billion baht in its sales backlog that will be realised from 2016. Next year, revenue will sharply drop as no new condo projects will be delivered.

In a separate development, Chutima Tangmatitham, assistant managing director of SET-listed developer M.K. Real Estate Development Plc, said the company has revised down sales and revenue targets by 10% and 5%, respectively, as a project was postponed to launch next year.

It will be a single-house project in the Ekachai-Bang Bon area with 100 units worth 700 million baht. The company delayed the project's launch as site preparation was unable to be completed within the fourth quarter.

This year it will have 2.6 billion baht in revenue and 2.5 billion baht in sales, down from the earlier targets of 2.7 billion baht and 2.8 billion baht, respectively.

NOBLE shares closed unchanged yesterday at 10.30 baht, unchanged, in trade worth 603,000 baht, while MK shares closed at 4.14 baht, up two satang, in trade worth 4.35 million baht.

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